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How Much Would It Cost to Make a P2P Lending Platform?

Getting a bank loan is not easy for millions of people. The world’s unbanked population is 1.4 billion, with billions more remaining underbanked. Even in the USA, 5%+ of households remain totally unbanked, and over 25% more are underbanked, according to the FDIC report. These figures translate into 63+ million American adults who don’t have access to traditional finance. 

What does this mean for FinTech businesses?

  • You can access a huge customer base by offering more loyal and flexible financing services than traditional banking does. 
  • You can create a steady, lucrative revenue stream in the FinTech industry by offering safe P2P lending solutions. 
  • Entering a P2P market niche is relatively easy today, with the basic requirement of a P2P lending app/platform and a smart credit risk assessment mechanism that minimizes lenders’ risks.

You can join the rising digital finance industry and the emerging P2P lending sector with a technically superior, safe solution, which has immense potential amid the changing financial sector. As of 2021, P2P lending had an $83+ billion market size and is estimated to continue growing at a CAGR of 29.7% in the coming years. 

Statista experts project P2P lending to exceed 1 trillion USD by 2050. The P2P projects have made finance more accessible and affordable to billions, and the sector is likely to enjoy quicker growth with the mass adoption of innovative technologies. 

Here we examine the ins and outs of the P2P lending business to let you make an informed decision on building your own peer to peer lending software for users. We also provide a detailed breakdown of such a project’s cost and factors to consider at all stages.

Read on to get equipped with all vital data on P2P financing and get a new revenue stream for yourself. 

Per-to-per (P2P) Lending Market Growth Rate

Key advantages and disadvantages of peer-to-peer lending platforms 

The emergence of P2P lending has opened many doors to people with scarce access to traditional finance. However, it’s a sector with its own specifics and nuances, so one shouldn’t consider it a panacea to all financial needs. 

Here is an overview of the pros and cons you should know before using or launching P2P lending services.  

Advantages 

  • Lower interest rates, greater returns. The P2P market is highly competitive, so providers set minimal interest rates for lenders to retain loyal clientele. Thus, as a business owner, you can enjoy greater returns by giving your users a well-priced P2P lending service package.   
  • More democratic access to finance. P2P lending is more accessible to people with different economic statuses. Fewer documents are required to get a loan, giving previously underbanked and unbanked people easy access to funds.  
  • Thorough assessment. Most P2P platforms operate on blockchain and use cutting-edge analytical tools, so they can perform smart creditworthiness assessments with a larger number of factors than a regular balance scorecard.
  • Greater flexibility. Compared to traditional banks, you can enjoy a broader variety of credit products and terms at P2P organizations. 

Disadvantages 

  • Credit risk. Lenders in the P2P market need to tolerate higher credit risks because they give money to high-risk consumers. Thus, it is vital to include these elevated risks in the business model.
  • Legislative loopholes. FinTech is a developing industry that faces much legal resistance in many jurisdictions. Before launching a P2P platform, you need to choose all regulations and ensure that you don’t break the law.

Why is it a wise decision to invest in a P2P lending app? 

There are many factors in favor of joining this rapidly expanding FinTech market niche. 

  • The P2P lending market was only $83+ billion in 2021, but its size is expected to reach $700+ billion by 2030. 
  • As of 2020, 126+ million Americans were using P2P lending apps. According to LendingTree research, 84% of consumers have tried P2P lending already, and 44% use them at least once a week. 
  • Africa is the largest P2P lending market, with over 70% of payments (over $1 trillion) made by clients from African countries.

As you can see, the pace of P2P market growth is quick. It’s currently dominated by giants like PayPal, Venmo, and Google Pay, but more P2P lending apps are entering the market every day to make it more competitive and diversified. 

The good news is that you can also build an attractive and feature-rich peer to peer loan app and grab a fair share of this lucrative market. Let’s find out how it works. 

Crucial things to consider before developing a money lending app 

Building a secured P2P lending app is a multi-stage process that goes far beyond software creation. Here are the preparatory steps every FinTech startup should take. 

