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Manage episode 222064908 series 1221181
Crowdfunding too early is a common mistake a lot of entrepreneurs make with their campaigns. They don’t research what to know before crowdfunding before jumping in. Today we’re going to take look at a key stress point in your campaign and how to avoid it.
I have a major beef with many marketing agencies that deal with crowdfunding. They don’t talk about the phase of production that comes right after the successful end of your crowdfunding campaign. Most agencies and fundraising coaches give all sorts of crowdfunding tips for making a successful Kickstarter or IndieGoGo campaign. However, by “successful” they mean “a campaign that’s reached 100% of its funding goal.” They talk about what to know before crowdfunding, but only in the context of preparing for the campaign itself. What’s usually left unsaid, and what kills a lot of otherwise “successful” crowdfunding campaigns, is that they’re not well prepared for the phase that follows – using the raised funds and manufacturing the planned products.
This is why a lot of campaigns fail to deliver on their promises and why they get delayed for months or even years. Crowdfunding too early can kneecap even the best business concept. It can cause you to fail to predict the exact manufacturing costs, lose key manufacturing partners, and force you to change major aspects of your product. In an ideal world, a crowdfunding campaign should be started when you have a working prototype, or have already manufactured about 100 items and figured out the ins and outs of the whole process.
Otherwise, you risk delivering a different product than what you promised, delaying delivery, and losing potential clients for your brand. What’s more, you’ll damage the trust that crowdfunding supporters have, both in your brand and in crowdfunding as a whole. None of us want that to happen, so don’t make the mistake of crowdfunding too early.