Business Idea

Start A Finance & Accounting App Business

About

Starting a finance & accounting 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.

Key stats

market size
$22.5T
gross margin
83%
time to build
300 months

About

Starting a finance & accounting 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.

Key stats

market size
$22.5T
gross margin
83%

 

time to build
300 months

Startup Costs

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
Software Expenses $162 $2,894
Advertising & Marketing Costs $0 $7,500
Website Costs $13 $215
Total Startup Costs $1,274 $38,708

Successful Businesses

Business URL Rank
Udemy udemy.com #107
Intuit intuit.com #288
Bloomberg bloomberg.com #388
Wave Financial Inc. waveapps.com #1,212
Workday, Inc. workday.com #6,747
Bench Accounting bench.co #10,757
Accounting Coach accountingcoach.com #15,170
dfas.mil dfas.mil #20,462
Manager manager.io #51,351
Hurdlr hurdlr.com #230,704
Accounting Software for Small Business accountedge.com #438,536

Pros & Cons

Pros Description
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 finance & accounting 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 finance & accounting 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.
Cons Description
Crowded Space Competition is high when it comes to your finance & accounting 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 finance & accounting 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 finance & accounting app business, you typically work alone and do not have much face-to-face interaction with other team members.
Taxes As a finance & accounting 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 finance & accounting 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.

Marketing Ideas

  • 1

    Affiliate Program

    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.

  • 2

    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.

  • 3

    Partnerships

    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.