Raising money online from perfect strangers is undoubtedly not as easy and trouble-free as it may seem. Young entrepreneurs who have accepted this challenge are currently struggling to make a name for themselves, build authority, trust and credibility and form a solid community around their new product or service. But most importantly, they strive to make money.
Money makes the world go round: you need it to turn your creative idea into reality. Therefore, it goes without saying that, after going through a lot of trouble to obtain it, you wouldn’t want to share it with anyone. No, you definitely wouldn’t want to let Kickstarter have a big slice of your pie. In this case, you could always choose to create, host and run your own crowdfunding campaign, by making the most of inexpensive tools like IgnitionDeck.
Other entrepreneurs have decided to go in favor of the DIY approach and now they applaud their braveness. The creative minds behind Lockitron, the modern entry system rejected by Kickstarter, are the living, breathing proof that awesome projects backed by fantastic promotion strategies don’t necessarily require the support of gigantic crowdfunding platforms to reach their target. The company managed to surpass the initial campaign goal by 1000%, raising more than $1.5 million without any help.
Of course, this doesn’t mean that all the entrepreneurs who refuse to follow the herd and choose to host and manage their own campaigns witness positive results. In this context, is a self-hosted crowdfunding campaign truly a good idea? To identify the best answer to this question on your own, start by weighing its advantages and disadvantages.
Let’s Start with the Pros:
- A higher level of flexibility
- Financial savings (you wouldn’t have to pay the fees charged by crowdfunding platforms)
- Lengthier campaigns that could bring you closer to your fundraising goal
- The opportunity to customize your campaign as you see fit, while following your own set of rules
- Unrestricted campaign management
Discover the Cons of the DIY Crowdfunding Approach
- Reduced exposure: since you can’t count on promotion strategies ensured by giant, reputable platforms, you’ll have to invest time, money and effort in your own marketing tactics, designed and implemented to create buzz around your new project.
- Tech requirements that could easily exceed your knowledge
- Payment processing issues that could put your initiative on hold
- Trust issues: Important platforms are very selective when it comes to hosting creative projects that require financing. They vouch for the creative ideas that they decide to bring into the spotlight. This is one of the main reasons why millions of backers aren’t afraid to make donations on these major platforms: they know that the chances of being scammed are slim.
On the other hand, why would they trust a no-name with a blog in the first place? Yes, you may be very convincing, your fundraising project may seem 100% legit, but you’ll need more than this to stimulate the generosity of a large segment of public.
Don’t know when, where and how to implement your crowdfunding campaign? Fill in the gaps by consulting L&C Media Buzz, your trusted crowdfunding consulting and promotion expert. We have the skills, the know-how and the experience required to give wings to your most original concepts.
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