A great idea needs no introduction. You may have a great app idea but may face a funding difficulty. If you do not have the proper funding, your app will never come to life and not see the light of day.
An entrepreneur clearly knows about his products and services and has a plan. Like any other product that is in the trial phase, it has to go through many modifications and changes.
Since nothing is decided and it’s still in the trial phase, hence, it becomes tough to get funding and watch it move further.
The funding sources in the initial phase
Unlike a business startup, where the owner is clear about his finance and funding sources and how to go about it, app developers have little idea as to how to go further and where to look for their funding.
In Ireland, many budding entrepreneurs go for borrowing options to fund their idea, such as borrowing from taking legit loans for bad credit and starting with their app idea.
Ways for funding for your application
- Plan it up with Co-Founders
If you have savings, you can entirely depend on that, as there is nothing more dependable than your savings. If you have an idea and you only cannot fund your idea, asking for financial help is a little unfair.
Other sources of funding such as bank loans, credit card loans, and help from family are all legal sources for your financing and are there to support you during your initial stages, but you can invest your savings in the first place to give it a kick start.
You can discuss it with your co-founder about your financial planning. A co-founder is someone whom you can trust and lean on in difficult times.
If your co-founder is tech-savvy, you can take their help to design the app from scratch and do it in a foolproof way. This will help you save your money on outside developers.
If you are not a tech-savvy co-founder, you can find me a funding co-partner for you. This will help you not to take funding from external sources.
2. Go for a Crowdfunding Campaign
Crowdfunding is a great way to get funding for your startups and business ideas in the initial stages. In crowdfunding, the startups have no funding from their side and get funding from other sources for their ideas.
If you go the right way, you can get the right amount of funding, and with your funding sources, you can make the app turn into a reality.
Many app ideas do not see the light of day due to a lack of funding and go unnoticed. If you use the right pitch, these crowdfunding sites can help you go a long way.
You can get sufficient funding in return for the service fee charged by the crowdfunding sites, along with the transaction fee from the payment processor.
There are various types of crowdfunding platforms. One of the platforms, Kickstarter, has everything or nothing at all.
This implies that you have to set your funding goal, and if you do not reach your target, the insufficient funded amount gets refunded, and you get nothing at all.
The contributions are refunded to the investors. On the other hand, platforms such as Indiegogo offer flexible and fixed funding options.
This implies that if you do not reach your target goal, the amount of money that is collected stays with you and does not go back to the investors. In this, you are charged a higher service fee.
Apart from these platforms, you can also try some other platforms to get the right amount of funding for your app.
3. Go the donation way
Although crowdfunding is a profitable way to get funding for your app development, it has some negatives too. Many investors are not attracted to some wannabe entrepreneurs and may not be interested in investing their money.
There is a sea of entrepreneurs looking out for funding for their startups at crowdfunding platforms. It can be challenging to be in the eyes of the right investor and get the desired funding.
Along with the funding, you have to pay back a huge fee in the form of service fees and other relevant fees.
Along with the crowdfunding option, you can raise funding on your site. This way, you can eliminate all the problems attached to crowdfunding platforms.
On your website, you can clearly describe your proposed app to your audience, along with asking for donations from them for your app.
While asking for funding, you can also offer them monetary compensation or gifts in return for their contributions.
Many online tools help you build donation forms that easily integrate with all the available payment methods. You can go for your funding campaign with significantly less investment.
At times, budding entrepreneurs also opt for fast cash loans in Ireland at the time of emergency, generally available online.
4. Look for participation in funding contests
Some shows support budding entrepreneurs and app developers to get the required funding for their ideas. These shows connect the investor with the right entrepreneur and help fulfil their app and business dreams.
These contests are sponsored by various universities, institutions, angel investor networks, tech companies, etc.
You can check online to get alerts on numerous funding contests around the world. Look for the entry qualifications and participation rules to win funding for your app idea.
5. Strategic partners and Angel Investors
Many startups look towards Venture capitalists (VC) for their funding. VC offers you less than 3% of the financing.
Instead, strategic partners and angel investors offer you the right amount of funding to start your idea with a bang.
Many app developers look for the right funding source at the wrong places. If you look at the right places for your funding, you can get the right amount to kick-start your idea. Also, with the right start, your business is meant to grow in the future.