Office Space Expenses

$0

$7,000

Employee & Freelancer Expenses

$151

$352

Website Costs

$223

$7,215

Business Formation Fees

$5,600

$20,400

App Creation Costs

$1,099

$20,099

Software Expenses

$162

$3,094

Advertising & Marketing Costs

$0

$6,400

Specific Industry Expenses

$0

$200

Total Startup Costs

$7,235

$64,760

AwardWallet, LLC

awardwallet.com

73,571

Hytch Rewards

hytch.me

627,111

Card Curator

cardcurator.com

1,112,165

MAPCO

mapcorewards.com

1,640,394

unknown

smashvillerewards.com

5,210,588

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 travel rewards app 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 travel rewards app started, there are no costs associated with overhead, storage, packaging, etc. This will save you a lot of time and money!

Meaningful business connections

You never know who you will meet as a travel rewards app. This could be the start of an incredible business opportunity!

Longer Sales Process

A travel rewards app can be a big time and money investment for your customer, so it's important you plan and predict a longer conversion funnel and stay in communication with potential customers.

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.

Work can be inconsistent

As a travel rewards app, the amount of work assigned to you and schedule tends to be more inconsistent, which may make your income less stable. It's important to set boundaries and budget accordingly based on the amount of work you plan to have.

Niche Market

A niche business is not necessarily a bad thing, in fact, it can be the key to your success. However, it can be more challenging and time consuming to find the perfect niche market and target audience.

Work can be repetitive

You may find creating the same product over and over repetitive and tiresome. One way of avoiding this is to diversify product lines and revenue streams - this will keep things interesting!

Churn

In this business, customers can cancel their membership or subscription for your services - which can make revenue forecasting challenging and unpredictable. It's important to focus on your churn rates and trends so that you can prevent this as much as possible.