Boise Idaho Business Guide: Crowd Funding Flops
Historically, about two-thirds of Boise Idaho business crowdfunding campaigns fail. While the crowdfunding best practices should help you beat the odds, its worth keeping in mind why campaigns may stumble and fail.
Here are the top reasons:
- No pre-planning. Creators believe their ideas are so good that they can simple ghrow them up on crowdfunding websites and the money will roll righ in. Simple put, it does not matter how good your idea is, no one wants to fund a campaign that doesn’t give them confidence in the practical application and production of the idea.
- Poor visual assets. The photos, videos, and other visuals used to support campaigns require excitement and professionalism to spark the imaginations of potential backers. Don’t depend on your smartphone camera.
- Too long, too wordy and too boring. Backers don’t want to know every single detail about your plans up front. You must hit them with the dream, solution and how they will play an important role in bringing this idea to life. Then for those who are really interested provide further details, budget and the specs that can be easily reached.
- Not enough details. While your ideas must be clear and to the point, include enough information that potential backers can make a good decision.
- Unrealistically high or low budget. If you are trying to raise millions of dollars, when you only need $100,000 the bakers will pledge their money and support somewhere else. You would get similar results if you are asking for $100,000 but clearly need way more. Be realistic and you will get great results.
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