When it comes time to raise capital to turn your grand idea into a viable business, crowdfunding may seem like an easy and appealing way to go about it. After all, it takes the pressure off of having to wow venture capitalists, can be done from your living room and can connect you directly with your audience and potential customers.
But crowdfunding isn’t a magic money machine – to have a successful campaign, you need to prepare the same way you would when going into a high-stakes meeting. Ready to get started?
Have a Solid Business Plan, Product
Before you make the decision to submit your product to a crowdfunding platform, make sure that you have all your ducks in a row. Just because you’re courting the general public instead of walking into a meeting room doesn’t mean that you don’t have to put hard work into your business plan. You’ll need to be able to articulate your business model, explain your goals and how you’ll use the money you’re asking for, and go into detail about your product. After all, this is your opportunity to impress your potential customers enough to get them to invest in you.
Know Your Audience, Market and Message
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