App Idea - what to work on while waiting for App development?

[N.Entrepreneur]

Hello Fastlaners,

I am starting the process of creating and launching an application with myself and three business partners. One of my partners has begun the coding/development of the app as that is what his strengths are. As we wait on this process to complete, what are some key items we should get working on?

Among the list we came up with;

• LLC formation and Bank account (too early?)
• Powerpoint Presentation / Pitch - Deck
• Marketing strategies
  
• Logo creation and sketches of various application screens
• Capital - We have about $50k in combined capital to dump into this project once needed

We are struggling with other ideas of what to work on with our free time. Some of us argue it is too early in the process to start talking to possible investors / business partners for our app if we don't have the tangible application built to demonstrate. Would you agree? Also, I'd love to gather some input on other things we can start working on or brainstorming.

Appreciate the help!

 

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[7.62x51]

This should be simple, focus on marketing and getting your first customers so when the app is done you can hit the ground running.

 

[Evil_Jester]

Make a website for your group. Don't know how? I didn't either but it doesn't take long if you know where to look.
What's your business strategy? 4 people working on one app doesn't sound too profitable.

 

[beatgoezon]

The best things you can do right now are:

1) Getting your pre-launch strategy in place( promoting your app, setting up a MVP landing page and collecting emails, talking to authority bloggers in the specific niche about the product)
2) Getting a feel for the NEED of the app, which promotional methods you'd need to implement go this this going well
3) Hire an artist/designer to create some beta artwork for the app, just so you have something visual to show on your landing page


As for talking to potential partners/investors, it depends. How long/complicated is the app and do you predict it will be completed sometime soon?
You should have SOME prototype of the app if you want to be taken seriously, because in the app business especially having ONLY AN IDEA can come off as completely noobie.

Hope that helps, and btw, do you publish apps by any chance? With that capital, I'd think you were waiting to invest that much into marketing, or was it simply the cost of getting the app created?

 

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[BaraQueenbee]

• Marketing
• website
• emerging with your clients
• expand your knowledge on the topic itself
• talk people
• have a guideline
• some artwork ready

 

[Georgy]

A lot of things still unclear here. Why are you guys looking for investors right out of the gates?

You'll need to first create the app which you say is underway. A lot of hard testing will need to be done. EVERY app glitches bad the first time around. Your programmer will need to tweak it and you + partners will need to test is in every way shape/form. What type of app is this going to be?

Secondly, asking about "LLC formation and Bank account" is not exactly too early. It really depends what your plans are. There's so many questions that need to be asked before you even get to this stage. I'm from Canada so the process is different, but I chose my company to be incorporated because I was providing B2B and needed to have the proper tax numbers to give to these companies. Plus, you need to declare your earnings to the gov or else you'll be shat on . Isn't LLC suppose to be for big companies? Forgot about my "intro to finance" course in university LOL. I choose inc. as it protects me and holds the business liable (yes, I know there's more to it than that) but just giving quick response. This process is the biggest b*tch as all the small business bank advisers I had to deal with were completely incompetent. So many papers to sign, so many issues that arise to get things started. From what I hear, it was easier to get incorporated back in the day. Now banks do an in-depth analysis of you, your assets, what type of business you'll be running, how are you going to be making money, do you have any clients right now etc.. And just to let you know, no one at the bank understands digital, affiliate or mobile marketing. Hopefully your process will be easier than what I had to go through.

Thirdly, you can have the best app in the world, but if no one downloads it then I'm not sure who will invest in the app. Is this a financial app? M-commerce? I am sure you have your business plan down packed and how you're going to monetize off of it but you'll need to use most of that $50k you guys got promoting the app and prove it's worth. What's the purpose of the investment? To add more advanced features for the app? Or to continue producing apps? A lot is still unclear but hopefully I've answered some of your questions. But you guys are right, it's too early to talk about investors and business partners. First produce the app, start promoting it and see what kind of traction you guys get. Good luck!

 

[Georgy]

LOL, seems like I didn't answer your main question, "App Idea - what to work on while waiting for App development?"

1). Website for app
2). Logo for app (which includes website logo, app logo, tablet logo, HD TV logo to plug into Apple TV, etc...). Make sure to keep that person around cos you'll be touching up the logo and creating it in many sizes (300x50, 480x720, etc..).
3). Twitter page, Facebook page, Linkedin page, and any other site you can think of.
4). Research, research, learn, learn. Do research on how to get your app featured on app stores, where to promote your app, how to promote it, which partner will handle what (website upgrades, twitter content/FB content).

