You’ve got a proven idea that has been successfully tested with your target demographics. You are ready to take the idea to the general public, but you need capital to make that happen. A lot of capital, perhaps, in the range of $1 million or more. Although that number seems stratospheric to some entrepreneurs, achieving a capital infusion of this amount is very possible. Here’s how you can give yourself the best chance to make that happen.
1. Give People the Chance to Love What You’ve Got
There are two primary ways that you can make someone really love your idea: have it solve a problem for them or have it inspire them to go on and do great things. Crowdfunding is about investing in innovation that comes from the average person and not those that were given a silver spoon at birth. It’s about become part of something that is bigger than oneself so that when a product does change the world, people can say they had some skin in the game on that action.
2. Your Story Must be Authentic and Touch Heart Strings
The fastest way to tell if a crowdfunding campaign is more fiction than fact is to read the story that is being told to you. If the story seems too good to be true, then it is. If, however, the story being told is one that talks about the challenges that were overcome to bring the product to the market and is 100% authentic, it will help others relate to the campaign and want to support it.
3. Get the Right People Involved
The ultimate goal is to make sure that no one can resist sending money to your campaign. To make that happen, you need to create attractive marketing materials that not only make sense, but make people crave your idea. One of the best ways to do this is to partner up with people who can produce outstanding video, create effective marketing materials, and know how to get your message across to the average person.
4. You’ve Got to Spend Money in Order to Make Money
A crowdfunding campaign that doesn’t advertise is a crowdfunding campaign that will never reach the $1 million plateau. Expect to spend at least $50,000 on advertising – but be smart about it. The places where you choose to advertise should make sense and reach those most likely to want to make an investment. Spending all your advertising cash on cat owners when you’re selling dog products just doesn’t make sense, but that’s what many businesses wind up doing.
5. Focus on the Long-Term Objective Instead of Relying on Short-Term Goals
Many people view crowdfunding as a shot in the dark, but it doesn’t have to be that way. Fruit can come from trees several years after they have been planted. Walnut trees, for example, have been known to wait 14 years or more before they start producing walnuts for people to enjoy. What crowdfunding is doing right now is planting those first seeds that will grow into trees. Long-term objectives will let them bear fruit in the form of revenues for you.
$1 million is possible with the right idea and these 5 pieces of proven advice. If you’re ready to start raising capital, then keep this information in mind as you get started and you may just experience an incredible amount of success.
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