5 Myths Preventing Small Businesses from Building Mobile Apps

5 Myths Preventing Small Businesses from Building Mobile Apps

In the world of advancement where businesses are moving towards mobile apps for their business marketing and growth, it becomes so much more important for small businesses to take the next step to succeed. Many businesses are developing mobile apps and this allows them to increase sales and build business success.

On the other hand, there are also some myths, which are preventing small businesses from building or adopting mobile apps.

Here are 5 myths, which prevent businesses from building mobile apps:

1.  Hard to Afford Mobile App Development: Developing mobile apps is not as easy as using it. It needs proper skills and efficiency to develop apps. Also it is not a process, which can be completed within minutes, days or even weeks. It’s a myth that only well-established businesses can afford mobile apps. Even when you’re starting out, incorporating apps for your business can be affordable depending on the features that you would like on your app.

2.  Mobile Apps Are Not Essential: Many small businesses mistaken that they are well–known to customers. They find websites and e-mails suitable and enough for their marketing. They don’t find mobile apps necessary for them and they do not even consider the possibilities and growth that a mobile app can bring to their business. If businesses stick to their traditional ways of marketing, the customer growth will remain the same, and may even decline progressively as time goes on. With so many cheap upcoming mobile phones, every customer now has a mobile phone and is interested in your app.

3.  Social Networking is Enough: Some businesses believe that promoting their business or marketing their business via social networking like Facebook and Twitter are enough for their business promotion and marketing. But the truth is such sites use filters for their posts and updates and many of your business’ posts may be missed.

 4.  Mobile Apps have the Same Features as a Website: Some businesses believe that mobile apps contain the same information as their official website. This is not the case. Mobile apps consists of so many features, which benefit the customers direct. These include push notifications and GPS functions. Mobile apps also consists of features like sending e–mails and messages and can post updates about their offers and product launch and so much more.

 5.  Mobile Apps are Time Consuming: Small businesses believes that mobile apps are time consuming.  They believe that in order to maintain the app, a lot of time is involved. Mobile apps reduces time in the end, it provides facilities like making reservations and bookings for customers to access and organize themselves. Time is also saved by not answering the phone as much when there are various self-access features available on the apps.


Running a Small Business

Being a small company owner includes challenges unique to the size and function of business. The small business owner needs to handle all the obstacles of selling, providing, financing, handling and growing business with little or no personnel, while trying to make it a success. The most crucial of all is to keep the interest of all stakeholders like customers, suppliers and group to build momentum in a short period of time. Running a small business can be extremely gratifying both personally and economically.

Put your idea into composing. It is necessary to take the concepts in your head and get them down on paper. A lot of successful organisations provide a new product and services or fill an existing niche in the market. Whatever your reasons may be for beginning a small company, make sure to plainly and concisely put them in composing. [1] It can be helpful to go through lots of drafts or models of your company plan.
Consist of as numerous information as you can in your business strategy. Overthinking the information is never as harmful as overlooking the details.
It can also work to consist of concerns in drafts of your company plan. Determining what you have no idea is as handy as noting things you are sure about. You do not want to provide an organisation plan with unanswered questions to possible financiers, but laying out relevant concerns in your preliminary drafts will assist you recognize questions that need answering in your final organization plan.

Meet with your local Small Business Advancement Center. SBDC’s provide assistance during all phases of business life cycle. They can assist you create an excellent company strategy to approach a lending institution with and their therapy is constantly complimentary.

Determine your customer base. In your business plan, you have to recognize who you believe will buy your service or product. Why would these individuals need or desire your services or product? The response to these concerns should assist to identify all other aspects of your service’ operations. [3] Here, it beneficial to ask concerns of your service or product. For example, you may want to ask concerns like, does my product/service interest younger or older people? Is my product/service budget friendly for lower-income consumers or is it a high-end purchase? Does my product/service interest people in specific environments? You will not be selling many snow tires in Hawaii or beach towels in Alaska, so be practical about the appeal of your product.

Detail your financial resources. In your service strategy, you need to deal with essential questions about your business’ fiduciary scenario.
How will your services or product create loan? How much loan will it create? Just how much does it cost to produce your service or product? How do you plan to pay functional expenses and staff members? These, and others, are critical question you have to answer in planning your small business’ financial future.

How To Finance Your Business

Finding financing in any financial environment can be challenging, whether you’re trying to find start-up funds, capital to expand or cash to hold on through the tough times. But provided our existing state of affairs, protecting funds is as difficult as ever. To assist you discover the money you require, we have actually put together a guide on 10 financing strategies and what you should understand when pursuing them.

