It Starts with a Seed!
So here we go! I mentioned I was going to go down the
funding trail. I am going to build a crowdfunding project and just watch and
see where this is going. The intention
is that as go or grow we all are in the know!
I am going down a trail that could fall or fail but I am hopeful with
the research I have put in and still putting in this can be an exercise that
all of us will grow from.
I was of course happy to read that the 1st thing
is to do my homework. Plan ahead,
research and know going in what you want to do.
I decided that I want to have my children’s book published but I know
that I will need the money to secure the publishing costs for hiring an
illustrator, publishing and distribution.
In researching some companies in regards to costs for the sake of this
blog I will tell you it is going range from 1100 to 2000 dollars. So I am in the process of putting together my
financial layout of cost and variables.
Every investor is going to want to know what the project costs so they
can then assess their profit margin. And
it give a gauge to entice investors.
But more on that later.
Research. There are
sites that have different requirements and some are more restrictive than
others. However everyone is familiar
with Kick starter, Indiegogo and GoFundme.
I will focus on Kickstarter
primarily and where need be I can point out references to the other two popular
sites.
Putting up a site is easy, getting people to come there and
be interested and want to invest their money is another! The book I am reading states the key is to
research and plan accordingly. We know
this in business as usual of course. The
key however is in doing this research you will continually need to build a
foundation and a case as to why someone should, could and would want to invest
in a project that you have in mind. It
is not enough to have someone that just likes you. You can be the most likeable person in
world. If someone is going to invest
they are looking for a return none the less.
That return can be anything from a form of paraphernalia to monetary
returns.
Follow along with me if you like….do you have a project of
business venture that you would like to engage in but you know there are start
funds needed
STEPS!
·
Visit the 3 sites and look for projects similar
to yours.
·
Assess what you liked about their site
·
What di d you NOT like about their site
·
How well are they doing
·
How long have they been around
·
Is there a common amount pledged?
·
Are there reward levels (what are they giving
investors for donations)?
While doing this research you also want to map out the
following. I purchased a book for
reference as there are many but this one spoke to me. The book is entitled Get Funded, by Nicole Delger. I
love this book because it is an easy read and it provides you with a worksheet
and week by week details on building and soliciting your campaign. You can
access easily online as well. I am
excited to see how this works for me.
If you follow along with your project we can see how we both fair with
the book’s insightfulness.
The worksheet included asked some very poignant questions as
well that are crucial to funding success.
Have a clear vision, mission and mindset as to what you want to obtain
will ensure you stay on focus and will assure your investors that you are about
business with a clear strategy.
TAKE THE TIME TO
WRITE AND DOCUMENT!
·
Why does it benefit the world?
·
What are your blood, sweat and tears of
resourcing are you putting into this project?
·
Why do you need this money?
·
Who is your target audience?
·
Why should they take interest and what is the
incentive for them?
Take assessment with the question below and meet back here
for next steps! This should be fun!!!
I will post my results in one week…visit back and I will
share with you!
______________________________________________________________________
Leslie Crudup for the
Business Liaisons – Business Coaching and Consulting
