So why is it that some companies reach their funding target, whilst others do not? In exploring this topic indepth, we discovered that it wasn't simply down to whether you have the most innovative product or service. In fact, sometimes this didn't matter at all. The most original and scalable ideas in some cases just weren't getting traction because the business owner hadn't planned ahead. Success was all in the planning.
So before you start your crowdfunding mission, we wanted to give you some very clear pros and cons to think about before you take the leap - let’s make sure you are in the 30%.
Some platforms will not accept your proposal based on where your business is registered or what industry category you fall into; pick your crowdfunding site carefully. Crowdfunding platforms also take a % fee of the total investment, so comparing this fee is crucial (some sites will even take a cut if the appeal fails!).
In summary, it's best you know upfront that starting a crowdfunding campaign takes a lot of time, energy and dedication; it is not a task to take lightly. For your best chance of success, consider where you may need support. If finding investors and marketing your idea wasn't in your plans - think again! Don't rely on the platform alone! You may just need a partner like Digital Willow to support you through.