Starting a banking app business requires a great deal of effort, dedication, and most importantly passion.
If you're interested in how to sell , or selling online, you can use this page as a guide for everything you'll need to know.
|Min Startup Costs||Max Startup Costs|
|Office Space Expenses||$0||$7,000|
|App Creation Costs||$1,099||$20,099|
|Training & Education Expenses||$0||$1,000|
|Advertising & Marketing Costs||$0||$7,500|
|Total Startup Costs||$1,274||$38,708|
|Bank of America||bankofamerica.com||#381|
|TD Personal Banking, Loans, Cards & More||tdbank.com||#2,153|
|Personal Banking and Net Banking Services||idfcfirstbank.com||#4,917|
|Business of Apps||businessofapps.com||#11,981|
Pros & Cons
|Flexibility||You can put as much time into the business as you'd like. If you like the work and have some initial experience, you can start small and manage all aspects of the business on your own.|
|Ability to start your business from home||It's not necessary to have a physical storefront or office space to get your business started. You can do everything from the comfort of your own home, at least in the beginning!|
|Rewarding work||Starting a banking app business can be really rewarding work. After all, you are solving an immediate issue for your customer and you're working on something you truly care about.|
|Scalable||With businesses and processes changing daily, there will always be demand for new features, products and services for your business. Additionally, there are several different business models and pricing tiers you can implement that will allow you to reach all types of customers.|
|No overhead costs||To get your banking app business started, there are no costs associated with overhead, storage, packaging, etc. This will save you a lot of time and money!|
|High customer retention rates||Once a customer invests in your product, they've invested their time and energy to utilize your product/service which is highly valuable to them. Typically, your product or service becomes indispensable to your customer.|
|Crowded Space||Competition is high when it comes to your banking app business, so it's important that you spend a good amount of time analyzing the market and understanding where the demand lies.|
|Security Issues||With any Saas business, data loss and security issues may arise throughout your process of building your product. It's critical that you understand exactly what you're responsible for and how to avoid potential issues down the road.|
|Lack of benefits||With a banking app business, you are typically self-employed and responsible for finding your own insurance, which can be quite costly and time-consuming.|
|Isolation||Often times, as a banking app business, you typically work alone and do not have much face-to-face interaction with other team members.|
|Taxes||As a banking app business, you typically pay self-employment taxes which can be quite high. It's important to understand what you will be paying in taxes each year so you can determine if the work you're taking on is worth it.|
|No safety net||Typically, as a banking app business, you do not receive a consistent pay-check and instead earn money based on your transactions each month. During the slow periods, you typically take away less since the job is based on commission. It's important to budget accordingly for the slow times.|
Affiliate marketing is a great way to bring in a new revenue stream, especially when you don't sell products or services.
Simply put, an affiliate program is an agreement where a business pays another business or influencer ("the affiliate") a commission for sending traffic and/or sales their way.
The affiliate typically gets a unique link where clicks and conversions can be tracked.
Word of mouth
Word of mouth is when a consumers reflects their interest in a company’s product or service in their daily dialogues.
Therefore, word of mouth advertising is essentially a free advertising triggered by the customers experience.
According to Nielsen, 92% of people trust recommendations from friends and family.
Therefore, in today’s hyper-connected world, a single recommendation through a word of mouth can have a huge impact to your business.
A partnership is a formal agreement between two or more entities to oversee business operations and share profits and liabilities.
Creating strategic partnerships with an existing business can be a huge win for a startup.
This is considering that a partnership creates a new slate of future options for your startup.
On the other side, pursuit of partnerships could suck up a ton of time, and bunch of resources, and fail to materialize.
Therefore, entrepreneurs need to do proper research and evaluate the possibilities of achieving success through partnerships.
Hey! 👋 I'm Pat Walls, the founder of Starter Story.
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