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HOW TO CROWDFUND YOUR BUSINESS IDEA

STEP 1: HOW DO YOU KNOW IF YOUR IDEA IS RIGHT FOR CROWDFUNDING?

For a crowdfunding campaign to be successful, you typically need a large number of people to be highly invested in the solution that you’re offering.

A backer is a person funding you. Think of it from their perspective.  They’re buying the product knowing that the earliest they’ll see it is in several months. They have to really want your product.

Alternatively, some crowdfunding campaigns are vessels for donations. Again, there needs to be a lot of desire to support your specific cause.

Here are the most important questions that you need to answer at this stage, that all influence how much a potential backer will desire your product:

·         Does a product like yours already exist?

·         What makes your product unique?

·         Are users of similar products hungry for a better solution?

·         Are there enough hungry users to fund your project?

Truly understanding your target market is the only way to have a high degree of confidence in your answers above.

It’s crucial that you do understand your potential backers because you’ll be tailoring your entire campaign around them.

STEP 2: PLANNING YOUR CROWDFUNDING CAMPAIGN PAGE

TITLE: BE CLEAR, NOT CLEVER

Do not approach your title like you’re writing a blog post.

The only people who will see your title are people who are interested in backing projects in your category.

If you try to be clever with a “clickbait” title, most users will skip over you because they’re not sure what your product or project is actually offering.

To write a good title, keep it very simple. There are 3 components to this:

1.   Your product or project name

2.   What is your product or project in plain terms

3.   What’s unique or attractive about it.

Remember that if you’ve identified that there’s a desire for headphones that look like bunny ears, there’s no need to be clever.

Make sure that anyone with that desire will know that you can fulfill it if they read your title.

However, there are a few things you can do to put your pitch quality at a high enough level to get backers on board:

1.   Be transparent: It’s an unwritten rule for successful crowdfunded projects that the creator should be either in the video, or at least providing a voice over. No one’s going to give money to someone in advance if they don’t even know who the creator is.

2.   Be clear: Just like the title, if someone can’t easily identify the 1-3 most attractive features of your product quickly, they won’t continue watching. You can’t count on people watching long videos, make yours as concise as possible.

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