You Did Not Reach Your Crowdfunding Goal. What Do You Do Next?

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Failure is not an option for a lot of people but there are times that you will not get what you set out to achieve even with crowdfunding. You might have put in high expectations when you first put together your project proposal because you have been researching and taking a look at all those successful campaigns that ran in the past which has received over and above their target.

These are great benchmarks for project proposals but one fault of up and coming businesses that aim to crowdfund their working capital is that they fail to see all the hard work that was put into those beautiful projects. Looking at the results and taking a look at the product could quickly make you think that you are bound for success.

Looking past all the work that was put in and concentrating on the end result can mislead project initiators and result in a failed campaign. There is nothing heartbreaking as failing on your first or second try but the real winners pick up the pieces and try again. It should not make you lose hope and abandon the idea only because you cannot raise the funds.

Lose and fight again the next day

There is always a chance that you may not reach your funding goal except of course when you start off with a project with angel investors who has already funded the full amount. Crowdfunding then turns into a marketing project rather than funding. But for the majority of people, social funding is not a success story.

One of the things you can do when you do not reach your goal is to learn from your mistakes and shortcomings with the project. Were your potential investors and donors looking for a specific piece of information? Are people hesitant for any particular reason about your project proposal? You need to see through the situation and identify the problem areas.

The next step is to address these concerns. If donors were turned off because you did not have a video put together to explain the project then have one the next time around. If people were asking about a demo or beta sample, then manufacture one so you do not have to rely on pictures and schematics of the item.

Just be better the next time around and try to anticipate what people need so they do not have to ask about it. Or if they do, you already have the information ready at your disposal. You can choose to not put everything out there because it might be a lot to take in. Just be ready to give pieces of information requested by potential donors.

Overall, look at your failure as a stepping stone to your future success. Think of your idea as a work in progress and remember what Thomas Edison said about the lightbulb when it took him a long time to succeed. He said that he did not fail with his goal, it just that it took him 10,000 ways on how not to do it.

 


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

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