Crowdfunding is a great way to raise money when wanting to open a business. It gives the entrepreneur an opportunity to raise capital without having to resort to a bank. The Enterprises TV show reviews the benefits of crowdfunding.
Aspiring entrepreneurs should note there are many different crowdfunding platforms, and not all are created to help raise funds for a new venture. Smaller platforms such as Indiegogo and Kickstarter are best for small campaigns aiming for smaller amounts from investors. However, if larger funds are needed, is pays to research the equity crowdfunding platforms. But always take time to research the platforms first. Not all are the same in how they operate and what the entrepreneur needs to provide.
The Enterprises television show suggests prospective new business owners take time to plan how long they think they will need to raise a specific amount of cash. It usually takes longer than anyone realizes. Ask others who have started crowdfunding campaigns which are similar how long it took to reach their funding goal.
Grow a network of strong supporters and enlist them to help draw attention to the crowdfunding campaign. Social media networks are great for this, as is email marketing. Gather as many supporters as possible and continually add to the social network. These are the people who can move a semi-successful campaign into a winning one.
There are several aspects of a crowdfunding victory: the right platform for the endeavor, time and planning, and a strong social network. Never expect a quick win. Plan for a longer fundraising schedule. If the new business, product or service is successful fast, count that as a blessing.