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With a solid business plan in hand, you’ll have a much higher chance at succeeding when you pose your idea to the crowd.
Related: Which Crowdfunding Method Should You Choose for Your Startup?
(VIDEO)Unfortunately, having a great product simply isn’t enough.
Some crowdfunding websites will not let you post your campaign unless you have a set funding goal and timeframe.
There are a number of crowdfunding websites that let you post your business proposal to attract backers.
To encourage people to support your campaign, you can offer incentives and rewards based on the amount they donate.
These incentives and rewards can be anything, such as merchandise, acknowledgement, discounts on future purchase of the product you are developing, etc.
Crowdfunding is a way of financing your business through the donation of money from the public.
This commonly occurs through crowdfunding websites. Generally, you post your business idea as a campaign onto the website, with a description of your project.
If you want to prove your potential to these investors, you’ll need a long-term plan for your business, and to answer their questions and address their concerns, you’ll need a master business plan to rely on.
Imagine your funding goals are met and you aren’t fully prepared for the first few months of operations. You could have underestimated the amount you needed.