1. Think about Factoring

Factoring is a finance technique where a business sells its receivables at a discount rate to obtain cash up-front. It’s frequently utilized by business with bad credit or by companies such as apparel makers, which need to fill orders long prior to they make money. Nevertheless, it’s a pricey way to raise funds. Business selling receivables typically pay a fee that’s a portion of the overall amount. If you pay a 2 percent fee to obtain funds 1 Month beforehand, it’s equivalent to an annual interest rate of about 24 percent. For that reason, the business has gotten a bad reputation for many years. That stated, the economic recession has forced companies to planning to alternative funding approaches and business like The Receivables Exchange are aiming to make factoring more competitive. The exchange allows companies to use their receivables to dozens of factoring companies simultaneously, along with hedge funds, banks, and other finance business. These lending institutions will bid on the invoices, which can be offered in a package or one at a time.

2. Get a Bank Loan

Loaning standards have gotten much stricter, but banks such as J.P. Morgan Chase and Bank of America have allocated extra funds for small company lending. So why not apply?

Find out more on what you have to learn about filling out a loan application.

3. Use a Credit Card

Using a credit card to fund your service is some severe risky business. Fall behind on your payment and your credit history gets whacked. Pay just the minimum each month and you could produce a hole you’ll never ever get out of. However, utilized responsibly, a credit card can get you out of the periodic jam and even extend your accounts payable period to shore up your cash flow.

Read more on financing your service with a charge card.

4. Use Your 401( k).

If you’re jobless and considering starting your very own organisation, those funds you’ve built up in your 401( k) for many years can look quite tempting. And thanks to arrangements in the tax code, you really can take advantage of them without penalty if you follow the best actions. The steps are easy enough, but lawfully complicated, so you’ll require somebody with experience establishing a C corporation and the appropriate retirement plan to roll your retirement properties into. Remember that you’re investing your retirement funds, which indicates if things do not turn out, not only do you lose your business, however your nest egg, too.

Read more on financing an organisation with your 401( k).

5. Attempt Crowdfunding.

A crowdfunding website like Kickstarter.com can be a fun and efficient method to raise loan for a reasonably low cost, innovative job. You’ll set an objective for how loan you ‘d like to raise over a period of time, state, $1,500 over 40 days. Your good friends, household, and complete strangers then utilize the website to pledge cash. Kickstarter has funded approximately 1,000 tasks, from rock albums to documentary since its launch in 2015. But remember, this isn’t really about long-term financing. Rather, it’s supposed to assist in the requesting and offering of assistance for single, one-off ideas. Typically, project-creators provide incentives for promising, such as if you provide an author $15, you’ll get a book in return. There’s no long-term return on investment for fans and not even the ability to write off donations for tax functions. Still, that hasn’t stopped near to 100,000 people from promising to Kickstarter projects.

Read more on using Kickstarter for business.

6. Promise Some of Your Future Incomes.

Young, enthusiastic and ready to make a bet on your future incomes? Think about how Kjerstin Erickson, Saul Garlick and Jon Gosier are aiming to raise loan. Through an online market called the Thrust Fund, the three have provided a percentage of their future lifetime profits in exchange for upfront, undesignated endeavor financing. Erickson is willing to switch 6 percent of her future lifetime profits for $600,000. The other two business owners are each offering 3 percent of future incomes for $300,000. Be careful: the legality and enforceability of these “individual financial investment contracts” have yet to be established.

Learn more on trading future profits for moneying now.

7. Attract an Angel Financier.

When pitching an angel investor, all the old guidelines still use: be succinct, avoid lingo, have an exit strategy. But the financial chaos of the last couple of years has made a complicated video game even harder. Here are some pointers to win over angel interest:.

Include experience: Seeing some gray hair on your management group will help alleviate financiers’ worries about your business’s ability to handle a difficult economy. Even an overdue, but highly experienced advisor might add to your credibility.
Do not be a fad-follower: Did you begin your business due to the fact that you are genuinely enthusiastic about your idea or due to the fact that you want to capitalize the most recent pattern? Angels can find the difference and won’t provide much focus on those whose companies are essentially get-rich-quick schemes.
Know your stuff: You’ll require market evaluations, competitive analysis and solid marketing and sales strategies if you expect to obtain anywhere with an angel. Even young business have to show a specialist knowledge of the market they will enter along with the discipline to follow through with their tactical plan.
Communicate: An angel might not be interested in your business right away, specifically if you don’t have a track record as a successful business owner. To combat that, you ought to formulate a way to keep them in the loop on huge developments, like a major sale.