Describe the story behind your brand, product or service concept.
1. Describe the story behind your brand, product or service concept.
Let your potential funders know how your product or business idea can benefit
them. Share who you are, what you are planning to do, where the project idea came
from, what your budget is and why you are passionate about it. This shows you
have actually put some thought into the idea, which helps prove the legitimacy and
credibility of your project. Hint…Connect emotionally with a personal story in a way
that a potential backer will be able to relate to. Finally, talk about why the product
is unique. People need to know what problem you are solving that will be appealing
to consumers.
2. Provide great rewards to your investors.
People will back your project if they think it is worthwhile, but it is always good to
have great perks for your pledgers, too. You will also want to be fair with your
rewards in terms of price points, and make sure you can actually fulfill them. Its fine
to promise your pledgers big rewards, but don’t forget that delivery can take
considerable time and effort. Be realistic and keep in mind that you are raising
capital for your USP so the rewards must not exceed the amount donated.
3. Set a funding model and goal for your concept.
To launch your crowdfunding campaign select a fixed or flexible model. Ensure you
understand how the funding model operates and distributes available funds. If you
meet or exceed your funding goal, you get to keep the money. If not, you do not get
anything. Platforms such as Indiegogo work on a slightly different model, where you
get to keep the funding regardless of whether you reach your goal. Consider how
much money you need to get your business up and running, and how many people
you know might be willing to pledge. Although you may attract the attention of new
people with your campaign, most of your support is going to come from those who
already know you. Be realistic. Also, keep in mind that you cannot change your
funding goal once you have initiated the campaign.
4. How will you promote your campaign?
There are many different ways to make people aware of your crowdfunding
campaign. Discuss the various ways you will communicate the message such as
using social media to spread the message. If you will reach out to the media and
bloggers to get coverage for your campaign how will you do so. Decide and then
discuss whether you will host a live event to drive up interest and engagement.
Hint…the campaign is unlikely to succeed without a 100 percent commitment on
your brands behalf. You need to think of it as a full-time job while you are driving
toward your campaign goals. Leverage every relationship and marketing channel
available to you.
Update your backers as your project progresses
Provide detail to how you will keep your project backers in the loop as you move
forward with your campaign. If you do not share regular updates with them, you could lose their interest and might not be able to attract as many pledgers as you
would like.
5. How will you fulfill your promise to your investors?
Your crowdfunding campaign is not over when you reach your funding goals. It is
over when you have fulfilled your promises. This means completing your project,
delivering on your perks or rewards that you have promised. Explain what perks and
promises you will make. Explain how you will communicate with your supporters
every step of the way. Only when fulfillment is complete can you truly say you had
a successful crowdfunding campaign.
6. Tell your investor about the solution or opportunity you have in working
with your target client.
Research your target client’s needs for, or improvement of a product or service.
Remember the purpose of creating a new product is to solve a problem and
alleviate a gap in the market. For a crowdfunded product to be successful — and for
any product to be successful — people must believe that it is a solution and/or
improvement for opportunity for growth and success.
7. Business Plan Section 7 Financial Plan & 8 Human Resources
Fill out PowerPoint sections
Financial Plan 7.1-7.6
Human Resources 8.1-8.4
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