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How to Leverage Families, Friends and Business Associates to Raise the First 30% of Campaign Funding to Increase Success
The most important thing that determines whether a crowdfunding campaign succeeds or fails is the amount of money that a fundraising drive raises during the first 8 hours after the campaign launches. Most experts advise their clients to line up an list of donors prior the campaign launch so that once it goes live several hundred close friends, family and business associates can start donating $25 to $100 to the campaign.
This is very important because no one wants to donate to an empty campaign. But once the hat starts filling up with money, more and more donors/investors will want to get on the train once they see it picking up steam.
Based on this advice many novice campaign managers will invest a large of amount of their own money. The problem with this strategy is that it is pretty obvious to realize that only one donor in the amount of $1,500 is probably just the campaign manager priming the pot. It is much better to have a hundred donors pledging $25 to $50.
In many cases, crowdfunding reporters will not cover a story until they have raised approximately 30% of their crowdfunding goal. Journalists usually want to make sure they only write stories about crowdfunding campaigns that have a better than average chance of succeeding.
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Mr. Hoskins is a serial entrepreneur and has been helping entrepreneurs, startups, small businesses and Fortune 500 corporations launch successful marketing communications campaigns for 25-years. He is positive that Crowdfunding will empower all Americans to rediscover the possibility of living the American dream with a little hard work, a great business idea and dedication to planning a well-thought-out crowdfunding campaign.