Regardless of what source you look at, present data on mobile and web applications all imply that the app space is expanding. Not only are apps taking over social media, but they’ve also branched out to conquer e-commerce, shopping, and business sectors. That being said, investing in mobile app development is a determinative way to cement your mark in your industry.
As nearly 100% of mobile data revolve around cloud-driven apps, working towards building your business’s own spot in the digital world is a necessity that’s bound to be evident in the near future. And while the idea of creating software already sounds expensive in itself, remember that the No-Code movement is disrupting the entire app development industry. In other words, ever since the advent of visual programming platforms like bubble.io, creating and designing apps made to augment business efforts has become much more convenient and attainable, not to mention exponentially more affordable.
Here at MVP.dev, we’re giving you two ways to build your dream app—the popular Fixed Price method and the friendlier Pay As You Go alternative. If you’re a serious entrepreneur who’s considering building an app but don’t have sufficient funding yet, that shouldn’t be too large of a hurdle.
Here are financing options you can look into
Bank Loans
One of the most obvious ways to acquire financial help is by applying for a bank loan. Today, there are nearly five thousand commercial banks in America, which means this option shouldn’t be universally impossible. As expected, different banks have different requirements and standards. Choose one that complements the arrangements that work for you.
401k
Have you ever considered borrowing money from your future self? A lot of 401k plans allow employees and business leaders to borrow funding from their qualified retirement plans. As long as one can keep up with their dues, one’s retirement savings should be unhampered.
PayPal Business Loan
The PayPal Business Loan is great for entrepreneurs who need immediate cash or don’t meet strict guidelines for a bank loan. As the amount you can borrow largely depends on your credit score and how financially able your business is, how much you’re granted can range from $5,000 to half a million. This loan option is also perfect for those who frequently transact through PayPal as the process can take longer if you don’t course regular payments through the online payment brand.
Kabbage
The online financing company, Kabbage, is spot on when they say, “Supporting small businesses is our business.”
Kabbage is a fantastic choice for founders and leaders who don’t mind paying for higher interests as long as cash is prompt. Contrary to everything else on this list, there isn’t a whole lot of paperwork for you to accomplish, too. You will, however, need to link your Kabbage account to a bookkeeping software or a business checking account. You can also provide the company access to your other business platforms like eBay, Xero, Amazon, and Etsy.
What will the returns of your investment look like?
Consumer behavior is evolving. As a result, it’s integral for businesses to be where everyone is. And because the modern customer commonly retreats to their smartphone for a myriad of purposes, it would be a disservice to neglect the platform altogether. No one plans on building their brand in the desert.
When you hit all the right notes in developing an app for your business, here’s what it will look like for you:
Increased Revenue
The number one reason the increase in mobile applications among commercial businesses is drastic is improved revenue. Mobile apps extend your brand the opportunity to earn additional value by making purchases more instinctual, convenient, and accessible. Because ingenious apps help define the customer experience, better sales ensue not long after.
Additionally, mobile apps are easily commodified, too. In-app purchases, exclusive paid app features, freemium opportunities, every single one of these capacities allow entrepreneurs to earn outside of their primary means of sales. Say, you run a cafe. When you invest in a business app, you also open doors for other brands and businesses to collaborate with you. That being the case, you don’t only earn from selling premium coffee, you make money out of your app, thereby increasing your revenue stream.
Increased Customer Engagement
Mobile apps allow your customers to experience your business more intimately and directly at home’s comfort. Simply put, when you develop a stellar app that’s both engaging and valuable, you put your business right at the fingertips of your very audience, making it even easier for them to reach out to you. And as with every other relationship, enterprise or not, efficient communication betters many things.
When you’re bent on building a brand that captures your market’s language, this capacity bears weight you can’t afford to overlook.
Improved Market Research
For businesses to thrive and remain relevant, market research is a must. Mobile apps afford business leaders and founders quick access to their target audience’s preferences, buying behavior, and other essential consumer data that make up their entirety. This helps business leaders better streamline their initiatives and maximize opportunities that favor generating more revenue.
All in all, the numbers don’t lie: mobile and web applications are a slice of the future today. If you want to future-proof your business, you’re going to have to start now.
Have an exciting app idea? Let us know, and we’ll make it happen!