  • Adherence to government rules and regulations. Since your P2P lending software provides financial services, you should ensure that it meets all local regulations and licensing requirements. This way, you will avoid legal trouble and fines, let alone the closure of your project by law enforcement. 
  • Collaboration with banks. Working with traditional financial institutions is unavoidable even in P2P lending, as clients need to deposit and withdraw money somehow. Study the list of local banks and international finance operators to find the best partner for payment processing. 
  • Borrower’s verification process. Rigorous user verification is part and parcel of secure P2P loan apps, so you should include the KYC/AML policy. The standard verification steps include state-issued ID verification, phone number check, bank account validation, and tax documentation checks. 
  • GDPR compliance. GDPR is an overarching regulation protecting user data across the EU. Even if you operate beyond the EU borders, it’s better to ensure GDPR compliance, as some of your users can be from the EU or conduct transactions to and from the EU, thus making you eligible.  
  • PCI DSS certification. As your clients are likely to use credit and debit cards when operating your app, you must ensure compliance with the PCI DSS security control policies and procedures.

How does a P2P loan app work

Let’s take a sneak peek into the operations of a peer to peer lending app to clarify what it takes to build and operate one. 

  1. Borrowers and lenders sign up for a P2P app and create their accounts. 
  2. Borrower fills out the form with their banking details, occupation, and regular income data to enable lenders and smart creditworthiness assessment algorithms to evaluate their risk levels. 
  3. Lenders also link their bank accounts to the system and pick the loan products they’re ready to provide. 
  4. Borrowers apply for loans provided by lenders. 
  5. Lenders review applications and decide on who they will award the loan to. 
  6. Once the loan gets approved, the borrower gets the money on the predetermined terms to their bank account. 

All data about terms, dates of payment, and interest rates are conveniently displayed in the users’ profiles. Both lenders and borrowers track their active loans and receive notifications about status changes. Here is a figure visualizing the process of p2p lending. 

Cost to create a loan lending mobile app in 2022 

Now, let’s boil it down to features and numbers – what does a lending app include, and how much would it cost to create a P2P lending platform

The bare minimum your P2P lending app would need to operate safely and deliver the needed services to users is: 

  • A website 
  • A login/signup function 
  • User profile 
  • A user dashboard (different for borrowers and lenders) 
  • Connectivity with banks 
  • Credit score calculation 
  • Document processing 
  • Loan management 

However, these features mostly relate to the platform’s front-end part. The app’s back end is also an essential part of the process. It’s much harder to estimate the cost of back-end development because a blockchain-powered P2P lending app (a DeFi app) is serverless, so it has a distinct cost breakdown than a traditional digital app would have.

Here is a calculation of hours and rates for this task you may count on. We’ve taken an average breakdown of hours necessary for P2P loan development and have added the rates you may get from a low-cost, medium-cost, and high-cost dev provider in different parts of the world. 

 HoursLow cost ($35 per hour)Middle cost ($70 per hour)High cost ($100 per hour)
Website40-50$1,400-$1,750$2,800-$3,500$4,000-$5,000
Login/signup8-15$280-$525$560-$1,050$800-$1,500
User profile25-30$875-$1,050$1,750-$2,100$2,500-$3,000
User dashboard30-40$1,050-$1,400$2,100-$2,800$3,000-$4,000
Bank connectivity15-25$525-$875$1,050-$1,750$1,500-$2,500
Creditworthiness calculation algorithm15-25$525-$875$1,050-$1,750$1,500-$2,500
Document processing25-30$875-$1,050$1,7500-$2,100$2,500-$3,000
Loan management30-40$1,050-$1,400$2,100-$2,800$3,000-$4,000
QA testing30-40$1,050-$1,400$2,100-$2,800$3,000-$4,000
Back-end development300+$10,500+$21,000+$30,000+

Thus, based on such a rough estimate, the cost to create a P2P lending platform ranges from $45,000 to $100,000+ for a P2P lending app. 

Negotiate every aspect of the development scope with your dev agency to determine the budget before starting the work. Also, it’s critical to discuss all revisions and additions underway to understand what unexpected costs and hidden fees you can encounter in the process. 

How to make profit from money lending app? 

A typical concern of money lenders software creators is the ability to make money on such a project. As a rule, P2P app owners get revenue from the origination and transaction fees. 

Origination Fees 

As a provider of secured peer to peer lending services, you can set a fixed or dynamic origination fee deducted from every allocated loan. As a rule, the obligation to pay the fee lies on the borrower. Thus, when you get $1,000 from a P2P lender, the platform sets a 5% fee, and you’re likely to get only $950 to your account, repaying the full sum ($1,000). 

Transaction Fees 

Transaction fees are charged for all transactions on the P2P platform, which operates as a provider of secure, instant transactions. Besides, the transaction fee is usually charged from the lender after the borrower successfully covers the entire loan. 

