In today’s society, the Internet isn’t just used for social networking and searching for information. With its help, people sell and buy goods, work, do business and even promote their own projects. The World Wide Web opens up opportunities even for those who do not have enough financial resources to realize their ideas. Crowdfunding can be used to collectively raise money and the necessary material resources to implement a wide variety of projects. Because of this, it has become widespread among startups all over the world. From this fact, an obvious business plan is born: engage in crowdfunding app development and skim the cream. In this article, you can read how to organize crowdfunding app development and how much it can cost.
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What are the benefits of crowdfunding app development?
Crowdfunding platforms are websites that allow interaction between fundraisers and investors.
The benefits of crowdfunding sites are:
- purpose-driven spending of funds;
- broad specialization;
- results orientation;
- ease of use.
Crowdfunding platforms provide a simple and straightforward interface for the average user, without signing a lot of documents, personal presence, and complicated structuring. This attracts many people from all over the world to realize the most ambitious projects. No wonder crowdfunding app development is becoming an extremely promising and profitable venture these days.
What do you need for crowdfunding app development?
Before you start crowdfunding app development, you should decide on the following factors:
- The focus of the platform – business, creative projects.
- The entry threshold for the investor.
- Opportunities for participants.
- The size of the commission.
- Features of collection and transfer of funds.
- Feedback from users.
Once you think through these nuances you need to find a fintech app development company, which will bring your idea to life. Focus on crowdfunding app development firms with experience in this niche, and also look at different options including offshore crowdfunding app development agencies.
How much does crowdfunding app development cost?
Now let’s talk about the price of crowdfunding app development. It depends on two key factors: the raises and the number of hours you spend on crowdfunding app development. Rates refer to the price of one hour of crowdfunding app development specialist’s work. In the U.S. and Western Europe, this figure ranges from around $70 per hour. The second is more complicated because each crowdfunding app development company will spend a different amount of time on development. If we are talking about an experienced crowdfunding app development firm fully staffed with specialists, the breakdown of time will be approximately as follows:
- FE: up to 240 hr/mo
- BE: up to 240 hr/mo
- PM/BA: up to 80 hr/mo
- UI/UX: up to 80 hr/mo
- QA: up to 80 hr/mo
- DevOps: up to 80 hr/mo
Based on the above number of hours the cost of crowdfunding app development will be about $50-80k. Add to that the cost of regular updates and post-release maintenance and the price rises to quite tangible values. At the same time, there is a way to reduce the cost of crowdfunding app development. Turn to offshore crowdfunding app development companies. They will offer you the same level of quality at a much lower price tag. For example, crowdfunding app development companies from Ukraine with a cost of $40 per hour for a specialist can reduce the final cost by more than half.
Crowdfunding app is a real opportunity for those who are lacking money to start, attract funding to their project and successfully launch or develop it. It isn’t only about commercial and creative projects, but also about social ones, including charity. However, raising money is the main, but not the only goal of crowdfunding. It also allows you to study the market, to better understand the interests and needs of the audience in order to promote the project more effectively in the future. Thus, crowdfunding app development gives the platform owner an opportunity to earn good money. Contact Perfsol now and our crowdfunding app development specialists will create the ultimate solution for you.