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Interview Patty

4 Ways To Make Good On Your Crowdfunding Promises

Creating a thorough and structured business plan can be your saving grace

Crowdfunding has become the go-to resource for entrepreneurs looking to launch new products and businesses. It’s an incredible tool to gather support and test ideas on a smaller scale, before moving ahead full-force on a business. That said, it also requires entrepreneurs to put in plenty of work in order to be successful.

1. Create a Solid Business Plan

Sure, the traditional paper-bound business plan is gradually becoming a thing of the past, but that doesn’t mean that the requisite process of due diligence, planning, and gathering information is any less useful than in years past. Creating a thorough and structured business plan can be your saving grace during a crowdfund, when it’s easy to become overwhelmed by the wave of press, pre-orders, and buzz surrounding your launch.

2. Gather Your Fans, Friends, and a Following Months in Advance

I can’t emphasize enough that a vibrant, highly-social network is the key to success, in crowdfunding and business in general. It’s not something that you can manufacture overnight. It takes real relationships, cultivated over time, to create a community that you can leverage to support you as you launch your campaign.

3. Lockdown Distribution and Production

Even if you’ve completed a business plan, it’s important that you have a precise plan to deliver what you’re promising, down to the last bolt. Manufacturing can be a complicated and expensive process, so it’s important to find help if it’s not something you’re familiar with.

4. Consider a Follow-on Equity Crowdfund

Having experienced investors in your corner can be a phenomenal way to not only speed up your production capabilities but also to gain real working capital. Money from investors doesn’t require any products or rewards in exchange, so it can be used as purely functioning capital.

Equity crowdfunding can be a powerful way to capitalize on all of the buzz and traction from a successful rewards crowdfund, because it gives investors real and recent milestones to get excited about. Seed and angel investors often come out of the woodwork during a successful crowdfunding campaign, and a follow-on equity crowdfund can be a great way to gather investments while the excitement is still building.

Read the full article at:  forbes.com

Patty Block, President and Founder of The Block Group, established her company to advocate for women-owned businesses, helping them position their companies for strategic growth. Charting the course for impactful, sustainable, profitable businesses, the beacon is control: of your strategic direction, your money, your time, your staffing, and your ability to bring in business. The Block Group brings together the people, resources and ideas that build results.

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