A rather recent entry into the world of procuring funds is crowdfunding. This is a means of gathering funds from a diverse group of investors using internet technology. It is a way to raise money from a crowd. This crowd can be your friends and family, customers, investors or complete strangers who believe in your idea. Instead of going to the bank and applying for a traditional loan or hunting down the right investment firm that will invest big bucks into your idea, crowdfunding India is a smarter option for many.
Crowdfunding is not that difficult. It just requires proper planning, determined effort, discipline, and a proper flow to successfully crowdfund. The importance of crowdfunding as an alternative source of finance is growing day by day. And yet, 60% of all crowdfunders fail to achieve their goals. So what are the 40% doing right that the vast majority aren’t?
Here’s what you need to know if you’re crowdfunding for the first time:
- Choose a platform – There are a lot of crowdfunding India platform like Impact Guru, Milaap, Ketto, Wishberry, etc, the right platform however will help you reach the right people and drive your fundraising forward. In order to choose the right platform, look for the following:
- Successful fundraisers
- Pricing structure
- Payment options
- Social media reach
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Here’s a quick comparison of all the crowdfunding India platforms to help you out!
- Set a goal – Decide on the amount you want to raise and the duration under which you want to raise this said amount. Tip: always set the goal amount slightly higher than the required amount.
- Make your idea look attractive – In order to grab the attention of the donors make sure your fundraiser story has some video content or imagery. Make sure the story is detailed and has an emotional touch to it while providing a break-up cost. This gives the donors the exact idea of how the funds will be utilized.
4. Find your crowd – Share your story extensively with the network of people, some of whom you know and some you don’t. Each share can bring up to five donors. Posting a fundraiser on an online platform is the quickest way to reach people across cities and countries to help you fund a social cause or a personal need. Friends and relatives are the primary contributors who account for 43% of the donations while secondary contributors consist of the friends and relatives of your primary contributors who account for the other 57% of the total donations.