Conclusion 

As our review suggests, P2P lending is a lucrative business with a moderate entry barrier in the form of local regulatory compliance and the cost of building a platform for P2P operations. 

With the rapid growth of this market and the rising number of regular P2P lending users, this business niche is definitely worth considering as a source of steady income for projects of all sizes. 

FAQ 

What is a P2P lending app? 

A P2P lending app is a financial software product allowing users to get and provide loans on a peer-to-peer basis without intermediary oversight. 

How does digitization change lending?

Digital services have revolutionized the lending sector of finance by giving lenders and borrowers secure online platforms to meet one another and negotiate favorable loan terms without a central intermediary (e.g., a bank). 

How to build a P2P lending platform? 

First, you need to find a reliable and experienced software engineering firm with expertise in building peer lending apps. Next, you should discuss the set of required features, the underlying technology, and the budget for this project. The final product will require rigorous QA testing and security audit; after that, it’s ready for launch. 

Who can use P2P lending? 

Anyone can become a borrower or lender in the P2P market. You only need to have verification documents and an active bank account (active for over one year). 

Why invest in P2P lending? 

Investments in P2P lending are sure to pay off quickly because of this market’s quick expansion and growing popularity among users worldwide. It’s more accessible and flexible for consumers, and both lenders and P2P platform owners can generate high revenue from this form of financing. 

 

Future of digital banking is inevitable

The financial market has a small margin, fierce competition and a constantly decreasing level of customer loyalty. In this situation, the worst thing that classic financial players can do nowadays goes with the flow. The digital transformation process is inevitable in order to be a competitive in the banking sector. Notably, the industry is trying to adapt to the new business challenges by a combination of the new technologies and transformation of the old leadership system.

Nowadays, a lot of new players appear in the financial market, including financial, technological and telecommunication companies. All of them are eyeing the most attractive segments of the financial industry. As a result, in order to maintain competitiveness, banks should devote much more attention to converting their services to digital form and not forget about the most important factor of their success – about customers and their needs.

In most cases, technological transformation involves the implementation of large-scale changes that may take years to build a new customer-oriented banking system. It is a complex process of change, which includes the total destruction of the organization’s outdated structure and the execution of new strategies, skills, and technological advancements. The basic idea is moving from a product focus to a consumer focus.

For that reason, the digital transformation of the banking system is more influential when all updated processes improve the customer-facing engagement including direct communication, products and services, marketing strategies and support customer services. The prominent feature of the digitalization is creating a productive and successful interaction through multiple channels.

What are the main features of the Digital Organization?

First and foremost, such companies use their customers as a prior focus. It means that the firm should simplify interaction with customers through all the channels and track the customers’ experience at every contact point.

Secondly, the firm should update its corporate policies and the rules of conduct among staff. This point is closely related to the fact that the banking system always has a lot of employees who interact not only with each other but with external clients too. That is why, it is important for the distribution of roles, placing the structure and defining the responsibilities of employees.

Thirdly, corporate culture reinforces the company’s new technological innovations and helps implement its digital strategy. At that point, we can define the emerging new digital culture and its culture shift in the financial sector.

Why is digital culture important?

Culture is an integral aspect of influence in the process of the technological transformation of banks. Culture directs employees to productive work in accordance with the rules and the main meanings of the brand strategy. This helps to maintain brand integrity within the customers, as well as strengthen the internal team within the company. Digital culture manages the banking system to become more flexible, to show results and quickly make decisions due to the fast flow of the data within multiple channels. Furthermore, companies with digitalized culture have advantages over potential job candidates. Since the new generation does not agree to engage in tedious routine work, they want interesting projects, innovations and various bonuses within the company. The reputation of a digital leader is a magnet for talent. Millennials, as a rule, are drawn to digital companies with their promise of a collaborative, creative environment and greater autonomy. Such benefits can be offered only by companies that are constantly introducing technologies and developing their brand performance. Moreover, financial firms should receive high profits from the chosen strategy.

Six key elements of digital culture

Since the importance of the digital culture phenomenon in modern financial companies is growing, it is worth noting the main components which contribute to its development.

1. Collaboration matters more than individual efforts.

Success in digital culture comes from teamwork and the exchange of information between departments, units, and functions. The iterative and fast pace of digital work requires a much higher level of transparency and interaction than in a traditional organization.

2. Focus on action.

In a fast-paced digital world, planning and decision-making must shift from a long-term to a short-term process. Digital culture supports the need for speed and promotes continuous iteration, rather than improving a product or idea before launching it.

