Crowdfunding 101 - Part 3: Business Plan

Welcome to the third part in our series Crowdfunding 101.  Join us for the next 4 weeks to learn more about how to build and run a successful crowdfunding campaign.  We have all the best hints tips and tricks to help you make your great idea a reality.

This is part 3 of 8.  Come back every Wednesday and Friday for more tips

Develop Your Concise Business Plan

Once you’ve done the hard thinking, you need to craft that into an easily digestible pitch that will resonate with potential investors.  This is the public version of your vision and will be the primary source of information that investors will use to make a decision on whether to invest or not.  It should be clear, concise and leave a reader with no doubt what your business or project is.   If English is not your first language or you have trouble writing, we recommend that you find someone who can help you polish your business plan so that it reads professionally (you don’t necessarily have to pay someone, a friend or family member might be able to help you).

Given the importance of your sales document to the likelihood of success, there may be the temptation to engage in hyperbole and puffery to present your business in the best light.  While we encourage a positive tone, stick to facts that you have data or research to back-up and avoid misleading or false statements as you will be judged by what you say and it will inevitably come back to bite.  We suggest that you provide potential investors with a snapshot of your idea and the key reasons why they should invest (think of it as an extended highlights package), but be honest and open about any risks that may exist.

Also, as much as people are investing in your idea they’re also investing in you and your team!  Don’t forget to include bios for all the team and tell the world about how great you all are.  Try to include some tangible past achievements to demonstrate to investors that you have what it takes to succeed.

See you Friday for the next installment:  How to incentivise your supporters - Get Creative - Make a Video!

Part 1 | Part 2 | Part 3 | Part 4 | Part 5 | Part 6 | Part 7 | Part 8

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