Good luck

 

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[BaraQueenbee]

A lot of things still unclear here. Why are you guys looking for investors right out of the gates?

You'll need to first create the app which you say is underway. A lot of hard testing will need to be done. EVERY app glitches bad the first time around. Your programmer will need to tweak it and you + partners will need to test is in every way shape/form. What type of app is this going to be?

Secondly, asking about "LLC formation and Bank account" is not exactly too early. It really depends what your plans are. There's so many questions that need to be asked before you even get to this stage. I'm from Canada so the process is different, but I chose my company to be incorporated because I was providing B2B and needed to have the proper tax numbers to give to these companies. Plus, you need to declare your earnings to the gov or else you'll be shat on . Isn't LLC suppose to be for big companies? Forgot about my "intro to finance" course in university LOL. I choose inc. as it protects me and holds the business liable (yes, I know there's more to it than that) but just giving quick response. This process is the biggest b*tch as all the small business bank advisers I had to deal with were completely incompetent. So many papers to sign, so many issues that arise to get things started. From what I hear, it was easier to get incorporated back in the day. Now banks do an in-depth analysis of you, your assets, what type of business you'll be running, how are you going to be making money, do you have any clients right now etc.. And just to let you know, no one at the bank understands digital, affiliate or mobile marketing. Hopefully your process will be easier than what I had to go through.

Thirdly, you can have the best app in the world, but if no one downloads it then I'm not sure who will invest in the app. Is this a financial app? M-commerce? I am sure you have your business plan down packed and how you're going to monetize off of it but you'll need to use most of that $50k you guys got promoting the app and prove it's worth. What's the purpose of the investment? To add more advanced features for the app? Or to continue producing apps? A lot is still unclear but hopefully I've answered some of your questions. But you guys are right, it's too early to talk about investors and business partners. First produce the app, start promoting it and see what kind of traction you guys get. Good luck!

Liking this! Nice

 

[GIlman]

Buy this book.

http://tractionbook.com

Read it. Then develop your marketing approach. If your time is not involved in development all of your efforts should be being put toward growing you brand traction and awareness.

For a small business just starting out some of your best opportunities are things that are a lot of work, don't scale well, but can get you a very devoted group of influencers who can make or break your launch.

Edit
------------

Also, I would strongly suggest to shy away from looking for an investor right now.

50K is a crap ton of cash if managed well, especially since your developing in house (presumably at no cost). The amount of future value and equity you will give up to take an investor now will be staggering.

As a general rule, if your knocking on investors doors looking for cash - it's the wrong time for an investor. Wait until they come knocking on yours and then your in a position to reap the high rewards of your efforts.


Sent from my iPhone 7 using Tapatalk

 

[N.Entrepreneur]

Wow all great replies!

I will start attacking a lot of the points you all laid out and discuss these ideas with my partners. Also, if any of you have any suggested reading on the forum or wherever pertaining to this thread topic I will definitely take a look at it!

 

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[Jay T]

Buy this book.

http://tractionbook.com

Read it. Then develop your marketing approach. If your time is not involved in development all of your efforts should be being put toward growing you brand traction and awareness.

For a small business just starting out some of your best opportunities are things that are a lot of work, don't scale well, but can get you a very devoted group of influencers who can make or break your launch.

Edit
------------

Also, I would strongly suggest to shy away from looking for an investor right now.

50K is a crap ton of cash if managed well, especially since your developing in house (presumably at no cost). The amount of future value and equity you will give up to take an investor now will be staggering.

As a general rule, if your knocking on investors doors looking for cash - it's the wrong time for an investor. Wait until they come knocking on yours and then your in a position to reap the high rewards of your efforts.


Sent from my iPhone 7 using Tapatalk

+1 for traction. I read that when I started a SaaS business and it helped tremendously.

 

[DaveC]

Do you have customers?

You should be getting an Minimum Viable Product together (even if its wireframes) and walking through it with folks.

Read the Lean Startup and material from Steve Blank...the main focus is on getting out of the building and in front of your potential customers and iterate.

The other stuff is just simply not needed until you have an actual check coming your way.

 

[Jon L]

so...one guy is coding. What are the other three guys doing?

You need to, very clearly, set out, in writing, who does what. You also need to agree on a number of other partnership-related things like: what happens is one of the partners loses interest and stops working on the project. (I'd buy a book, or do a lot of googling about how to set up a partnership agreement. Or, hire a lawyer to set it up for you)

 

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