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Have you ever used crowdfunding to launch a business idea?

  • idealmike Level X3
    • 11

    Write the reason you're deleting this FAQ

    Have you ever used crowdfunding to launch a business idea?

    Go back 10+ years ago and to start a business you had to know people, oh and not just know them, it was HOW you knew them. And if your business idea required a lot of initial funding to get the idea of the ground from concept to working reality, you either had to have the money yourself, get a loan from the bank or have connections in the right places to help you. That's not the case today thanks to crowdfunding. Now if you have a good business idea but don't have the funds to get the business started, you don't need to get a loan from the bank, you can just turn to the crowd!

    What is Crowdfunding?

    Crowdfunding is a way of raising money by getting a large number of people to each donate a small amount of money. Until recently, financing a business, project or venture involved asking a few people for large sums of money. But crowdfunding turns that on it's head and uses the power of the Internet to ask thousands if not millions of people to invest in your idea who all get a cut of the earnings it makes. You simply start a project on a crowdfunding site, explain what the business idea is and how it will work and what the benefits and advantages are and then you can share this crowdfunding project on social media sites and the like so people can know about it and then donate money to the cause of getting it off the ground.

    There are different types of crowdfunding, there's donation/reward crowdfunding (sometimes called reward crowdfunding). Then there's debt crowdfunding & equity crowdfunding. With debt crowdfunding, the investors get their money back with interest. This is also known as P2P lending. With equity funding people invest their money into the idea in return for a share or stake in that business.

    Best Crowdfunding Sites

    Over the past 5+ years crowdfunding has grown exponentially! And it's helped a LOT of people get their business off the ground. From small concept ideas that people likes to massive business ventures too. Some of the biggest crowdfunding sites today are GoFundMe and KickStarter and IndieGoGo. And some of the lesser known crowdfunding sites are Teespring, Patreaon, CrowdRise, Kiva and GiveForward.

    And the Internet is full of Crowdfunding success stories. It ranges from 3D printing to wearable tech. From small apps to large enterprises. All powered bt the crowd!

    Have you ever had an idea for something such as an app or other business venture and thought to yourself "that's a good idea but how can I make it happen"? Or do you have any ideas you think are good ideas but don't know how to get them funded? Then you can turn to the crowd for support! If your idea is a good idea and there are lots of benefits and advantages to it (or it just helps people), you could probably create a project for it on Kickstarter or GoFundMe and other people could think the same thing and then invest in that project. Thus giving you the money you need to launch it.

    Have you ever used Crowdfunding and successfully met your target?

    Do you have any cool, amazing, original ideas you'd like to see launched?

    Do you believe in the power of the crowd?

    #Crowdfunding #Business Marketing & Monetization
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    procoder

    procoder

    Actually I’ve never used crowdfunding, but I know about that and I have to say it’s more than a simple website. It’s a lifesaver site for anyone who have ideas to create/build something but doesn’t have enough budget to do it, but not only. Also, GoFundMe it’s an universal platform for everything , nothing is impossible there. People for People…
    10 years ago

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    idealmike

    idealmike

    Yeah people for people. People helping people so that they can help themselves. Paying it forward so to speak. What goes around comes around. That's the great thing about crowdfunding sites like GoFundMe, you don't even need to have your own ideas! You can just invest in other peoples ideas and see success from that if it takes off. There have been some stinkers though! On some crowdfunding sites. Some major flops! Things that seemed a great idea at first in all senses and every respect, but it's only after that project was funded that everyone found out that it wasn't such a great idea after all. A lot of crowdfunding sites are riled with dead projects like this. But for every 10 flops, there is always at least one that ends up taking off well. There was that Zano drone on Kickstarter for instance, that thing took off (literally) and has gone on to be a massive product now. Have you ever used crowdfunding to launch a business idea?
    10 years ago

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    Lynne

    Lynne

    I've never visited any of those websites but my sister recommended to me that I join Patreon to get money in. How it works is people pledge support to you for creating content.

    I have a few patrons and I get about $9 a month in which isn't much but hey, money is money. Also it takes some work to get going on platforms. It is not like you join and people suddenly start throwing money at you. You need to spend some time on the website and also let people know you are there.

    I use it for my website about recovery from addiction. I think these things work best if you have a cause you are passionate about?
    10 years ago

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    hitmeasap

    hitmeasap

    I have never used crowdfunding to launch any business ideas, or for any personal reasons either, but I've had some thoughts of it. The sad part is, that I can't allow myself to beg people for money. Which is what I would be doing in such scenario. And the thing is, that I can't allow myself to do this, because I can't come up with such great ideas so people would actually help me, or at least, that's how I see things, because I'm quite "picky" about certain things. It's always too much room for improvement so I just can't take action with what I've got..

