Questions to ask yourself when considering Crowdfunding:
Crowdfunding might seem like and easy task especially when you watch someone else doing it and being successful at it. Reality is, crowdfunding isn’t easy at all! To some degree running a successful campaign equals to running a highly complex project and you are in the Project Manager seat. Here on our website we are tying to publish information that can help you find you way from the very beginning of the crowdfunding campaign to the very end of it. For example one the very first things to do is to ask your self some high-level question. You are wondering why should I ask myself questions. Asking questions is one of the most effective ways to discover what lays ahead of you and gives you an idea how to get ready for the challenges ahead. For example there are certain facts and figures to factor in when weighing the options of Crowdfunding that you should definitely spend some time on. Let’s sort some of them out by asking yourself these questions.
A) Do you understand what Crowdfunding entails? Are you ready to put 100% of your full, undivided effort into doing whatever it takes to get the job done?
B) Is there someone in your corner who could offer assistance just in case you need it? To do the things that you are not so good at?
C) What are your plans to reaching out to people? Are you confident in your ability to communicate with backers?
D) Are you capable of navigating social media sites and marketing strategies, or are you tech savvy?
E) What will be some of your incentives for Crowdfunding backers who support you?
F) How confident are you that your idea or business model will catch on? Is it really good?
G) Are you familiar with your expected audience? Do you understand what they like or want?
H) How do you plan on keeping your buzz going after you have already launched your campaign? Any planned activities in mind to keep the interest growing as opposed to declining?
I) What is the true value of your product? Why is it expected to work out?
J) In order to keep the buzz going even further, what special rewards are you prepared to distribute to your Crowdfunding backers?
K) Can you get people excited about your idea? Even if it’s not presented by someone who is a professional seller? Will it sell itself?
L) Are you willing to take on personal risks as well? What’s your limit?
M) Why is your Crowdfunding project special? What separates it from the pack to the point that it stands out on its own? If it does not, are you prepared to make the difference obvious?
N) Have you calculated the potential costs including taxes and fees associated with Crowdfunding?
O) Do you believe whole-heartedly that your project will stand the test of time? Are you, your family, and friends confident in that your goods will sell?
P) Have you implemented a brand name for your idea? Are you comfortable with its identity?
Q) Can you fulfill all promises that you make regarding promotional discounts, giveaways, or advanced purchase discounts?
R) How’s your budget coming along? Have you allowed yourself wiggle room just in case of a surprise? Future projections calculated?
S) Do you have visual props (at minimum) in which will aide in getting backers to literally see what you idea is?
T) Have you carefully and precisely tallied up the total amount of startup costs?
U) Have you categorized different levels of benefits or rewards for different income brackets? Meaning from small, medium, and larger package deals? Have you considered their different prices as they go up the scale?
V) Have you viewed other projects like yours? Have you fully grasped what it takes to do as good as they did, or what to stay away from if they didn’t do so well?
W) Are you flexible in your hours of availability? Sometimes the world dictates your hours of operation, not the other way around. You may need to pull the occasional all-nighter in order to please the masses.
If you answered yes to at least most of these questions and you are willing to work on the rest before you get started, then you should be a great candidate for Crowdfunding your business!