Categories: Business / Mobile Apps
So you’re an entrepreneur thinking about launching a mobile app startup in Texas. Good job! We’ve spoken before about how Texas is the place to be for both startups and enterprise, so you’re on to a winner.
However, before you set up shop or commission your mobile app, take some time to consider the financial underpinnings of your startup. Here are a few tips and trends that might affect how you decide to roadmap your business.
Millennials are where the money is
Spending about $65bn a year, Millennials have plenty of economic clout. Little wonder so many startups are geared towards the 22-37 age group. Millennials are brand loyal tech natives who live and breathe digital. So how can you reach them? By being real, personal and transparent – and providing stellar customer service. Build these needs into your idea for best results.
It’s not all about VC funding
A funding injection from a Venture Capital firm can set your business on a powerful growth trajectory. Not to mention give you the resources you need to rent a space, hire staff and build your inventory. But with the growth of crowdfunding, small-scale incubators and collaborative partnerships, your startup has other options to grow. Plus sometimes building your business the traditional (slow) way is a good way to assess true market demand.
Don’t skimp on the business model
A great idea isn’t always a profitable idea. We’ve seen it with Moviepass and Spotify. While building something exciting and disruptive is what drives many entrepreneurs, having a solid business model is paramount. Spend the time researching your vertical and developing a business model that will deliver sustainable returns. While it sounds great, an IPO as exit strategy is pie in the sky stuff. Our tip: think like a small business, not like a startup! (Need help with this? Our 4D development strategy will help you solidify your business model.)
Consider payments and security
It’s not just the changing state of the global economy that startups need to keep a close eye on. It’s also how people do their banking and pay for things. Banking models are shifting to an all-digital, wallet-as-phone approach. Consider how you’ll take payments, what kind of payments you’ll be taking, and how you can ensure that your users’ information is safe.
Plan for mobile app startup success!
Money isn’t everything, but to a startup it’s a large percentage of it. Plan well, target your offering, and have a solid business model in place, and you’ll be on track to succeed not just as a startup, but as a small business.
Planning mobile app startup and need some help? Get in touch!