Crowdsourcing

There are many websites like Kickstarter, CrowdCrux, and eFullfilment that give you the platform to put your idea on the market. Or, maybe you need a private investor who can mentor you and provide valuable life experience that you just can’t get anywhere else. However, its important to know how to negotiate, when to negotiate, and when to stay quiet.

So how do you know which is the best way to get the fastest return? Well regrettably you have a little more work to do before you can have your Grand Opening.

Research! Research! Research!

If your going to set up a website like Kickstart know that you are the steam in this engine and you don’t have anyone else to rely on. Growth with Entrepreneur Lending advises to utilize newsletters, a blog, or even social media. Be aware that quality is really going to make the difference here. Ask a few ex colleagues, friends or family members and tell them you want real feedback.

Niceties wont get this job done.

Venture Village advises that transparency with your investors is beneficial. Remember they are your investors because they had the knowledge and the connections to put themselves in a position to have the cash when you needed it. If you feel the need to hide what you are doing from your investors your going to learn why your investors would not have approved. The consequences for this little lesson can be painful and undermine all the hard work you have invested so far.

Start thinking ahead to when that funding comes through and your ready to fly.  Venture Village advises to set up efficient structures from day 1 such as Human Resource costs. The most valuable thing you can do for you business is ensure that you are hiring quality people who share the same goals as your company. It can be extremely expensive to continue retraining agents to do what the last guy was doing just fine, except for the fact that he complained about meetings on Mondays. Maybe it would be less expensive to simply move the meeting and keep “that guy” than it would be to train a Monday go getter.

So my advise to you is figure out which forum is comfortable for you to use. Then step it up in a couple of months and try selling that idea to a personal investor or crowdsourcer. But never venture in without doing your research.

Whether it be kickstarter, a private lender, or crowdfunding agency research who you’re dealing with. How they can positively affect what you’re doing, determine what you’re going to expect from this relationship, and when do you expect this relationship to blossom into profits for your business.

These three points will be the necessary guide to selecting who can help you the most, and how their most likely going to do that. Knowing when this relationship will reach it high point is the end goal and never lose site of the end game. And never underestimate the power of good research.🐝

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