What are the benefits and drawbacks of crowdfunding?
What are the pros and cons of the top two crowdfunding websites out there, Kickstarter and Indiegogo?
As I’ve covered on this blog, on my podcast, and on my YouTube channel, a crowdfunding campaign launch will consume your life for a month.
You’ll have to get together a pitch video, reward tiers, a marketing strategy, and put together a compelling page with attractive photos.
This is what enables you to raise six or seven figures with crowdfunding and get your product out there into the hands of thousands of people. Before you take the plunge, I want to share with you what you’re getting into.
In this video, I share with you the top benefits of launching a crowdfunding campaign. You’ll see what you’ll get out of raising money on Kickstarter or Indiegogo
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1. Get funding for your project
Of course, one of the biggest benefits of crowdfunding is that you’ll actually get funding for your project. You’ll be able to take that money and create the “thing” you promised.
Backers of your project will expect to receive perks or rewards in the mail once you have finished with the production phase. The funding you raise will cover the initial production run of your new ecommerce product.
Just imagine what it will be like to have all of the funding that you need to finally go full-time on this project. You’ll have the money to create it, market it, and ship it out to thousands of people around the world.
This is probably the biggest benefit of crowdfunding and the reason why it’s caught the attention of so many entrepreneurs and creative types.
Another big benefit of doing a crowdfunding campaign is that you can capture the attention of the larger mainstream media!
I’m sure that you’ve seen many projects out there written about by your favorite blogs and publications. Maybe you were introduced to a product by a influencer you follow.
A “launch” is an event that you can strategically use to position your product in the public’s eye. You can start to get hundreds and hundreds of shares on your social media posts. Your idea can go viral. I’ve seen it happen!
All to often, we focus on the money, but in reality I think that the credibility you get with launching a successful campaign is worth more than the money you raise.
3. Initial batch of customers and incredible feedback
So many entrepreneurs will turn to crowdfunding as a way to get validation for their latest and greatest idea. And, it’s true. You can get some killer feedback.
Not only will you discover whether or not someone will actually give you real money to go out there and create your project, but you’ll also get access to a test group of people who can give you feedback on the real product.
Once you ship out your reward tiers to your backers, you can start to get feedback from your customers. It will pour in. You’ll quickly hear about the good and not so good parts of the product.
This is invaluable because it lets you fine-tune the product before you mass produce it on a large scale. You can also use the positive feedback as testimonials!
4. Change your life forever
Many people act as though opportunities are abundant in supply.
You can always change what you’re doing, where you’re living, or what you’re known for.
Not true. Opportunities are rare. They are few and far in-between.
Just think about it, how many opportunities have you truly taken advantage of that has led you where you are today.
It could be a business you started, a job you took, or even the decision to marry the right person.
When you take advantage of a good opportunity, it can change your life forever. It can transform who you are in the process.
Crowdfunding gives you the opportunity to start a business in an entirely new industry. It gives you the chance to be known for something cool, like designing a board game, when you’re entire life you’ve been a corporate lawyer.
You can use this to make a career-shift, indulge in a hobby, or even start a company from scratch.
Want to learn more about crowdfunding?
Below, you can find the link to my weekly newsletter. That’s the best way to start learning about crowdfunding.
You can also subscribe to my YouTube channel to get videos delivered to your email inbox weekly.
However, if you want to unlock the potential of crowdfunding quickly, then the easiest way is to join my new course on Udemy called the Kickstarter Launch Formula.
This course is comprehensive and goes through everything that you need to know to get started with launching a killer crowdfunding campaign. Hope you enjoy!
