There’s one hurdle that causes many entrepreneurs and start-ups to stumble before they are really out of the gates. It’s the F word that makes many shudder: funding. Any major project will need a source of funding to spring itself off of while in its initial phases and those that don’t have it are usually left by the wayside. However, the wave of crowd funding efforts have truly began to provide those without that boost to find a way to keep up in the game.
Crowd funding is known as the practice where individuals come together to network and pool their money towards a particular goal. While this isn’t a new method of raising money; it’s really kicked off in recent years due to the availability of resources via the Internet. Platforms such as Kickstarter and Indiegogo have created the opportunity for “regular” business people to request funds in such a way that it makes chasing their goal exciting. Those who provide financial assistance also receive some type of benefit as they help that individual run after their dream.
In recent months the crowd funding practice has come under scrutiny by allowing already wealthy celebrities to receive “free money” for their pet projects; but in the world of business an entrepreneur isn’t defined by the size of their bank account. The fact that these big names have even begun using platforms such as Kickstarter have helped them gain more attention and more exposure to those in need of its services. In the end, it’s been a benefit more than a burden.
So if you find yourself mulling around a strong idea that requires some sort of financial cushion before starting, don’t sell yourself short when you realize it can not be fit into your budget. Instead, opt to throw your hat into the crowd funding campaign. Not only will you give yourself a chance to complete your project but you will gain a new group of supporters along the way.