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Crowdfunding is alternative financing for small businesses

A revolutionary NEW source of funding to sweep across the internet in droves is crowdfunding! According to Growthink.com, $100 million USD was pledged in 2011 on the site www.Kickstarter.comalone, launching over 27,000 projects at a 46% success rate. Now that’s impressive!

 

When you are starting or growing a small business, it typically comes down to lack of resources to raise that much needed capital! Funding is a very important element to the success of any business remaining relevant in a competitive marketplace. If you’ve applied for a traditional loan; SBA Micro Loan; Unsecured Line of Credit; or even a Credit Card to no avail, then consider the HOT new trend in financing…CROWDFUNDING!

 

What is Crowdfunding?

Crowdfunding is a cutting edge way of raising the much needed money required by businesses to sustain. A group of investors share their resources to support endeavors initiated by individuals or organizations. Many industries can take advantage of crowdfunding; from political campaigns; service or product based businesses; artist; scientific researchers to software development.

 

3 Business Preparation Tips for Crowdfunding

  • Select the Best Platform: There are many crowdfunding platforms available with new ones forming daily. It is important to choose the one that can best fit your project funding needs.

 

  • Create a ‘WIFM’ Reward Program: Remember that old WIFM (what’s in it for me)? Well, if you want to have a successful campaign, you’d better come up with some juicy reward for prospective investors. The reward you create should be based on the type of campaign you are running. For example, the Crescent Theater was forced to upgrade its equipment and as a part of their reward program, the lowest reward offer is a free movie pass.

 

  • Design a Stellar Marketing Strategy: Consider multiple ways to connect with potential investors. The key is creating a diverse marketing campaign. A favorite by many and Google as well are videos! You can also add a slide presentation, a podcast and a simple written message.

 

3 ways that Crowdfunding can help you:

Independence from Banking Institutions

Banks are sitting on their cash and aren’t lending to start up or small businesses that need capital. At a recent lecture at George Washington University, Federal Reserve Chairman Ben Bernanke innocuously remarked that lately “small businesses have … found it difficult to get credit.” Most banks have high unreachable expectations along with a daunting process. Indeed crowdfunding offers a more realistic approach to funding.

 

Free Publicity

An opportunity to publicly raise funds for your business idea or existing company to a gazillions of potential investors by way of the internet is astounding! Many entrepreneurs yearn for a chance to receive the type of publicity crowdfunding offers. If well handled, the publicity can greatly catapult your business to immense success.

 

Validation

Validation of your business idea is important. To know that there are people globally who believe in your concept is empowering. People will generally invest in opportunities that are viable. So every contribution you receive from people simply means that they believe in the validity of it!

 

3 Top Crowdfunding

  • Kickstarter: funding platform for creative projects such as films, games, and music to art, design, and technology. Kickstarter is full of ambitious, innovative, and imaginative projects that are brought to life through the direct support of others.
  • Indiegogo: an international crowdfunding site where anyone can raise money for film, music, art, charity, small businesses, gaming, theater, and more
  • RocketHub: Fundraising platform raises funds and awareness for projects primarily in fashion, music, theatre, writing, and photography.


 

In conclusion, businesses can gain a lot by embracing the benefits of crowdfunding. It is a very unique way of raising funds for businesses and can greatly impact positively on the success of a startup making them more vibrant and competitive.

 

About Author: Sylvia Browder is a small business consultant, trainer and author. She is founder of National Association Women on the Rise, a virtual community for aspiring and established women entrepreneurs. For the past 6 years, she has worked as Project Director of the Women's Business Center; and served as an online volunteer SCORE counselor since 2004. For FREE weekly articles go to Sylvia Browder's Blog for Women Entrepreneurs, http://www.sylviabrowder.com.

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HEALTH IS WEALTH

For a very brief period of my life I use to surround myself with millionaires or people who thought they were millionaires. One thing I noticed in that journey was that they were not healthy at all. I remember being told that an associate could not meet with us because he was taken to the hospital after having a heart attack. Although this was a very wealthy man it did not stop him from getting sick. I don't understand why things like steak, lobster, etc are associated with having money. You eat enough of these foods and you might not live long enough to enjoy your riches. On the other hand you may live a long life coupled with sickness. We hear of these billionaires dying from very poor health. While their money is still here they are gone. There are so many wonderful foods full of nutrients that actually enhance our bodies rather than to harm them. The scriptures clearly tells us that we should treat our bodies like temples. We were provided with so many fruits and vegetables, legumes, and nuts that is not a necessity to eat meat. And if you still want to eat meat the scriptures points out that you should only eat meat that is clean. Being a vegan or vegetarian is a blessing and not a burden.Now the saying health is wealth goes both ways. There are people who are very healthy and not wealthy or comfortable. They eat and exercise properly and do whatever is necessary to keep their bodies at optimum level. For example, I had a roommate who was 70 years old but didn't look a day past 35. She was a natural doctor and fantastic vegan chef. These were only a couple of her long list of talents. She was also on public assistance and was content on being there for the rest of her life. She is always in my prayers and I pray that she successful today. Ironically I aspired to be a natural doctor and wanted to study under her but all of that changed after we started living together. While I wanted to budget and save on what we could, she wanted to spend money that was not there. While she was a brilliant woman in many areas she had not mastered the financial area.So I mentioned both points to say that there should be a balance between health and wealth. You can do both. Again we must remember our children. The woman I mentioned earlier has children who feel that they have to take care of her. That is not how it should be. It is our responsibility to be positive examples for our children. If a little girl or boy is use to seeing his or her parents buying or selling silver,gold, or property; growing their own crops;sharing with and helping others then they will do the same when they are adults. On the other hand if that same little girl or boy sees his or her parents buying and "renting" unnecessary items, unfortunately he or she will go down the same path of making conscious decisions that leads to generations of poverty. "The sins of the father" is literal not figurative.Here's another challenge. If you are wealthy or comfortable but still eat meat try omitting meat for the rest of the week or if that is too much to ask try 1 day. If you are healthy but not wealthy or comfortable try omitting one thing from your routine that will allow you extra money for a day or the rest of the week. For example you can buy food on sale; skip a weekly massage;walk or ride your bike instead of driving a car. If you do take challenge and find it rewarding please share with us in the comments section of this blog. Todah(Thank-you)for reading this blog. Have a very blessed healthy and wealthy rest of the week.Shalom,Tamar
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