One of the many obstacles that the Black Business Owners face is the lack of capital to start a business. Add to that the fact that bank loans are very difficult to secure. Crowdfunding serves as a viable means of allowing aspiring Entrepreneurs to meet the initial costs of start up or to give the business a financial boost.
So, what exactly is crowdfunding? Crowdfunding is simply online fundraising. It allows the Business Owner to raise small amounts of money. Kickstarter, Indiegogo, and Go Fund Me are some of the more popular Crowdfunding online platforms that are being utilized by Black Entrepreneurs with major success. With Kickstarter earning a $1000.00 a minute, we can safely assume that many of the projects are being funded. BBNomics Crowdfunding is one of the more popular black owned funding sites when choosing to use a black owned platform.
Janet Lavee, creator of Culsire.com, in her first Crowdfunding campaign was able to successfully raise $10,000 in just 30 days. In addition to her businesses she teaches an online course at Dr.Boyce Watkins Black Business School. The success of business owners such herself shine as a beacon of hope to new entrepreneurs to pursue their dreams.
Here are just a few tips to help prelaunch your campaign:
1) Do your research and talk to other Entrepreneurs who completed successful campaigns.
2) Read as much material on crowdfunding to increase your knowledge.
3) Start a blog to help build an audience.
4) Join forums and talk to experts.
5) Inform your online and offline friends and family about your project and how they can assist you. Create a team of supporters to get the word out.
6) Make a video of yourself that gives a brief background, and highlights the key points of your project.
7) Contact your supporters with a phone call-not a text. Connecting with them on a personal level shows sincerity and genuineness.
With effective planning and effective communication, the Black Business Owner can successfully fund business projects without amassing large amounts of debt. Crowdfunding can be a much better choice.