A crowd funding campaign does not succeed on its own. It requires your undivided attention for it to succeed. While there are tricks and tips that you can apply to boost yours chances at crowdfunding, there are some pieces of advice, which if you follow, will just spell doom on your campaign. Today, we will explore some of the worst advice about crowdfunding that you are likely to come across as an entrepreneur.
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Why Crowdfunding Campaigns Fail
While crowdfunding is one of the excellent ways to raise funds for new ventures, it is demanding in terms of work. Most people fail to reach their crowdfunding goal due to various factors:
- Very little time dedicated to planning and campaign
- Failing to comprehensively engage your personal network
- Failing to build press relationships
- You set an unrealistic campaign funding threshold
- You had not limited or no background in the project field
In addition to the above factors, there are misguiding tips that can only result to your campaign flopping.
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There is nothing to Learn from Failed Campaigns
On the contrary, there is so much to learn from crowd funding campaigns that did not reach their goal. You can identify the elements of their projects that may have caused the failure, and exclude them from your own. One common feature among abortive campaigns is that a single person, rather than a team conceptualize them.
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You Need Not know Your Audience; They Will Just Come
If you are among those who fail to gather audience ahead time and subscribe to “if you build it they will come” premise, then you are destined to fail. Essentially, the audience refers to people who will visit the crowdfunding site to give you money. If you have not built an audience for your project, it won’t matter how compelling your idea is. You do not have good chances of achieving your goal.
You may think that your idea is so mind-blowing that it will attract random strangers; hence, you are an exception to this rule. This rarely happens. Instead, organizations or groups with a solid fan base often perform exceptionally when it comes to crowdfunding.
Any Idea You Have Will Get Funding
This is far from the truth. You should ensure that your idea works for crowd funding. Campaigns for video games, films, as well as gadgets, have high success rates. While campaigns focusing on issues that truly attract people’s sympathy are often successful, raising tons of money for a new non-profit organization supporting an obscure cause is not going to see the light of day.
Moreover, raising thousands of dollars for a personal problem never works. You should do extensive research for projects like yours. A great number of failures for projects similar to yours should be enough caution.
Crowdfunding your new idea surely beats digging into your own pocket. It is also substantially less stressful than raising investment capital from family members. However, if you ask anyone who has walked the path of crowd funding, they will tell you it is not easy. There are several things you must get right as well as things you must avoid if you want to reach your goal. There are also several crowdfunding platforms out there like Plumfund.com that will be of great help in guiding you through the right path.