Planning For A Birthday Party Is Similar To Managing A Crowdfunding Project

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Crowdfunding is one of the go-to platforms of startups nowadays when it comes to raising the initial capital they need to get their business ideas running, Traditional lenders continue to dominate the financial industry in terms of volume but there are those outside their grasp that are not able to take advantage of their products. This is where social funding comes in to offer the much needed shot in the arm.

As project initiators take on a crowdfunding project, they will soon realize that it requires a lot of hard work and dedication. It might look cool and sexy to be on the forefront of a social funding campaign and be on your laptop most of the day typing away and monitoring your progress. But at the end of the day, it will require your utmost attention and demand a lot of time.

With this in mind, a lot of project managers are trying to look for ways to make their task a little easier. They are looking for tips and tricks from everyday things – things they have done in the past to make the task at hand a little familiar. The idea is when they have done something similar in the past, they just pick out the lessons they have learned and this is where planning a birthday party comes into mind.

Crowdfunding and planning a birthday party

It might seem two completely different undertakings but there are similarities between the two that project initiators can use to help manage their campaigns better.

  • You need to coordinate with a lot of people. When you were planning that birthday party, you were talking to a lot of personalities. You would be talking to the caterer for the food, a different person for the photography and video and someone else for the venue. The same principle applies to crowdfunding where you need to communicate with different people for different needs. This can be coordinating with the crowdfunding platform themselves for the project, your team for updates and most importantly, investors for the money. In all these, knowing what lies ahead can help you to prepare and manage your time better.

  • You need to consider what the celebrant wants. If you are planning for the birthday of your child, you need to consider what they want and what will make it memorable for them. The same with social funding when it comes to crafting your project pitch or proposal. You need to think of your target market and investors and walk on their shoes. It is critical that you see the campaign from their point of view to help you craft your messages better.

  • You need to monitor the expenses. You need to pay a lot of suppliers when you plan for a birthday party. The food and other services you hired will need payments and that is the expense that you should monitor. You cannot just keep on paying without double checking the amounts and even asking for receipts just so you have documentation. In crowdfunding, you will also encounter expenses as you build the amount that you need to start the business. In the hopes of transparency, you need to make sure that everything is documented and business related to help your investors feel at ease.

  • Have a good time. Stress and other hurdles will come your way but if you keep at it and give it your best, that birthday party will be awesome. The same with crowdfunding because if you let challenges affect you and keep you away from your goal, you might never succeed. Learn to have fun and enjoy the journey.

Refer a friend via CAT Referral Program at s.coassets.com/t54 where you get to earn 500 CoAssets Tokens (CAT) for every new member referred. Stay tuned to this channel as we will be updating you on the next upcoming CAT campaign! 

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This article is written by the Crowdfunders Editorial Team. In Asia, Crowdfunders.Asia is a leading portal on providing news related to crowdfunding, start-up, property and business. It is operated by CoAssets.com. CoAssets is South East Asia’s first listed and largest real estate crowdfunding platform. If you have any Crowdfunding news or stories to share, please email [email protected]

 

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