Mahi Sall, Advisor, Fintech-Bank Partnerships, Payments and Financial Inclusivity
January 25th, 2023
Mahi Sall is the CEO & Founder of FinXpair, a Berlin-based strategic advisory boutique firm focu[...]
How to Draw People Into Your Crowdfunding Campaign
NCFA Post | June 20, 2018
Launching your own crowdfunding campaign is a great way for you to start your journey as an entrepreneur. It is also a fantastic opportunity for you to generate a buzz around your business and to get people talking about your plans for the future. However, your attempts at crowdfunding will only be successful if you put the work in and plan ahead. Below are four steps that will help you to do this.
Show what you have done already
If you are going to get people excited about your crowdfunding campaign, you will need to show them what you have done already. Not doing so will make it extremely difficult for you to stand out from your crowdfunding competitors. It will also cause people to doubt your entrepreneurial spirit, as they begin to wonder why you haven’t achieved anything independently. Why not resolve this issue by setting up an investment portfolio for your business? This is a fantastic opportunity for you to raise your own funds. It will also provide a clear idea of what you are going to do with your future profits. If you are eager to learn more, you should research Betterment returns, as this will help you to understand the kind of money that you could be bringing into your company.
Put together an impressive pitch
The next step is to put together an impressive pitch for your business plan. If people are going to hand over their hard earned money, they will need to know exactly what they are investing in. Therefore, you should endeavor to be as honest as possible. Instead of burying your head in the sand and skimming over any issues with your business, you need to address any shortcomings head-on. Ideally, you should have the situation resolved before you begin to pitch your business. Or, at the very least, you should have a strong answer for any questions and queries you might face.
Secure the support of people you know
One such question could be about the amount of capital you have already raised. Although crowdfunding is a brilliant opportunity for you to secure funding for your business, it should not be your only source of income. Of course, your investment portfolio will help, but you should also try to secure the support of people you know. Perhaps you have a friend who is willing to make a contribution. Or, maybe you could do a deal with your parents. Whatever you decide, the most important thing is that you move past square one. You can’t appear desperate when you begin your crowdfunding campaign.
Get a handle on your facts and figures
It is also important that you don’t appear ill-informed. Luckily, you can avoid this by getting a handle on your facts and figures. Even if you are the creative force behind your business, it is essential that you know what you are talking about. While smooth talking and a persuasive sales pitch will get you far, it is likely that you will fall down at the final hurdle if your facts and figures don’t make sense. Therefore, you should carry out extensive research before making any claims. You should also educate yourself, proofread your work, and invite at least two other people to check through your business plan.
Other links you may like:
Here’s what motivates a crowdfunding investor to back a campaign
How to Think About Your Business Model and Pitch It to Investors
Fintech lures millennial investors away from asset managers
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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