In the past few years, mobile phones have changed from the communication medium into an important business tool. As technology grows, so do people get addicted to it and to engage them brands are investing heavily in apps by consulting mobile app development company.
The importance of mobile app in business whether established or startup can’t be ignored. Mobile apps have changed the way we do business. These apps have made it easier for the customers to get business information and at the same time remain connected with their favorite brand. For brands apps are a vital means of marketing to expand their reach.
According to estimates, the mobile app industry turnover has prompted businesses to embrace this technology to get proper insights into their users. They have become a necessity for startup and its benefits can’t be ignored. Below are some interesting facts & figures related to the startup that is highly important to consider before you hire mobile app developers for your business.
Important Startup Figures:
- There are over 500 million entrepreneurs around the world.
- The total number of startups grow by 30 Million.
- 250 is just tech startups.
- The funding received by startups is over $20,830,705,214.
- 30% of entrepreneurs start their businesses at home.
Age Figures of Startup Owners:
- 35% age between 50 to 59 years.
- 25% age between 40 to49 years.
- 18% age between 60 to 69 years.
- 14% age between 30 to 39 years.
- 4% age between 18 to 29 years.
- 4% age between 70+ years.
Education Qualification of Startup Owners:
- 33% are High school graduates.
- 18% have an Associates Degree.
- 29% are Graduate.
- 16% are Post Graduate.
- 4% is a doctorate.
Reasons to Launch a Startup
- 26% wanted to become boss.
- 23% are passionate about their work.
- 19% got an opportunity.
- 12% were not satisfied with their old work.
- 6% of people don’t want to retire.
- 3% of people have faced life-changing events including death or divorce.
Failure Rates of Startups
- 80% in 2015
- 70% in 2016
- 62% in 2017
- 56% in 2018
- 52% in 2019
Top 10 Reasons for Startup Failure
- 42% failed because of no market research
- 29% are lack of funds
- 23% didn’t recruit the skilled team
- 19% failed to compete
- 18% face pricing issues
- 17% lack a user-friendly product
- 17% didn’t have a business model
- 14% failed in marketing strategy
- 14% failed of low customer satisfaction
Why Mobile App is Perfect for Your Startup?
1) Brand Presence
Digital presence is crucial nowadays. Especially when mobile apps have become a major tool to consume data and brand promotion. Representing your business through an app is very important. You can directly get connected with your clients at a common platform. Restaurant app development is the preferred choice of a startup as it needs low investment and aid in building your brand.
2) Push Notifications
This is the most prominent method to inform your target audience about the latest offers, sales, and discounts. This is the easiest way of branding your business. You can also inform them about any new product launch or about adding a new feature in your mobile app.
3) Boost Revenue
Running a business from a store is quite common. Doing some sort of innovation with a mobile app is something that needs to be focused. A whole new segment of people attracts to your startup with an app. This helps to boost business ROI, and sales. A startup can make more money than you invested in any app whether it is social media app development or AI-based mobile app.
4) Customer Insights
With mobile apps, information regarding the target audience can be tracked. Methods like heat mapping, data recording, and bounce rate analysis can be done. You can analyze which feature of the app is most used and which is not. With proper tracking, user’s likes and dislikes can be analyzed, implement the most in-demand things into your app to take your startup to the next level.
Frequently Asked Questions
1) What is the role of building a mobile app for your startup?
To earn money and fame are the standard answers to develop an app. You must have a proper idea and objective to achieve that vision. The role of the app will also allow you to know and identify the target audience.
2) How to protect my app idea?
Getting unique ideas and securing is difficult. It’s crucial to ensure that your ideas will not be disclosed, or used by others before the actual launch. To avoid such things, consult your Android app development company to sign an agreement. This will allow the entrepreneurs to securely share the idea and its execution.
3) Which is the perfect platform for a startup?
Android is the preferred choice for all the brands whether new or established. It is also perfect when features are not supported by iOS. On the other hand, iOS is perfect for customer-oriented apps. iOS apps earn better revenue in comparison to Android apps.
4) How much time & cost is needed to build an app?
Features and functionality, platforms you are targeting, and hiring models are the crucial factors to decide time and cost of any mobile app. Building any feature-rich mobile app will take 3 to 4 weeks.
It is not hidden that a startup involves a lot of risks but the reward is attractive as well. With everything going digital, for a startup having a mobile app is mandatory. It might require an investment in the initial stages. But the return is much higher compared to the investment. You can start with the MVP (Minimum Viable Product) as it comprises of only basic features which are crucial for the app. There is always room for updates with time and success though.