Monday, August 19, 2013

START BEFORE YOU START by Devin D Thorpe


The first great lesson to learn about crowdfunding is this: start before you start.

Many people wishing to raise money through crowdfunding, begin thinking that if they put up a crowdfunding campaign the crowd will quickly provide the money.  The internet is lousy with crowdfunding campaigns that raised little or nothing because people wanting the money didn’t understand how the system works.

The “crowd,” that is people who don’t know you, won’t back a campaign until two things happen. The first is that they need to see that lots of people have already supported you with lots of money. This means that you need to get the people close to you to back your campaign early. The second thing is that the crowd needs to hear about it, but that’s a discussion for another day.

To get the momentum you want in your campaign, you’ll want to start planning 60 days before you launch, to give you time to organize. You’ll need to gather contact information for virtually everyone you know, produce a video, write a press release, reach out to all of your friends and family and the media.

Doing all of that takes time, but it will allow you to get commitments for 50 percent of your money lined up in advance of your campaign. With that money in your back pocket, you are ready to launch your campaign and have big money come in on the first day, giving you the momentum you need to appeal to the crowd.

Using this strategy, you can raise much more money in total toward any cause or purpose you choose. Let me encourage you to choose wisely. Do something that matters so you can leave your mark on the world!


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