By: First Union
Cutting Down Risks Associated with Building an App
See Your Loan Options
Only U.S.-Based Businesses are Eligible
When first starting your small business, you have a lot of pieces that need to be put into play. From building your website to hiring the ideal team, to marketing your brand, there are numerous components that all have to be integrated for you to get going and get growing! One such element that many small businesses would love to have and yet might not be able to afford is an app. A company app is essential for you to maximize your consumer reach; not to mention, help sell your products and thus boost that bottom line.
The problem though again, is the cost of building an app. Depending on what type of app you have in mind, it could be tens of thousands if not hundreds of thousands to get an app created for your business. And especially if you're a startup, you probably don't have the money, nor do you want to take the risk associated with building an app. Below are a couple of things that you might do to help cut down the cost of an app while minimizing the accompanying risk.
Focus On App Design
First off, you want to make sure you nail the design and experience of the app. If you're going to spend tens of thousands, you want the result to be right. So take some time and see what workswhat doesn't. Assemble an advisory board of consumers who can offer critical feedback. Design is going to cost less than development. This is why you want to spend some real-time in this stage working out as many design-related kinks as possible.
Work in Stages
While testing and putting the product in front of an advisory board will help to ensure the project runs more seamlessly, you still need to anticipate changes throughout. So instead of putting all of your eggs into one basket right off the bat, you want to work in stages—distributing funds accordingly. Utilize platforms that allow you to truly test it out before full-on development. Be smart about where you put your money and the steps that you do end up taking. As a startup, you want to make sure that the risk is ultimately worth it.
If you want to build a business app but don't have the funds, this is where First Union Lending can help. We offer multiple business loans that can get you the business capital to build your app. Call to speak to a specialist!