The Crowdfunding Checklist

Do not let your eagerness get the best of you. Although financials have a vital role in moving any idea or product forward, there are a few things one must ask him- or herself before launching a crowdfunding campaign
, ensuring absolute readiness and security. The following set of questions, known as the “crowdfunding checklist”, are intended to help professionals realize their strengths and weaknesses before striving to obtain public funding.

The Questions:

1. Is the business product or idea pre-established? The pre-promotion phase of your campaign cannot be skipped. Before sending it to the public, test the waters to see if this is something people will get behind. Not only is it irresponsible to gamble other people’s funding on an untested concept, but it is a rookie mistake that could lead the campaign to failure. By the same token: if no one knows recognizes your brand image, why would they invest?
2. Will you “weather the storm”? In order to be successful, the campaign must be ambitious but whole-heartedly committed to.  If you feel your product is something you would abandon under poor circumstances, then you need to work on your weak mentality. People need to believe that you believe in your own success — no matter what.
3. Are you open to suggestions? The time to hold an intransigent position is not in the beginning. Often, those who ignore feedback regret their close-mindedness later on.
4. How mobilized is your campaign? There is a larger question here to unpack: how accessible, flexible, and outreaching is your campaign. Since crowdfunding is completely social, one’s ability to connect with others may determine how successful the campaign is.
5. Are you an expert? Before launching a crowdfunding campaign, know the industry inside and out. Verify that your idea is original, engaging, and precise — vagueness is a put-off for investors.
6. Have you explored other forms of fundraising? People do not like to know that you are relying on only one method of funding. Similarly, if your goals are unrealistic or unreasonable, funders will be deterred. Do your research and learn about all of the different options before proceeding.

And there you have it — a simple crowdfunding checklist to run through before moving on to the next stage. Good luck!