Michael Lauchlan of Crowdfund King began with a well-thought out campaign for his line of bamboo sunglasses run from his dorm room through IndieGogo. When it brought in nearly $25,000, Mike, as he prefers to be called, knew he had a great business idea on his hands. Over the years, he has helped hundreds of companies raise money using crowdfunding.
Now, through his site, Crowdfund King, Mike offers an e-course on crowdfunding as well as a blog that is chock full of great advice. We were lucky enough to get some of his prized insights on why you should consider crowdfunding in 2020.
If you have been thinking about potentially starting your own business, crowdfunding expert Michael Lauchlan has some great advice for you and why crowdfunding can help you. Let 2020 be the year you go for it. Here are 3 of the great ideas Mike shared with us on this topic:
1. Crowdfunding Your Business Idea is Freeing
One of the best things about entrepreneurship is that you can choose your own adventure. I wanted to travel, and I knew I had a great business model in helping others to crowdfund. By running my own brand, I am able to inspire others to do what they love, but I also have the freedom to travel anywhere I want whenever I want. My office can be virtually anywhere in the world.
You can have the same freedom. All it takes is some elbow grease to get your crowdfunding campaign set up, work on your branding, and if you have a product, get it into development. Take the steps, and yes, it’s going to be some hard work this year, but soon enough, you’ll be working from a Barcelona hotel while you wait for the masseur to show up.
2. Build a System of Backers to Support Your Passion Pursuit
Start with an interesting story. Make it personal, and create a way to connect backers to your new brand. Share your passion with them and offer a great reward for them. Basically, what I’m saying is this: one of the biggest reasons to consider crowdfunding is that you can build a system of supporters so you can pursue your passion.
3. You Can Create a Plan to Help Others
Through crowdfunding, I’ve been able to support the Salvation Army every year since 2013. One of the greatest things about crowdfunding is that it not only gets us fine cars and big houses, but it positions us to help the less fortunate.
This year, don’t just plan to pursue your dream of entrepreneurship. Think about how you can use crowdfunding to serve you and a charity of your choice. This is actually a great addition to the story I suggest you write when you set up your campaign.
2020 is just beginning. Thanks to the advice from Michael Lauchlan of Crowdfund King, you can use this year to start your own business using crowdfunding. Pursue your passions, free yourself up to do more in your free time and set yourself up to participate in philanthropy. You can do this.