Best tips for crowdfunding by geoffrey byruch

approach in moving forward with their business while additionally giving them a holistic view of how well their product will do with the public... • Lastly, have a already established s

B E S T T I P S F O R C R O W D F U N D I N G

G E O F F R E Y B Y R U C H

C R O W D F U N D I N G

crowdfunding has become an effective strategy in

launching various startup companies without capital investment

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 ?

project or venture by raising monetary contributions

from a large number of people, typically via the

internet

approach in moving forward with their business while additionally giving them a holistic view of how well

their product will do with the public.

W H AT C A N I L E A R N

F R O M

C R O W D F U N D I N G

• 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

S O H O W D O E S I T W O R K ?

• 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.

C H E C K O U T

O U R T I P S !

• 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

D E V E L O P 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

V I D E O

• 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 do that, but ultimately you want to educate the people what your product is, why they

need it, and how they can donate

O N L I N E

P R E S E N C E

• 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

P R , P R , P R ! ! !

• 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