Is crowdfunding the answer to your prayers?
There’s no denying there have been some great success stories; such as Andrew Kojima, MasterChef finalist raising £50k to open his own casual Japanese restaurant and Norse raising £20k to relocate to a permanent setting in Harrogate. Or of course the greatest crowdfunding project ever that raised over $300,000 with just 2026 backers – read all about it here!
If you think this has legs for your business, here are my top tips for ensuring success:
- Set realistic and modest goals – it’s all or nothing remember!
- Preparing your campaign is 99% of the battle!
- You need an engaging brand and communication style
- Your ‘story’ has to be so good it gets people’s emotions going
- You need an awesome photographer to help you bring that story to life!
- Same goes for a wordsmith that can turn mundane sentences into action-inducing taglines
- You need a resourceful team with a variety of skillsets and connections, such as being social media savvy, launch event organisers, people who are great at project management
- Epic rewards bring in the donations – don’t be stingy, see this as an opportunity to up-sell
In summary, crowdfunding is not easy money and it sure isn’t for everyone. Its hard work but it does give you an amazing opportunity for focusing ON your business; defining your key messages and building a following of people who are not only interested in what you do, but so engaged they become advocates and referrers. People love to feel part of something; a club, community, elite group – all successful crouwdfunding campaigns do just that… create their own tribe.
P.S. Check this out for some other project ideas… and remember, success depends on a thoroughly planned out and well-executed strategy!