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Tips For Crowdfunding During Economic Downtime

Economic downtime such as the current situation in 2020 can have a bad effect on companies’ financial strength and some companies would need to focus on getting more funds or downsizing and reducing operation.
Funding is a tough exercise for companies and it becomes tougher during economic downtime like this as more companies are eagerly in need and searching for funding from venture capitalist but crowdfunding might just be another successful option for you

Here are tips on how to implement a successful crowdfunding campaign

Plan and start now
A lot of people are thinking like you that because of the economic downtime this is not the period to start. The fact that people are discouraged to start crowdfunding campaign now due to Covid-19 gives you a better chance of success because it means there are fewer people actively involved in any crowdfunding activity. The lesser the number the better it is, so start planning now and implement those plans do not wait like others for the best period because the best period is now!

Focus on your community
A lot of people tend to overlook their immediate community when they are engaging in crowdfunding campaigns but that is exactly where you should start from. Your community is the people you interact with on a daily basis or you have things to do together regularly. They already have an existing relationship with you and probably know a little about you and your company, so convincing them should not be hard.
Increase your reach
You need to get your campaign out there, outside of your comfort zone, and your immediate or close proximity. Make use of the digital platform it is cost effective and can be monitored to get your crowdfunding campaign to the people that would be interested. The success of a crowdfunding campaign dictates you go all out to ensure it is achieved

Communicate
Communicate to people and let them know the status of the campaign how well or not it is doing. Transparency is attractive, so if you are open about the whole transaction people would trust you and feel comfortable to go the extra mile with you, this included your immediate team also.

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