START-UP FUNDING: Last steps before funding
Before you go out and start approaching potential investors to join you on your journey, there are several steps before funding that you must take. This to-do list ensures that you stand a good chance of impressing investors and helps you improve your chances of getting past the Seed round
Steps before funding: Make sure your idea is unique.
As the saying goes, there is nothing new under the sun. However, there are ways of making sure that your idea offers a new take on things. The app process can be confusing and full of obstacles. One thing that we see more than anything is that app founders set out with an idea and end up with a product that is very different. So, how do you avoid this?
- Make sure that your idea answers a problem and you always keep that problem in mind.
- Ask yourself whether it still answers the problem throughout the process. Keep that message true to your brand.
- If it doesn’t answer the problem you set out to answer, go back and review your process to find out where you went off track.
If you keep doing this throughout the app development process, you will stay true to the goals you initially set out. This in turn will help you come up with a unique idea get the funding you need for it.
Steps before funding: Create a good business plan.
A business plan is vital when it comes to investment. This is where you outline your funding requirements and explain them fully. Your goal is to outline how much funding you will need over the next 5 years and what it will be used for (staff, tech, development, etc.)
Additionally, your potential investor will get a better understanding of you and your business through your business plan. They will be able to look into the vision, the work that has already gone into the business, and what is still to come. We recommend spending a lot of time coming up with a great business plan that outlines everything in detail.
Steps before funding: Have a prototype/wireframe
Now that you have a unique idea and a killer business plan, you might want to have something to show to an investor. Show them your product.
When it comes to showing off your product there are a few ways of doing so. The first is the simplest. Wireframes.
A wireframe is a way to design a website or an app at the basic structural level. It is a great way to lay out content and to demonstrate its functionality quickly, effectively and financially efficiently.
An app prototype is the next level up from wireframes. It is a visual mock-up that looks like the real app and shows off the app’s fundamental design and function. However, it does not contain working code. The benefit of prototypes is that they show off a more fleshed out app than wireframes, however, they are normally far more expensive and can take longer to develop.
Additionally, there are a lot more things that you should also think about, at Novaflip we are more than happy to sit down and talk you through the process. For more information do not hesitate to get in touch.
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