No matter what type of business you have, raising funds and securing financing for your idea never comes easily. If you’re not having much success through all of the regular channels, turning to social media could be a great option.
Kickstarter has helped many business ideas become realities and has helped many small businesses get off the ground since its inception in 2009. One of the best things about Kickstarter is that there is not much risk involved at all. You might spend some money to make your presentation stand out, but in the end, you’re not losing any real money if your campaign does not succeed.
If a Kickstarter campaign sounds like something you would like to try in order to raise money for your entrepreneurial venture, here are five tips to keep in mind during the process.
Invest in Your Presentation
Your presentation is what makes or breaks you. More specifically, your Kickstarter page video is going to be what gets people excited about your idea and gets them to donate to the cause.
That’s why you are going to have to invest some money into the video, unless your business is a video production company – and it probably is not. Hire video professionals to put your pitch together. You should hire creatives to help you come up with a concept and make sure that your idea has an impact with viewers.
You should also hire a video staff that includes a director, videographer and editor to really polish up your video and make it stand out.
The copy on your Kickstarter page also needs to be clear and concise and your incentives need to be appealing. It’s a good idea to look at businesses within your niche that have succeeded and take some pointers from them.
Don’t Put All Your Eggs in One Basket
There’s nothing wrong with continuing to seek other sources of funding while you are running a Kickstarter campaign. The people who are interested in donating to your cause do not care whether you are going to finance the project through just Kickstarter or with the help of other investors.
They just want to see you succeed so that they can get what they signed up for from you. So for example, you can keep trying to obtain a loan from the U.S. Small Business Administration, even if you haven’t had success earlier.
And if you do succeed with your Kickstarter campain in the end, make sure that you are promoting something that you can live up to. If your backers feel as if you are not working hard enough to turn your business into what was promised, they could potentially take legal action against you. And if that happens, you are on your own. Kickstarter makes you sign a document that releases them from all liability related to your personal campaign.
Promote the Campaign Tirelessly
Creating a great video and pitch for your company might be the most important aspect of running a successful Kickstarter campaign, but getting the word out about it is certainly the second most important.
You really need to go all out to promote your campaign, especially on social media. Remember, your video and presentation can’t get people interested if not enough people are seeing it and sharing it.
Engaging your potential backers is of crucial importance, and it wouldn’t hurt to spend some money on Facebook ads and Twitter promotions either. Frankly, the only way to be a success on Kickstarter is to get viral, at least within your niche and community. You need to not only attract backers, but also get them to help you spread the word about your idea.
Take Advantage of the Momentum
If your Kickstarter campaign does succeed, don’t rest on your laurels. Use that momentum to secure more investments outside of the world of social media.
Kickstarter can be used as leverage to make your next big move and keep the funds coming in. If you didn’t have success drumming up interest before the campaign, a near-successful run at Kickstarter should get a lot more people interested.
Drumming up support via Kickstarter shows potential investors that an actual market does exist for your vision, which is why you need to take advantage of it.
Don’t Give Up If You Come Up Short
Not every Kickstarter campaign is going to end up being successful. And that’s completely alright. But there’s no reason to stop trying.
Your Kickstarter campaign, even if you didn’t reach your goal, gave you a good amount of promotion. Use that buzz to continue pitching your ideas and continuing your search for funding.
Kickstarter is a good way to see what kind of interest exists for your business. Use everything you have learned from your experience to make your next move and continue growing your business.
Kickstarter presents a safe and potentially very beneficial route for getting your business ideas out to a larger audience. Remember, it’s doesn’t have to be a campaign that encompasses your entire business. It can be a campaign for a great new feature or aspect of your business that helps improve the overall picture of your original idea.
It’s a low risk/high potential reward way to promote your business ideas that you shouldn’t be hesitant about trying out.