Does your app really need funding?

These days it seems like most startup and new app founders believe that funding is the normal step after a product is created. With the concept of app investors taking off in recent years and everyone hearing stories of peers getting funding, it's no wonder investment seems to be the logical step. But do you need funding if your app can survive without it?

The risk of seeking funding when you don’t need it

With easy money, comes a lack of appreciation for its value. The rising normality around seeking investment has caused a great number of new founders to underappreciate the value of money. It also causes new founders to underestimate their own ability to do great work and get great results, without a lot of cash in their pocket.

Finding investors also means that you're going to have to give away a slice of your business. You need to critically think about whether or not your business needs to have more chefs in the kitchen or if you’re running ahead of yourself.

Ask yourself the following:

• Is it essential for you to have a full-time team from day one?
• Is it essential to push out new features right away?
• Can you achieve strong results with organics marketing or business development, rather than relying on expensive marketing campaigns?
• Are you potentially trying to do too much too soon?

Bootstrapping your app

It's never fun to be strapped for cash, whether it’s your personal finances or your business finances. Regardless, there are many benefits that can come from bootstrapping your business yourself. Including:

• You learn to be creative in your development and your marketing
• You make wiser decisions about your investments
• You build a stable foundation
• You have 100% control of your business direction
• You take things slower; therefore you can reflect and learn more at each stage of the process

A simple way to assess whether or not you need funding is to reflect on whether or not your business can survive without it. Of course, not all app founders can sustain the development of their app. If you can't, then that is your indication you need funding. If you can, I encourage you to think about whether you really need it.

If you’re committed to going through the process of seeking investment, you will want to check out our series below:

• How do you know it’s time? Signs your app is investment ready
• What to look for when approaching investors for your app
• Investor outreach: how-to guide
• Here’s what you need in your investor pitch

Having an app is half the battle, the other half is continual marketing and development to ensure your app flourishes in the market. Creative27 is an app design, development and marketing powerhouse that can help you to get your app investor or market ready.

Get in touch if you have an app idea that we can help with.