3. Encourages external rather than internal orientation.

Digital culture helps orient employees outside and interact with customers and partners to create new solutions. A striking example of external orientation is the focus on the customer journey; employees shape product development and improve the quality of customer service, putting themselves in the shoes of the customer.

4. More courage, less caution.

In a digital culture, people are encouraged to take risks, quickly cope with failures and learn from mistakes, and they are not advised to maintain the status quo because of habit or caution.

5. Delegation

Digital culture extends decision-making deeply into the organization. Instead of receiving explicit instructions on how to do their job, employees follow guidelines so that their opinions can be trusted.

6. Leadership

All high-performing cultures, especially digital ones, require strong leadership and involved employees. Companies can leverage leadership by creating everyday opportunities for leaders to serve as role models to instill behavior.

Digital culture is a challenge. A traditional culture based on hierarchy and teams or units competing for resources is largely contrary to digital culture with its emphasis on delegation, collaboration, and speed. However, if companies do not change their organizational context — basic systems, processes, and practices — it’s almost impossible to expand and implement new behavior throughout the organization.

For the successful implementation of a new culture, companies need to anticipate what they need to do outside of the pilot launch. Firms should rethink their operating model. They also may think to implement new practices by analyzing each of the areas of organizational context – leadership, organizational design, performance management, people development methods, resources and tools, vision, values and informal interactions – and also making specific changes that stimulate proper behavior. To conclude, cultural change is a determining factor in successful transformation.

Fintech Success With Rapid Application Development

In the previous article, “Enterprise Software Development on OutSystems Low-code Platform”, we discussed the benefits of low-code development using the OutSystems platform for businesses. In the article, we want to raise the issue of the most important aspects of enterprise development – speed and flexibility.

For financial companies, speed and flexibility are among the key criteria for successful software development. The thing is that many factors influence the work of the financial industry:

  • external – new trends in design, new conditions in legislation, pressure from competitors,
  • internal – changes in terms of service, internal processes.

And that’s not to mention that every year there are a multitude of new innovative and flexible fintech startups stepping on banks’ toes and eating away their market share.

In such conditions, it is vital to be able to quickly adapt to changing conditions. Change or die! This is the slogan of the years to come for the banking industry.

In the article, we will review, in detail, the task with which our customers come to us most often – the ability to quickly create and implement applications in the corporate ecosystem.

This tactic is called Rapid Application Development.

Why should banks consider Rapid Application Development (RAD)?

Research by Geneca addresses this question perfectly. The company interviewed 600 IT business people and found that:

  • 75% of the IT leaders admitted that almost all projects are doomed to failure from the first stage of development.
  • 80% stated that at least half of the time spent on the project was dedicated to reworking the functionality.
  • 78% said that business representatives should be more involved in projects, which will provide an opportunity to develop software that meets business requirements.
  • Only 55% clearly understand the business goals of their customers.
  • Less than 20% think that businesses need a clear definition of requirements.

Looking at these figures, it becomes obvious that substantial changes are needed in the field of corporate app development. Those who change their tactics will win. Financial companies definitely should consider the Rapid Application Development methodology. This approach solves all of the mentioned above technical and business issues both for back office and front office applications.

What is Rapid Application Development?

Rapid Application Development is a form of agile methodology. It focuses on quickly getting the result you need and is best suited in two cases:

  1. Developers are limited by budget and/or time.
  2. There are no strict requirements for the product.

Development is faster because specialists use the appropriate technical means and regularly clarify the customer’s requirements. In addition, a key element of RAD is a joint assessment of the result with the stakeholders.

Most characteristic features of RAD:

  • quick feedback from the business or end-users,
  • frequent release of prototypes or updates,
  • breakdown of the project into sprints,
  • flexible change of requirements.

You can’t apply Rapid App Development to any particular development model. RAD is an idea. Its essence is that we win because we consider development as something flexible, capable of quick change.

Rapid Application Development methodology

According to the RAD methodology, the development process is divided into 4 stages. These are steps designed to build a great application with minimal risk.

Define the requirements

Before starting development, stakeholders discuss project requirements, determine a budget and a deadline, set goals and calculate expectations. In the approach of RAD, neither stakeholders nor developers spend a lot of time on developing complete and detailed specifications.

The main principle of the RAD is the freedom to change requirements at any time while still working on the application. During the first stage, the “essence” of the application is determined, and its vision is formed. So the requirements are put forward according to this “essence” and “vision.”

