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Crowdfunding is an excellent way to raise money for an ongoing business venture. One of the main benefits of this approach is that each individual contributes a comparatively small amount of money. We can now appreciate why this method appeals to a wide range of donors. However, what if a foreign business wishes to tap into the lucrative English-Speaking marketplace?
The first step is to ensure that representatives can clearly communicate with potential stakeholders. So, it only stands to reason that they should be provided with access to online English courses that are specifically intended for beginners. They will be able to learn basic phrases and industry specific terms, ensuring that patrons can clearly appreciate the goals of your organisation and that any contribution-related questions will be answered clearly.
Notwithstanding the ability to learn English with the help of online resources, there are a handful of other suggestions to keep in mind if you hope to make the most out of our crowdfunding venture.
Crowdfunding is similar to online marketing in many ways. For example, it is crucial to appreciate the type of audience that you are hoping to target. Here are some questions to ask in greater detail:
● Where is the audience located?
● What is their average income?
● How much will each be willing to donate?
● Does your business model suit their interests?
Just as you would not attempt to sell ice to an Eskimo, it makes little sense to promote your venture to an unreceptive audience. So, be sure to perform a fair amount of research well in advance.
Western investors are normally quite specific in regard to their donations. This is why it is crucial to explain the ultimate goals of your crowdfunding campaign. Will the funds be used to expand your current operations? Are they intended to develop a specific product or service? The main takeaway point here is that most stakeholders will be wary about donating their funds unless a clear mission statement is present. This strategy can then be presented as a prospectus; illustrating that a "game plan" is in place.
The English-speaking business world is highly competitive. This is why countless crowdfunding campaigns are created on a daily basis. Thus, proof of concept is also very important. Simply stated, you will need to be able to demonstrate the viability of your proposal. Investors will hardly be willing to contribute if they are not confident in what it is that you are trying to achieve. Without this proof, even the most humble of funding goals will be nearly impossible to achieve.
Expanding your operations into the English-speaking marketplace is a great way to secure additional funding with the help of like-minded investors. Still, remember that planning ahead and appreciating a handful of basic strategies will often determine the fine line between success and failure.
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