How Crowdfunding Can Help Get Your Business off the Ground

If you’re in the stages of starting a new business and looking into funding, you’ve probably come across the term ‘crowdfunding’. Crowdfunding is one of the fastest growing methods of funding new businesses and products, allowing you to pitch your idea/product and receive the validation and financial backing you need to get started.

However, be warned that crowdfunding isn’t an easy alternative to traditional funding, it takes a lot of time, effort and planning; three things necessary to launching a successful business.
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If you’re ready to seriously consider crowdfunding for your start-up, I’ve put together some tips to help you get started: 

• Set clear, realistic goals – It’s important to plan and carry out thorough research before starting any crowdfunding campaign. You’ll need to have a solid business and financial plan in place, so you know exactly how much you need and how much your business/idea will cost.
• Time can motivate – Longer campaigns aren’t always more successful. Time can motivate investors to move faster, with several crowdfunding sites showing that the majority of funding comes in during the first week of a campaign.
• Choose the right platform for you – There are a LOT of crowdfunding platforms to choose from and not all of them will be the right fit for you and your idea. As part of your research and planning stage, explore each of the different platforms available and choose the one(s) best suited to you.
• Learn from your failures – As with business, there will be times when things don’t quite go to plan, and you’ll suffer a failure in one way or another. These failures don’t mean you have to quit, give up and go home. Learn from your mistakes, evaluate where you went wrong, apply your new knowledge and try again!

Crowdfunding can be a great way to start a new business, launch a new product or help to grow your existing small business. Remember the tips above and you’ll be heading in the right direction!