Looking for advice on the best way to raise money for my business
It's basically an online mobile top up service
I started a campaign about 5 days ago and haven't received a single donation
This is my first time starting a business and any advice would be much appreciated
The problem with crowdfunding is that it's not a shopping mall where you have a constant stream of potential contributes just waiting for the next thing to "buy." It sounds like you have a Field of Dreams approach where if you build it they will come. This never works for crowdfunding, and I would recommend you take down your campaign immediately because it can only hurt you and your peers in the same cluster at this point.
Crowdfunding requires a very, very carefully planned campaign strategy, a collection of moderately interested contacts to seed the campaign, excellent communication with your backers, a rock-solid presentation, even more solid follow-through, and a product that has high consumer appeal.
My usual advice is to examine and dissect campaigns for products similar to yours, including all the incentives, the interactions with backers, and the follow-through. Model the best campaigns. But it is ALWAYS going to start with your contact list first. If your contacts aren't participating, you will never get strangers to participate. If you don't have a significant number of contacts you can pressure to join the project, then don't start a crowdfunding campaign, period.
In general, your product isn't sexy. It doesn't make me say "I really wish I could get this." It might be an inconvenience for people who run into the issue, but they have some way of working it out now, and your offer is extremely boring, even if it's helpful to a select group of people.
Where is your explainer video? Where is your personal appeal? Where is the detail of how backers are rewarded? What's cool about it? Where is anything at all persuasive to make potential backers pay attention? Where is the description of what the money is going to be used for? Why this amount? What have you built so far that assures me my money will amplify the effort and not just be your play money that gets lost?
Right now it just says "I want to do this thing. Give me money." Would you respond to that? No.
All successful crowdfunding campaigns need "sizzle," something that makes them jump off the page, create urgency, make people feel part of a group of cool insiders. They need to inspire confidence that the dream will be realized and it will be fantastic.
Take this down today. Go back and build a strategy. Gather your contacts to seed the campaign. And consider whether this is even a candidate for crowdfunding.
Paul is so wonderful all the time with his advice. And I adore that he takes the time to share thoughtful and well-written expert advice.
Literally, the only thing I want to make sure you understand is that with any business and any promotion you must have a marketing strategy and execute it. Lacking a strategy will not earn you the results you want.
Might I suggest you enroll in the Social Media Success Academy? Here's the link: https://www.thesocialmediasuccessacademy.com/a/28816/rzoEid2D
It is very easy. What is required of you is dedication trust and patience for us to maintain a long term business relationship
Will, I agree you need to take this down but my reasons are a bit different. You absolutely cannot be talking about fraud in an upfront discussion of your business like you do. That will scare everyone with an ounce of common sense away. You are also admitting you didn't do a good job protecting your company, which will also push people back. My suggestion, if you have not done it, is write a business plan. Take a breath, re-group, write the plan and then move forward. The only thing missing on your crowdfunding site is, "I am a Nigerian prince needing to transfer $13M into an American account. Please help." I am JK :) but that is the vibe that comes across. As for social Media success academy suggestion. I don't know about that business but their website is absolutely TERRRIBLE. As I scrolled down the website I thought I was going to reach CHINA...I kept scrolling down and down..and down. Webpage tabs! LOL. Hard to put much stock in a recommendation to use a social media company who has no idea how to have a proper webpage or online presence.
Hi David, Thanks for your advice. I have decided to keep the page up, and have explained a little more about the fraudulent transactions.
Thanks Paul, I have taken your advice into consideration and have updated my page
I think everybody here answer it better than me but I might be able to put it more simple. To rise 100k u need to spend 10 k in marketing minimum before you launch your funding campaign. I guess u didn't spend anything and just posted your project on the site and just hope for the best. You also show a major flaw in your business you got scammed before how you going to prevent being scared again. That would scare the hell out of me as an investor
I started my business with a £25,000 loan, and it wasn't my intention to crowdfund. The debt from the fraudulent transactions prevents me from spending anything on a marketing campaign.