today's Website Marketing Newsletter...
Crowdfunding Your Business Idea
by Jim Daniels
so you have an idea for making money either online or offline. You want
to follow your passion, but your idea requires capital, and you don't
Fear not. Many before you have been in similar straights, and rose up
with the help of complete strangers willing to fund their
Wikipedia describes crowdfunding as...
collective effort of individuals who network and pool their money,
usually via the Internet, to support efforts initiated by other people
And man, is it powerful. I know people who've used it to change their
For example, my wife has a friend who is a great singer and guitarist.
As you probably know, this is a crowded profession with lots of
super-talented people. Unfortunately, most of the people in this
industry are simply unable to make a living at it. Her friend was one
of those people.
Crowdfunding to the rescue!
She ran a 3 week campaign at a popular crowdfunding site in an effort
to raise enough money to produce a professional, studio recording. She
needed $6,000 which was more than she could afford on her own.
She put up video samples of her talent, shared her dream and her vision
and let the crowd go to work.
She did her part to spread the word by posting links to the
crowdfunding campaign on her facebook account, and asked her friends
and family to share.
It was a success, and she is in studio as I write this, following her
dream. Who knows where it may lead her, but one thing is for sure – it
would not have been possible without crowdfunding.
In fact, there are lots of successful businesses online today that got
started with crowdfunding. Just do a search at Google and you'll find
many surprising examples. You'll also find lots of crowdfunding sites
where you can add your project, with kickstarter.com being the most
popular and well known.
If you have a project idea and want to try financing it with
crowdfunding, here are some tips to making it happen:
1. Set a Goal
First, decide how much money you'll need to raise
and how you want to raise the funds. Depending on the crowdfunding site
you use, you can choose to only collect
funds if you meet your goal, or to keep all funds you collect.
Tell people your story and why they should consider
funding your campaign. Introduce yourself and talk about your
background. People are more likely to fund projects when they get to
know someone and feel they can trust them. Make them feel as though
they're a part of your dream and goals. Include a video so they can get
to know you little.
The best campaigns go a step further by offering
incentives to contribute. For example, my wife's friend offered a
ticket to her launch party for a certain contribution level. She
offered private guitar lessons for the next level, and so on.
4. Don't Give Up!
Many crowdfunding campaigns do not reach their goal
the first time around. But if there is enough interest, getting there
the second time is much easier.
Here's a great example... One of my BizWeb
eGazette subscribers is currently funding his business dreams with
crowdfunding. His idea is called Sabertron
which is a foam sword game with wireless electronic scoring.
His Sabertron KickStarter Campaign
recently ended shy of his goal, but showed lots of promise. Some 487
backers pledged more than $55,000 -- so he's not giving up! He's
on relaunching on KickStarter again in a few months.
He's gotten some great press from the likes of the Discovery Channel and more, and this
time around I have a feeling he'll reach his goals.
Crowd-sourced funding is one of the newest and most
exciting things to come to entrepreneurs in a long time. Get onboard
and you may be surprised at how willing others are to help make
your dreams come true.
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