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Crowdfunding

The power of crowdfunding

You’re sitting at your desk on a Monday morning and you’re wondering, for the hundredth time, if this is really what you’re going to be doing for the rest of your life: working for someone else while making their business dream come true.

It doesn’t have to be this way.  You can take your passion and turn it into a successful career.  The difficult part is taking that first step towards making your dream a reality.  We don’t mean quitting your job, or compiling a business plan.  The first step is actively thinking about, and planning, your entrepreneurial future.

The next step is thinking about how you’re going to physically pay for building your business.  A loan is one option whether it be through the bank, from a family member or through venture capitalists.  However, all of these options offer their own disadvantages.

Enter crowdfunding.  As the name suggests, this is the method where your potential external stakeholders actually provide the capital you need to launch your product or business.  This is done via a reputable online platform, and, through hard work, can raise the kind of money that you need to get your project off the ground.

Even though capital is a major component of any business, especially a startup, marketing and market research also plays a pivotal role.  By putting your idea out there, you’ll have the opportunity to receive constructive feedback from these stakeholders.  You can then rework your business model accordingly to provide a truly customer-oriented service or product.

You do however need to be prepared to work hard at marketing your idea.  You need to make sure that it is really engaging your target audience to give them the confidence to get them to part with their hard-earned cash.  You’ll then have the added responsibility of ensuring that you make it a success.

If you’re serious about making a career change but worried about funding it, then this could be the answer for you.  It’s a great way to raise some much-needed money, with the crucial benefits of marketing your new brand while gaining invaluable feedback.

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