Best tips for crowdfunding by geoffrey byruch

GEOFFREY BYRUCH BEST TIPS FOR CROWDFUNDING CROWDFUNDING • With today’s technologically savvy modern age, crowdfunding has become an effective strategy in launching various startup companies without capital investment • So what exactly is crowdfunding? What can it for me? How can I implement this for my business? W H AT I S C R O W D F U N D I N G ? • By definition, crowdfunding is the practice of funding a project or venture by raising monetary contributions from a large number of people, typically via the internet • This provides entrepreneurs with an alternative finance approach in moving forward with their business while additionally giving them a holistic view of how well their product will with the public W H AT C A N I L E A R N FROM CROWDFUNDING • By using crowdfunding, that company is able to gage the amount of inventory it will need to meet the public’s demand • Having this type of feedback as an early option during the startup phase of your company is incredibly beneficial economically and strategically SO HOW DOES IT WORK? • The model itself is broken down into three types of actions • First and foremost, the project itself has to be funded Usually this is the entrepreneur investing in his own idea • Once that is done, an entrepreneur should begin creating a strong marketing platform, usually done online through multimedia presentations and videos to engaged individuals or groups in supporting their idea • Lastly, have a already established system in which those supporters can donate for the overall product CHECK OUT OUR TIPS! • While this is easily said than done, check out the follow tips that you can utilize in order to present the best crowdfunding campaign for your company DEVELOP A S T O RY • The main thing you need to understand about crowdfunding is that it is all about the story you present with your product • Unlike traditional well-established websites that can simply focus on the products, people on crowdfunding sites are interested in the background, history, and utilization of your product • Just because it is a good idea does not make it the most attractive product out there • People are like children in the classroom Your job is to simply educate them on the product M U LT I M E D I A P R E S E N TAT I O N O R VIDEO • Once you have your story down, it is now time for you to shoot your video Begin by writing out a video script in how you want to present your idea Make sure in your video you hit these key points: • Description of the product and the company • Background and history of the product and company • Discuss the purpose for your product • highlight previous problems before product • discuss how your product is the solution • Breakdown and outline how your product works • If your product has other competitors, discuss what your product does differently M U LT I M E D I A P R E S E N TAT I O N • When making the video, try to be professional as possible I am not saying it cannot be lighthearted and comical to grab the public’s attention You can that, but ultimately you want to educate the people what your product is, why they need it, and how they can donate ONLINE PRESENCE • At times, many people who are interested in you product may be inclined to research more about you and your company • It would be to your biggest advantage in having an up-to-date website that provides that is user friendly and informative A N A LY Z E T H E N U M B E R S • Once you have gotten a variety of donations, begin counting the numbers • Analyzing the number of donors and the amount you received will play an integral part in how you will approach the next steps • Keep in mind that number of donors does not equate to the number of amount • Make sure that the numbers make sense • If they do, begin planning how many units you will produce • This will give you a set goal for your company and its first launch of the campaign PR, PR, PR!!! • Public Relations is a step that is sometimes overlooked • To best utilize your crowdfunding population, begin spreading the word • Try and have them provide testimonials on your product and even share it with their friends • The more publicity you are getting, the stronger success you can see in your future [...]... sure that the numbers make sense • If they do, begin planning how many units you will produce • This will give you a set goal for your company and its first launch of the campaign PR, PR, PR!!! • Public Relations is a step that is sometimes overlooked • To best utilize your crowdfunding population, begin spreading the word • Try and have them provide testimonials on your product and even share it with ... donate for the overall product CHECK OUT OUR TIPS! • While this is easily said than done, check out the follow tips that you can utilize in order to present the best crowdfunding campaign for your... investment • So what exactly is crowdfunding? What can it for me? How can I implement this for my business? W H AT I S C R O W D F U N D I N G ? • By definition, crowdfunding is the practice of... view of how well their product will with the public W H AT C A N I L E A R N FROM CROWDFUNDING • By using crowdfunding, that company is able to gage the amount of inventory it will need to meet