Prototype development

At this stage, designers, developers, and business users work together closely. They create working prototypes of the application that meet all the product requirements or its parts.

Feedback gathering

After developers release the prototype and the beta version of the product, the stage of collecting feedback from users begins. The goal of this step is to improve the prototype version and make the product as useful as possible.

A curious fact: sometimes what was originally conceived by customers is completely unclaimed at this stage.

Having collected the feedback, the specialists return in step 2: taking into account all the changes and new requirements, a prototype is created again.

Delivery of the project

Having received positive feedback on the prototypes, the developers are finishing work on the project. They optimize the application and provide service stability.

At this stage, app developers perform such jobs as integration with the necessary systems, writing of documentation, maintenance, and support. All for one purpose: to release the application.

OutSystems as Rapid Application Development Tool

As we mentioned in the beginning, recently we have published the article “Enterprise Software Development on OutSystems Low-code Platform”. There we described in detail the advantages that companies receive in developing applications using the low-code platform OutSystems.

Now, we will focus on another important advantage of the platform – it is an excellent tool for Rapid Application Development.

All the platform’s functionality is honed for work on the RAD methodology. OutSystems is an excellent rapid mobile and web app development platform and provides all the necessary tools to quickly create enterprise applications.

But what really sets OutSystems apart from other platforms and makes it completely dedicated to Rapid Application Development is the ability to integrate with any service. This greatly enhances its development.

Another feature of OutSystems is that with the help of the platform you are brilliantly able to  create prototypes and process feedback for each separate feature. And this is a fundamental requirement in RAD.

What’s essential for RAD to work?

If your organization wants to apply a Rapid Application Development approach,  your development team should wisely consider the following requirements.

Must-haves:

  • Close collaboration between the business and developers
    The foundation of RAD is the active cooperation of the customer with the developers. If the customer isn’t involved in the work, doesn’t show any interest in the project, then RAD is not the best idea.
  • Experienced Project Manager
    Working without clear project requirements isn’t so easy, is it? An experienced project manager should always be at the head of the project. Without this person, development with a RAD methodology will turn into a series of prolonging changes without an end in sight. A completed working application won’t see the light of day.
  • Available Senior developers
    The RAD methodology assumes instant adaptation to new requirements. Therefore, this methodology is not the best option for novices. Only advanced level developers will work well in it.
  • Medium size project
    For development using the RAD methodology, medium size projects are suited best. For larger projects, this methodology is not suitable, since with a large number of requirements it is very difficult to make changes flexibly and fast. However, if the project is small, then it’s better to use another methodology.

Rapid Application Development benefits – the pay off

Though the RAD approach to corporate application development has its constraints, it pays off the efforts. If a financial organization is able to facilitate the approach inside its structure, the benefits will be quite immense.

Quick project delivery

Thanks to the iterative approach, continuous collection of feedback and the flexibility to make changes, a final version is achieved 10 times faster than with other methodologies.

Development cost reduction

The RAD model reduces the cost of application creation by up to 80%. Development time is considerably reduced, and in case of necessity for overall changes, the project doesn’t need to be developed from scratch.

Easier to make changes

Usually, numerous modifications in projects are not encouraged. Not in the case of RAD. In this development method, changes can be made even in the full swing of development.

Flexible adaptation of new technologies

If development is in full swing and it turns out that some technology can assist in solving the difficulties encountered, then it’s rather difficult to implement. There are too many risks associated with it because you need to go back and make changes to the requirements. With RAD, this issue is easily resolved – at any time you can adopt new technology.

More business engagement – better customer experience

The RAD supposes the active participation of the end-users in the project. Thanks to the collection of reviews and frequent updates, developers make sure they are delivering the product that the customers expect.

The best market fit

The main question of the Rapid Application Development model: what exactly does the customer need? The goal of the developers is to create a valuable and required product, and not another miracle application, which is unclear for whom and why.

Risk management

With the help of RAD at an early stage of project development, certain risks can be uncovered. Early assumption of risk gives more time and possibility to avoid its negative consequences in future.

Conclusion

Rapid Application Development is an outstanding enterprise application development model. It considerably reduces the gap between the development team and business and can perfectly be embedded in a business leverage strategy.

In contemporary conditions, financial companies need to consider using the RAD model. It will help:

  • avoid project failure,
  • not to spend a huge amount of time on software development,
  • to develop software that meets the requirements of the business,
  • provide developers a clear understanding of the company’s business goals.

