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3 Benefits of Crowdfunding

3 Benefits of Crowdfunding

Although still fairly new, crowdfunding has successfully helped thousands of small businesses and entrepreneurs raise an enormous amount of funds. Although simpler and often times more accessible than traditional methods of raising money, crowdfunding still requires a lot of effort and dedication in order to be a viable financing option. Here are three benefits to using a crowdfunding platform to raise funds for your small business.   Raising capital without giving up your company Entrepreneurs often think that they can only raise capital from accredit investors, banks, and VCs. But this isn’t true. Crowdfunding is a great alternative to fund a venture, and it can be done without giving up shares in your company or accumulating any debt. Rewards-based crowdfunding allows entrepreneurs to raise capital from the community in exchange for nothing but their product. If it interests contributors, and enough of them are willing to fund you, you can fund your venture and still retain 100% ownership of your company.   It provides viable marketing An active and popular crowdfunding campaign is a great way to introduce a company’s overall vision to the market, and it’s a simple and free way to advertise to numerous channels. Most crowdfunding platforms incorporate some sort of social media integration, which drives traffic from your campaign to your website or other social media pages.   It’s easier than traditional funding The application process for crowdfunding is a breeze in comparison to the traditional method of applying for a loan or pursuing other capital investments (especially for early stage companies). In order to begin, you only need to contact your chosen crowdfunding platform...
3 Early Signs of a Failing Business

3 Early Signs of a Failing Business

If you’re gearing up to enter the world of entrepreneurship, make sure you properly assess the current state of your business so you aren’t unintentionally sabotaging your goals. Here are three early signs of a failing business and how you can avoid them.   Inexperienced Management One of the biggest reasons that a business might fail is its management. Good management is the backbone of a strong business, and the decisions and strategies implemented by management can determine the fate of the business. The problem is that many decision makers (CEO’s/upper management) often focus on the end game, and fail to stress the importance in creating achievable short-term goals. It’s easy and common for businesses lose sight of what it’s trying to achieve, which is why it’s important to create working business strategies to help achieve these short-term goals, in order to work your way along and achieve your long-term objective. Many early-stage businesses choose their management team because their pleasant to work with or they have a close relationship with them. But in order for your business to succeed, make sure you’re choosing a management team with the right skills and merit for the task at hand.   Operating in a declining market It’s important to keep pace with today’s times. If the product or service you’re providing has a dying customer base then it’s pretty clear your business is heading down the chute, however most businesses do nothing about this until its too late (think record shops, newspapers, book stores). If you see the trend moving away from what you’re doing, you need to adopt the changes...