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Crowdfunding platforms like Kickstarter, IndieGoGo, and many others have been around for about 10 years now, and yet there are still lots of people who don’t understand why Kickstarter is good for your business. In this quick video, my aim is to explain the power of Kickstarter and other similar crowdfunding platforms and the potential that they have for your business or personal needs.
Put as simply as possible, crowdfunding platforms allow you to raise money for projects with the help of a community, which you then repay with various small physical or non-physical tokens of appreciation. These can be the products that your project ends up producing or anything else that’s relevant to your project and your supporters. Crowdfunding supporters sometimes get their money’s worth and sometimes do it mainly with altruistic purposes. Either way, the bottom line is that understanding the power of Kickstarter and knowing why Kickstarter is good for your business is how many of the most successful entrepreneurs of the last decade realized their projects.
Particularly with physical products, where my specialty is, you need to raise X amount of dollars months ahead of your production schedule so that you can even start your business. To that end, crowdfunding campaigns typically set a certain monetary goal that needs to be reached within a certain amount of time – usually 35 days, but sometimes less or more than that.
Whereas with other traditional investment methods such as bank loans, angel investment, friends & family loans, etc., you can often put yourself in uncomfortable situations, with the power of Kickstarter and other crowdfunding platforms you can go global and contact your future customers directly. And this is another reason why crowdfunding is such a good idea – because it allows you to get in touch with your client base even before you’ve created your product and start building upon it in advance.
These are just a couple of the many great benefits that come with crowdfunding. For more tips and strategies about how to plan your Kickstarter campaign, be sure to subscribe.