It is important to remember: if you meet all the required conditions, the RAD methodology will give you incredible speed up and flexibility advantages throughout the entire development cycle of your product.

7 main tips to avoid startup failure

From this article, we are starting a series of posts devoted to the topic of outsourced software development. We will explain why outsourcing is efficient and how to work with remote teams productively, what are the main mistakes that both startups and companies make and how to avoid them.

A lot of new startups are launching every day, however, only a negligible percentage of them will survive their first year.

Compared to offline businesses, online projects require risky investments and business undertakings. To start a business it is not enough to have just an idea, you need to arm yourself with business analysis, an expert development team, finances, and the list should go on.

So, why do a large number of startups die? Let’s first get acquainted with the statistics, and then we will analyze the causes of failures to consider some tips on how to avoid them.

Startup failure rate

Every year, thousands of ambitious entrepreneurs start new businesses worldwide. They feel full of hope. Despite this, the large number of small business statistics shows that by the end of four years term, more than half of startups will disappear.

According to the startup failure statistics provided by Small Business Trends research, the numbers are as follows below. Out of all businesses started in 2014:

  • 80% shut down to the second year (in 2015)
  • 70% shut down to the third year (in 2016)
  • 62% shut down to the fourth year (in 2017)
  • 56% shut down to the fifth year (in 2018)

Given those numbers, a bit more than half of all startups survive in their fourth year. At the same time, the failure rate of startups in four years is about 44 percent.

Top 5 reasons for a startup failure

Before examining the successful stories of bright new businesses, the roots of their failures should be considered to avoid them and thereby increase our chances of success.

1. No market need 

The lack of research and an attempt to make the most sophisticated product leads to its excessive complexity and rejection in the market. Moreover, the market changes and the product becomes unclaimed even before its release due to the long development process.

As a result, startups can win the game and become a full-fledged business if they know how to avoid common mistakes.

2. Ran out of money 

How often did you see new projects where extra money remained at the start? This is a rare case. The budget must be taken with some reserve.

3. Inappropriate team

Internet projects are highly intelligent, therefore require an appropriate level of expertise from people. In most cases, the project needs the whole team of specialists in a narrow field rather than 1 specialist alone. As a result, this issue is even more acute when it comes to assembling the team from scratch which is time-consuming and risky.

4. Competition

At the very beginning of the project, entrepreneurs avoid long and thorough competitor and market analysis. Consequently, they make a product without considering the possibilities of major market players who have more tools and resources to quickly crush an emerging startup.

5. There is no business model 

Sounds weird? Nevertheless, this is a reality: many businesses do not think about how they will earn, who will pay and how much they will pay, what exactly they will pay for. This is the customer development phase which is often neglected by new business projects.

How to avoid failure?

The main problem here is that the entrepreneur sees the world through his own prism of perception where he or she is confident in their innocence. Consequently, newly made bosses run an idea blindly believing that all people need this product or service. It turns out that the entrepreneur is making a project not for end-users, but rather for himself/herself.

You need to communicate with the end-user of the product by any means and be prepared to accept feedback whether it is positive or negative. Customer reviews are the basis for creating, modifying, and updating the product. By accepting the feedback, you must develop and thrive in every way possible.

If the startup company has limited time and budget for the project, developing MVP is the best way to maintain a balance between providing core functions and keeping costs at a reasonable level.

Gathering an expert team from scratch seems like a big challenge these days. However, finding your trusted outsourcing partner – is the best advice on how to invest in the right team.

Nowadays, the world is so unpredictable that you have to have the courage and flexibility to make quick decisions at any time. Otherwise, you can completely lose customers and the whole business.

A comprehensive marketing plan strives to effectively close the pains of clients and attract them to your project.

Success lies in the ability to hear others. It means listening to the advice of especially experienced industry leaders and being thankful for this attention.

If you want to expand the business you should efficiently delegate tasks for each employee. The best way to delegate is to give your product for development to a professional team of IT specialists. You will see the development process from idea to full implementation using the latest practicesMoreover, entrepreneurs get the opportunity to observe and adjust the work process in real-time and enjoy the result. Furthermore, he or she will have time to globally develop the mission of the company.

Conclusion

To conclude, an entrepreneur must be prepared for the fact that the development and scaling of a newly born startup business is a long and difficult path that will take more than one year.

In most cases, the collapse of a new company does not occur for objective reasons. More often a “bad” idea is not the cause of failure, but a biased assessment of its potential and/or a poor version of its execution. We wish you productive work and more experienced partners in custom development.

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