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How can crowdfunding test your business idea's viability?

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Crowdfunding is a popular way to raise money for your startup idea, but it can also be a valuable tool to test its viability. By launching a crowdfunding campaign, you can validate your value proposition, market demand, customer feedback, and pricing strategy before investing too much time and resources into building your product or service. In this article, you will learn how to use crowdfunding to test your business idea's viability in six steps.

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Jerry Fultz

Equity Crowdfunding For Faith-Driven Entrepreneurs and Businesses #getfunded #startupfunding #crowdfunding…

1 Define your goals

The first step is to define what you want to achieve with your crowdfunding campaign. Do you want to validate your problem-solution fit, your product-market fit, or your revenue model? Do you want to generate pre-orders, build a community, or get exposure? Your goals will determine how you design your campaign, what rewards you offer, and how you measure your success.

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Jerry Fultz

Equity Crowdfunding For Faith-Driven Entrepreneurs and Businesses #getfunded #startupfunding #crowdfunding #entrepreneurship
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A chief benefit of crowdfunding is its ability to provide access to capital for under-served communities. Startups and small businesses are frequently find themselves in what's been called "The Valley of Death." This is the place where the entrepreneur or business is without a sufficient track record, sufficient collateral or sufficient personal credit options to get access to the capital they need to launch/grow/expand. Crowdfunding provides 2 types of capital. Social capital helps to validate the market demand for the business and create a buzz around the business. Monetary capital follows along from the social capital. Donors or investors are energized to put their money behind the business based on the social capital generated.

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2 Choose your platform

The second step is to choose the right crowdfunding platform for your business idea. There are different types of crowdfunding platforms, such as donation-based, reward-based, equity-based, or debt-based. Each one has its own advantages and disadvantages, depending on your goals, industry, target audience, and legal requirements. You should research the features, fees, and success rates of various platforms before deciding which one suits your needs best.

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Jerry Fultz

Equity Crowdfunding For Faith-Driven Entrepreneurs and Businesses #getfunded #startupfunding #crowdfunding #entrepreneurship
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There are basically 3 types of crowdfunding platforms. 1. Donation based platforms (i.e. GoFundMe) ask for pure donations from their respective crowds. They are simple to set up, require minimal fees and the donor receives no return on their money. 2. Premium based platforms (i.e. Kickstarter) are like donation based platforms, but usually provide a premium (usually a sample of the product) back to the donor. For example - a band producing an album will give the donor a copy of the album upon completion. These platforms have minimal fees. 3. Equity crowdfunding utilizes investors, not donors. It's a highly regulated environment & operates under SEC guidelines. It typically is more expensive to launch and can raise up to $5 million.

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3 Prepare your campaign

The third step is to prepare your campaign materials, such as your pitch video, your story, your rewards, and your budget. Your campaign should clearly communicate your value proposition, your unique selling point, your market opportunity, and your credibility. You should also create attractive and relevant rewards that incentivize your backers to support your idea and provide feedback. Moreover, you should plan your budget carefully and account for all the costs and risks involved in delivering your rewards and fulfilling your promises.

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Jerry Fultz

Equity Crowdfunding For Faith-Driven Entrepreneurs and Businesses #getfunded #startupfunding #crowdfunding #entrepreneurship
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Much can be said about pitch decks, but I'll narrow my focus to equity crowdfunding platforms. Because the business is offering equity to retail investors, the offering comes under strict purview of the SEC. That means, among other things, that EVERY claim about the benefits of an investment in a pitch deck must be factual and independently verifiable. For example, if you say that the addressible market for your product is $50,000,000, you'll need to provide independent and searchable market analysis proving your claim. No promissory or "flowery" language is allowed. You can't use language like "exceptional opportunity." You can make absolutely no guarantees about a return on investment. Pitch decks require high levels of scrutiny.

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4 Promote your campaign

The fourth step is to promote your campaign to your potential backers and reach your funding goal. You should start building your audience and generating interest before you launch your campaign, using social media, email marketing, landing pages, blogs, podcasts, or press releases. You should also leverage your existing network of friends, family, colleagues, and customers to spread the word and create social proof. Additionally, you should engage with your backers and update them regularly on your progress and challenges.

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5 Test your assumptions

The fifth step is to test your assumptions and learn from your campaign data and feedback. You should analyze how your backers respond to your campaign, such as how many people view your page, how many people pledge, how much they pledge, what rewards they choose, and what questions or comments they have. You should also conduct surveys, interviews, or beta tests with your backers to get more insights into their needs, preferences, and satisfaction. You should use this information to validate or invalidate your hypotheses and adjust your business idea accordingly.

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6 Iterate your idea

The sixth and final step is to iterate your idea based on your learnings and deliver your rewards. You should use the feedback and data from your campaign to improve your product or service, refine your value proposition, optimize your pricing strategy, and enhance your customer experience. You should also keep your backers informed and involved in your development process and thank them for their support and trust. By delivering your rewards and fulfilling your promises, you can build a loyal customer base and a strong reputation for your startup.

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7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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How can crowdfunding test your business idea's viability?

1

2

3

4

5

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1 Define your goals

2 Choose your platform

3 Prepare your campaign

4 Promote your campaign

5 Test your assumptions

6 Iterate your idea

7 Here’s what else to consider

Startup Development

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How can crowdfunding test your business idea's viability?

1

2

3

4

5

6

7

1 Define your goals

2 Choose your platform

3 Prepare your campaign

4 Promote your campaign

5 Test your assumptions

6 Iterate your idea

7 Here’s what else to consider

Startup Development

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