Crowdfunding solves two problems at once:
First, it helps you fund your big idea by raising money from your backers.
Secondly, it helps to verify that your product is viable by seeing that people are actually willing to take out their credit card and pay for it.
The popularity of crowdfunding also means it is harder to stand out from the crowd and you may end up spending a lot of time and money on marketing your campaign!
Below we will show you the steps to crowdfund your next big idea without spending a dime!
Share this Image On Your Site
1. Formulate your product idea
Hang out where your potential customers are and ask them what they think about your product idea. Adapt your idea based on feedback. Great places are Reddit, Linkedin groups, and Facebook groups.
2. Tell a good story
Create a free website at weebly.com and start blogging. Tell your story and be transparent. Foster an honest connection with your audience.
3. Build an audience
Get a free Mailchimp.com account and start collecting the email addresses of your visitors. Being able to communicate directly with your audience is critical for crowdfunding launch.
4. Find promoters
You can’t spread the word alone. Lean on family, friends, and co-workers to help spread the word. Make it easy for your audience to share by giving them great content. This includes blog posts, photos, diagrams, and videos.
5. Find a partner (if needed)
Having some money might be required to get product design or a product prototype done. If this is an absolute requirement for your idea now is the time to search for a partner that can not only help fund this, but also help out with promotion and business operations when the product launches.
Mobilize your email list a week before the launch to start generating buzz. Once you officially launch your crowdfunding the first 24 hours is critical. Getting a lot of backers quickly increases your chances of being featured which can greatly improve your results.
When all else fails, you can always try taking out a loan. There are a lot of peer-to-peer lending options if a bank loan is a no-go.