It is hard to get back up from rejection and when your crowdfunding campaign does not meet its goal, you essentially lose all those pledges and you get nothing. Getting back to zero after weeks or months of hard work could be too much for some people but it should not signal the end of a campaign. You need to find the courage to persevere and continue on with your plans.
After a heartbreak, do you just suddenly decide to stop falling in love to save yourself from the pain of a breakup or rejection? If you fail in your exams, do you stop going to school and dump all your textbooks in the garbage? What if you did not get the job? Do you just stop looking and stay in your old room in your parent’s house all your life?
There will be a lot of disappointments in life and as well as hurdles that you need to face. They will always be there as long as you are alive. The thing you need to do is always find the courage to pick yourself back up again and move forward. In your crowdfunding project, you need to be able to find the courage to proceed with your plans.
Restart your crowdfunding campaign
If you have encountered a roadblock in your social funding project, here are few things you might want to consider to get back on track.
- Review your project. This is the most opportune time to reassess and evaluate your project to try and find out what went wrong and what worked for you. You need to look at all angles and weigh all factors. You do not only single out the negative things that might have caused your shortfall. You also need to pinpoint the positive steps you took so you can replicate or even improve on them the next time around.
- Align with your team. You crowdfunding team would also be in a great position to help you assess your journey and why you fell short of your goals in the first place. Together with you, they are the ones
on the front line dealing with the project for the past few weeks or months. They have first-hand information and insight that can help you evaluate your project better and help you prepare for your next steps.
- Talk to existing investors. Along the way, there could have been people that supported you and pledged money for your project. It would be nice to reach out to them and just apprise them of the recent campaign developments. It is important to assure them that what happened is just a stumbling block and you have a better plan to reach your funding goal the next time around. This should not be a one-time correspondence because as you prepare your next push, you need to build excitement with your investor list and have them look forward to the next project launch.
- Learn from your mistakes. As you go along, it is important to look at what worked for you and what caused your shortfall. But between the two, it is more crucial to put in more work in correcting your missteps that could have led to your failed crowdfunding campaign. You need to learn from them and make sure that you do not commit the same thing from happening again.
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]