    And that saddens me, as I would love to expand my business, or take a big u-turn into other things, but I'm too "afraid" of being neglected or not getting help.. Which is why most of my ideas ends up in nothing, and I keep fighting on my own, for the little things I have. The things I can handle on my own.. Without help from others.
    10 years ago

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    TommyCarey

    TommyCarey

    I've never used a crowdfunding platform in order to raise money for a project, but I plan on doing it pretty soon Have you ever used crowdfunding to launch a business idea?

    I've been reading up on how to get the best results and a lot of it talk about how you need to build an email list to almost guarantee your success in getting the amount you are asking for. The research I did was saying that you had to mainly use facebook to market your idea and get email sign ups in order to market to them later on when you finally launch your kickstarter campaign.

    As you're building your list, this should take time, you'll want to focus on how you want to present yourself to everyone on kickstarter or the other platforms. I've never seen a campaign ask for $100,000+ in funding and actually get that amount with a poorly constructed campaign page.


    What you'll need to do:
    • Build Your List: Like I talked about before, you'll need to build your email list in order to pull in the initial investment on the crowd funding platform of your choice.
    • Video: A video is one of the best ways to convert people into donators because people will more likely watch an entire video than read a long post about what you plan on doing. The video has to be high quality and done well in order to work, it can't be a crappy white board type video.
    • Content: The content you post under your video has to be right to the point and can't seem like you're hiding anything. If it seems deceptive, you will push people away.
    • Levels with Perks/Giveaways: Your donation levels and perks/giveaways have to be set up just right. You can't ask for $500 in return for a "Thank You" email because people will just laugh and find something else to donate for. If you can build something for $25 and you plan on selling it for $100, then give one away to anyone who donates $50 or $60. You won't make as much as retail, but you'll still profit.
    • Updates: After you obtain the emails from above, you'll want to send out auto updates on how your progression is going. This is typically after the campaign because no one wants updates on how your campaign is going. They want to know when they're getting the stuff they donated for Have you ever used crowdfunding to launch a business idea?


    You don't have to follow this, but it's a great way to start constructing a successful campaign Have you ever used crowdfunding to launch a business idea?


    - Razzy
    10 years ago

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    EliteWriter

    EliteWriter

    I never used it personally but I really like the idea behind it. It has helped to kick start so many great projects, and it has removed the need to take out a huge loan or find someone who is willing to help you by forging thousands from one or a few investors. This is simpler and more feasible. Ultimately the success you can achieve from crowd funding derives from your ability to come up with a really great idea - something that truly impresses and inspires people. If you feel you can do that I believe crowdfunding is a great option.
    10 years ago

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    MasterA

    MasterA

    I have tried crowd funding in the past but it just didn’t seem to work. I got a few donations but the donations were small and I never met my target. The problem is even if you have a good idea, you cannot offer much back to donators unless you offer equity crowd funding so they have no incentive to do so. A lot of my donations came from my friends but the amount of money was limited and they didn’t seem to have an interest in my project either. I think finding an investor to fund the whole project and starting a partnership is better if you lack funds.
    10 years ago

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    vinaya

    vinaya

    I have never launched a crowdfunding campaign to launch my business. I have an online business and offline business. When I was launching my businesses, I needed funds, crowdfunding was a good way to start. However, I could not start a borrower account on some of the popular crowfunding programs be they did not accept members from my location.
    8 years ago

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    augusta

    augusta

    Certainly, when I was to start my blogging journey and I needed money to kick start it because I need a professional blog, after discussing with the web developer and agreeing on the start up amount, I didn't have much on me, so needed help.I registered my project with my country crowdfunding site naijafunds but really didn't make money.I don't know what happen maybe my project wasn't appealing enough.But I have done it before but it didn't work for me.
    8 years ago

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    vinaya

    vinaya

    I have never launched crowdfunding for myself, however, I have donated a couple of times for crowdfunding campaigns. I donated on the campaigns started by a person I knew (offline or online), and never donated to the person that was completely stranger. When you are launching a crowdfunding, never expect strangers to donate for your cause, always reach to the people that know you well.
    8 years ago

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    Corzhens

    Corzhens

    My husband had tried crowd funding in their planned movie project. The director wanted to try that scheme of crowd funding to get the needed budget to produce the movie. However, it was not successful because people here just don’t trust that kind of investment. What if the movie will not earn money in the box office? That was the first question they encountered which was very discouraging.
    8 years ago

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