Basics: How to accelerate your app-based business

Everyone thinks business growth is to yield more money, but it exactly means having good leadership, a good workforce, a very well-drafted marketing strategy, and a few businesses require mobile apps as well. Mobile penetration at a global level has amplified productivity! A mobile app is capable of helping your business propel you to greater success than ever before.

A few years back, developing a smartphone app was only for business giants and major players in the market, but now those days are no longer with us. Today, no need to hire a technical developer; anyone can build an app for their own purpose and business growth. The simple way to develop the business is to meet the customer requirements and market the products to them. In business, marketing does not bring growth on its own but plays a major role in achieving it.

Why is mobile usage at the forefront?

The synergy of e-commerce and mobile apps has increased the volume of online purchases than traditional in-shop purchases. Several years ago, one needed to knock on the shop’s door to get the services and the product, but nowadays, everyone can get anything at their doorstep. To acquire customers, one needs to build a high-quality mobile app because it is user-friendly and gets the job done in a few clicks compared to the mobile browser. Developing a mobile app is used to target customers and support tracking the in-house business process.  Mainly it reduces the operational time & cost and also increases productivity.

Challenges confront the app developer

The mobile app developer finds a way to create new demand in the market or improve the existing model, which gives them a great opportunity to improve their business.

Instead of building a separate app for android & iOS platforms, a developer can use a rapid app development framework to build an app that supports both platforms because it reduces the development cost & time. In contrast, traditional development is an expensive process.

Competing for consumers in the app space can be extremely difficult in a highly competitive market. For long-term mobile app development, businesses prioritize activation first, not acquisition. To sort out the issues in building an app, we introduce the OREOPS low code mobile app development platform, which helps to create mobile apps for both Android and iOS without writing a single line of code.

Validate app idea

Before starting development, research should be done to ensure that utility ideas are realistic, valid and profitable. Validation of the app’s concept may be a lifesaver for business.

Power of decision: Bootstrap or Investors

Most startup companies are confused about getting their concept or product to the market; they often raise an angel or venture funding to bring their ideas into reality. On the other hand, thousands of entrepreneurs use bootstrap as a survival tactic until it reaches a significant place in the market.

Before deciding whether fundraising or bootstrapping is the best option for the business, consider the below-mentioned points:

• Product uniqueness
• Suits the current market trends
• Product development rate
• Size of the opportunity window
• Challenges and limitations to growth of the product

Some entrepreneurs believe that if a startup is successful before receiving a significant amount of venture capital investment, the company is making a mistake by not expanding fast enough. This isn’t actually true. Indeed, this trap has driven many entrepreneurs by taking more money than they needed and jeopardizing their businesses.

Bootstrapping is a good strategy for getting through the difficult times on your own dime, intending to collect funds later when the market is optimal to do so. Businesses that stick to bootstrap change their business strategy, pivot their product and do whatever it takes to make their venture successful and competitive. Some decisions made for survival in bootstrap mode can slow their growth rate. But it gives full control over the company.

If the business is doing well enough to draw venture capitalists’ attention, take VC money to grow your business. One can use venture capital to accomplish the business goals quicker and allow financial freedom to do so.

Every business is different and takes a different path. Although bootstrapping may be feasible for one company, it may be impractical for another. So before funding the business, talk with a financial professional to get a clear picture. First, analyze the company’s short, medium, and long-term objectives and your go-to-market approach and, most critically, the resources need to accomplish these goals.

By determining financial strategy, one can become a successful entrepreneur, run a roaring business and serve a niche market. When creating a startup, ensure to meet the right people, and a plethora of possibilities will emerge right before your eyes.