How do you raise money for an idea of an app?

Since others have explained to you that investors don’t look to put their money into just an idea, I’m going to give you some practical advice on how you, personally, can get the money to have your app developed. Before you take on any or all of these suggestions, make sure that you know exactly how much financial backing you need for development, marketing, and any other associated expenses.

Crowdfunding: If you have a great idea for an app and you have social media followers, friends, or family that you believe would find your app beneficial, put together a good crowdfunding campaign. The key is to constantly work the campaign. You can’t expect to post it and for it to magically get funded. You have to actively share it, talk about it, and ask your followers, friends, and family to also share it.

Sell all of your unnecessary items: Yes, really. Go through everything you own and if you don’t use it, sell it. Set that money aside into an account that will fund the development of your app.

Get a side hustle: If you cannot currently invest any of your own income into the development of your app, get a side hustle. Find some part time work in your area or online that you can do and set that income aside specifically for this project.

Cut out all unnecessary expenses: This idea is more commonly known by start-ups as bootstrapping. It means you get rid of the frills for the business and maybe even in your life so that you can direct that money toward your project.

Finally, I’d like to go back again and touch on knowing how much money you need to get your app developed and out to the market. You need to consider:

The cost of development (from idea to engineering to coding). The more popular and experienced the company, the more you’re going to pay. One way to cut down on the cost here is to use a freelancer who has a proven background. Do you have to pay for an app for iOS and pay another fee for Android?

Testing, testing, and more testing. Is the cost of testing your app included in the cost of development? If so, how many rounds of testing? Will there be an additional cost?

Marketing. You’re either going to have to take on marketing for yourself or you’re going to have to bring someone in to do it. Consider the costs between a marketing company or hiring just a person or two (who have proven backgrounds in marketing apps).

Legal help. You may not think it’s a necessity, but it could be. Having a lawyer available to answer your questions related to both business and intellectual property is a necessity. It’s better to have a lawyer and not need their services than to need their services and not have one available.

Those aren’t the only costs, but they are some of the major costs. If you’d like to talk with an IP attorney or business attorney, visit LawTrades. We’re a marketplace of attorneys that provide services to start-ups and individuals who need legal advice for a budget-friendly flat rate. Visit us for an enhanced legal experience!