‘I would love to run a project but I do not have enough funds for that, what could I do?’ Well, you might have to give up your idea no matter how brilliant it is due to insufficient capital. However, you can solve the problem by crowdfunding. .
Turn your idea into reality!
Crowdfunding can turn the idea in your head into reality, through the help of reaching potential funders and allowing great ideas to spread like wildfire through the Internet. It raises finance by asking a large number of people for a small amount of money. Everyone can provide funds to the project that they believe could work.
Literally, everyone can be the funder. The funding can either be reward-based or raised via donation-based. For reward-based, it means that the funders will receive rewards based on the amount of funding they commit. It is somehow similar to pre-buying the products from the campaign creator. For donation-based, the funders are actually like the donors to support goods through donation.
However, the campaign that you launch may not necessarily be fully funded. You may wonder would you still be able to do to get the funds if it is not fully funded. It depends on the funding type of campaign that you had chosen before launching it. There are two funding types - these are flexible funding and fixed funding.
For flexible funding, it means ‘keep it all.’ Campaign creators can keep all the funds raised even if the funding goal is not reached. For fixed funding, it means ‘All or Nothing’ and you can only get the funds raised if you reach your funding goal.
Oppo Ice Cream
One of the largest campaigns is the Oppo ice cream in the UK.
It raised more than the times the goal when it was just a start-up. The funds were used to expand the team and to allocate budgets and marketing. Today, the business successfully transformed from a small business to a big one that sells to over 1000 stores across the UK. This is a great example of how small business makes good use of the crowdfunding platform to take the business to another level.
If you have a brilliant idea or something eye catching, take your first step and try crowdfunding! You never know the result before you present your ideas to people. You may receive tremendous support from the crowd!
