{"id":4715,"date":"2017-10-09T13:43:56","date_gmt":"2017-10-09T12:43:56","guid":{"rendered":"https:\/\/www.seedrs.com\/learn\/?p=4715"},"modified":"2021-05-13T22:26:08","modified_gmt":"2021-05-13T21:26:08","slug":"ready-to-crowdfund","status":"publish","type":"post","link":"https:\/\/europe.republic.com\/insights\/investing-features-insight\/ready-to-crowdfund","title":{"rendered":"Are you ready to crowdfund? Six questions for entrepreneurs"},"content":{"rendered":"<p>Chances are, you think you&#8217;re ready to crowfund. And, you\u2019ve already decided\u00a0crowdfunding is the best way to get the money you need to take your business to the next level. But before you commit yourself to a date to launch your fundraising campaign, check if you&#8217;re <em>really<\/em> ready to crowdfund? Consider the following six questions:<\/p>\n<ol>\n<li>\n<h4><strong>Can you set out the opportunity for potential investors?<\/strong><\/h4>\n<\/li>\n<\/ol>\n<p>If your campaign goes live on Seedrs, could you:<\/p>\n<ul>\n<li>Explain the opportunity \u2013 have two versions ready: an elevator pitch that articulates in a couple of sentences why people should invest in your business, and a longer story.<\/li>\n<li>Describe your business successes to date.<\/li>\n<li>Explain your performance goals.<\/li>\n<li>Introduce your team.<\/li>\n<\/ul>\n<ol start=\"2\">\n<li>\n<h4><strong>Is it easy to explain what the money will be used for?<\/strong><\/h4>\n<\/li>\n<\/ol>\n<p>Get plenty of quotes for what you intend to get done with the money. Add a contingency amount for each item on the list. And, don\u2019t forget to allow for your crowdfunding platforms costs. Investors are likely to scrutinise your figures, so don\u2019t just work with rough \u2018guestimates\u2019 if you can use solid figures.<\/p>\n<ol start=\"3\">\n<li>\n<h4><strong>Can you tap into your network?<\/strong><\/h4>\n<\/li>\n<\/ol>\n<p>You shouldn\u2019t just rely on a crowdfunding platform and its investor base to get you to your target figure. It\u2019s better to validate the opportunity you\u2019re offering by getting a few investors or your community on-board first. Try reaching out to:<\/p>\n<ul>\n<li>Previous investors in your business.<\/li>\n<li>Any high net worth contacts you may have.<\/li>\n<li>Your customers.<\/li>\n<li><\/li>\n<li>Friends and family.<\/li>\n<\/ul>\n<ol start=\"4\">\n<li>\n<h4><strong>Are you prepared to talk to the media? <\/strong><\/h4>\n<\/li>\n<\/ol>\n<p>There are plenty of articles on here about how to tap into the power of PR. But are you set-up and prepared to use PR as part of your marketing push for your funding?<\/p>\n<ol start=\"5\">\n<li>\n<h4><strong>Will you be able to quickly make adhoc updates?<\/strong><\/h4>\n<\/li>\n<\/ol>\n<p>Be ready to make adhoc updates to showcase all that the business is doing during the raise. Think about what may come up and how you might phrase it. Send out Tweets and emails<\/p>\n<p>as you introduce new product lines, get mentioned in the press, win awards or hire people.<\/p>\n<ol start=\"6\">\n<li>\n<h4><strong>Did you know that it\u2019s all or nothing?<\/strong><\/h4>\n<\/li>\n<\/ol>\n<p>On most platforms (including Seedrs), if you don\u2019t reach your target, all the money raised goes straight back to the investors. And, you simply don\u2019t get funded. So, be sure to have a:<\/p>\n<ul>\n<li>Realistic target in mind that will get you to at least the next level.<\/li>\n<li>Robust marketing plan in place to push the raise.<\/li>\n<li>\u2018Gap\u2019 funder in place that would be prepared to put in the money needed to reach the target if it looks like you wouldn\u2019t otherwise make it.<\/li>\n<\/ul>\n<h4>Think you&#8217;re ready to crowdfund?<\/h4>\n<p>Once you believe you&#8217;re ready to crowdfund, <a href=\"http:\/\/www.seedrs.com\/raise\">appy to raise<\/a>.<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Chances are, you think you&#8217;re ready to crowfund. And, you\u2019ve already decided\u00a0crowdfunding is the best way to get the money you need to take your business to the next level. But before you commit yourself to a date to launch your fundraising campaign, check if you&#8217;re really ready to crowdfund? Consider the following six questions:<\/p>\n","protected":false},"author":32,"featured_media":4704,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[297],"tags":[301],"class_list":{"0":"post-4715","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-investing-features-insight","8":"tag-trends-updates"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Are you ready to crowdfund? 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