App Startup Wealth

5 Reasons an App Startup Is the Shortest Route to Financial Freedom

The top 1 percent of wealthiest people in the world didn’t become rich trading time for money. And in light of this, it’s fairly logical to assume trading time for money won’t work for you either.

Financial freedom is only possible with a strategy and business model that is scalable. “How do I do that?” I hear you ask – welcome to the world of digital business.

Digital businesses have created a new economy that is accessible to everybody. They can be websites but at the bleeding edge of this global technological disruption trend are apps. Apps provide a vastly improved user experience in comparison to mobile websites. Coupled with the ability to take full advantage of smartphone functionality like GPS and push notifications, mobile websites don’t even stand a chance.

It’s the sheer size and explosive growth that has already changed our perception of the traditional way of doing business. Uber, Instagram, Airbnb and numerous other tech companies have completely redefined their respective industries and have practically overthrown their traditional brick-and-mortar counterparts.

What does this mean for you? Well, the advent of App Stores that allow third-party entrepreneurs to create new software experiences has in many ways levelled the playing field for entrepreneurs to compete with major corporations.

This is because apps have the unique ability to grow exponentially. They present endless possibilities to scale with a lot smaller investment then traditional business models of the past. Of course, creating the next revolutionary app isn’t going to be easy but it also doesn’t happen by chance. Check out our 5 Top Strategies to Get More App Downloads blog for a better understanding of what’s involved in getting downloads and creating a successful app business.

Moving on, here are the top 5 reasons why taking your energy to the App Store will help immeasurably grow your business (and wealth) and regain your long lost freedom.

1. Scalability and exponential growth

Regardless of what type of business or industry you are in, scalability is an essential for growing your business. Establishing a business model that includes an app is the shortest route to truly exponential growth and it’s possible with a shoe-string marketing budget. The most successful businesses today are rooted in highly scalable app business models – Uber, Google, Facebook, Snapchat – the list goes on.

An app startup provides all of the essential ingredients to create the perfect scalability formula. Some of the main ingredients that app development provides, among countless others, include:

  • Instant access to more than 2 billion potential customers (roughly one-third of consumers worldwide).
  • Low costs to build a world-class app in comparison to starting a traditional business.
  • Robust integration capabilities with social media and free access to the most sophisticated and user-friendly marketing platforms.
  • Overnight proof of concept with real time customer-feedback.
  • Drastic reduction in costs for all aspects of running your business.

Success and scalability are intertwined. Taking your business to the App Store lets you achieve the scalability necessary for your business to thrive by maximising output while minimising costs and time.

 

2. Time over money

App Startups are not in some parallel universe that is exempt from the laws of reality. This is quickly discovered by many self-proclaimed entrepreneurs that hire the cheapest freelancer to develop their app. Your app concept will not simply reach a million- or billion-dollar valuation just by being on the App Store.

However, building an app startup does provide certain shortcuts to those who leverage its benefits. By understanding and mastering these benefits, you will be able to drastically increase your business’ growth while scaling back the amount of time you spend in your business.

Once you design and launch your app, little additional time is required to run it because of the efficiencies and automation tools provided online. Virtual assistants have reduced your time commitments even further and for next-to-nothing prices. This gives you more time to focus on big-picture projects that take your app startup to the next level. It also allows you to live life on your terms, and focus on the things that keep you motivated and engaged.

 

3. Create raving fans and loyal advocates

The goal of business is to create raving fans and loyal advocates. They go out of their way to promote your product to anyone and everyone, not because you asked them but because they want to. This is the Holy Grail of marketing that you cannot put a price on. Creating a mobile app to attract these zealous supporters is paramount, and the quickest, surefire way to achieve exponential growth.

An app gives you the best opportunity to prove your credibility and authenticity. By showing your customers that you can consistently provide them value and deliver on your business’s promises, you can earn their support. Creating a personalised app experience allows you to shift your customer’s perspective from a one-time user to a lifelong raving fan and loyal advocate.

iPhone-6-Eaton-Centre

Apple’s loyal fanbase will (literally!) wait in line for their latest smartphones and tablets. Source: Mac Rumors

 

4. Maximise, not minimise, your time

It’s not about working hard, or working smarter, it’s about working right. App development has paved the way for this principle that has taken the entrepreneurial world by storm. In less than 24 hours you, as an entrepreneur, can think of an idea, create a minimum viable product or service, list the app product for sale online with a global customer base, receive instantaneous user-feedback, then modify and adjust your app startup based on that feedback! Efficiency at its finest.

Validating that your app idea works by attracting users and generating revenue is priority number one. Remember, your customers are marketing geniuses. They know exactly what they want and it is your job to find that out. Too many entrepreneurs begin with an idea for a app product that they think people want. They spend months, sometimes years, making sure the product and business are perfected without ever testing or even showing it to potential users! App development has given you the perfect platform to do just that.

 

5. Now is the perfect time

What are you waiting for? There will never be a perfect time to take action and develop an app. If you’re waiting for the right time, regret is guaranteed. Forget the naysayers and be decisive. I am telling you from experience that now is always the perfect time to chase your biggest ambitions. 

Your only one call away from a confidential discussion to evaluate your app idea. To find out how we can help you launch your app startup, give us a call on 1300 277 434 if you’re in Australia or email me at dane@launchpadapps.com.au if you’d prefer.

How many apps do you need to download before you create your own? Stop being a mobile consumer, and switch teams to be a producer first, and a consumer second. Those focused on building something bigger than themselves are the ones that produce results – they are changing the world, not just consuming it.