Crowdfunding Business Plan

For example, you can set that for every donation of , you will acknowledge the donor on your product’s website.

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Related: Which Crowdfunding Method Should You Choose for Your Startup?

(VIDEO)Unfortunately, having a great product simply isn’t enough.

To encourage people to support your campaign, you can offer incentives and rewards based on the amount they donate.

These incentives and rewards can be anything, such as merchandise, acknowledgement, discounts on future purchase of the product you are developing, etc.

It’s easy to speculate about how much money you need to start things up, especially if you’re basing your figures on a number of assumptions.

If you’re making a prototype, you might know what the production costs are, but there are dozens of hidden costs -- such as material waste, shipping and salaries for additional help -- that can interfere with your progress.

Some crowdfunders are merely interested in getting something in exchange for their investment (such as a sample or prototype of your product).

Others only invest in ideas that have real long-term potential.

Writing up a business plan will force you to research this information and put together a cohesive plan to brand and market your product.

Once you have done that, you’ll have a much easier time making the sell to your potential crowdfunders.

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