You can use your savings to launch your own business. Or you can borrow from a bank or your relatives. Or you can try crowdfunding.
This innovative method is based on the concept of raising funding via crowds of people. Crowdfunding is becoming more popular because it is a way to raise money quickly.
It’s used where traditional banking channels provide only partial and imperfect solutions — or no solutions at all.
Lynn Tan cleverly used crowdfunding to start her own eco-shampoo business. Mother to three kids, she says, “I care about how environmental issues are going to affect our children’s future.”
She came up with the idea of The Powder Shampoo — a powder-to-foam shampoo that lathers just like any other liquid shampoo when you add water.
But because it’s not sold as a liquid shampoo, it uses less resources to make. Plus it comes in a refillable aluminum bottle to avoid the use of plastic.
What is crowdfunding?
Having a professional-looking campaign shows that you take your backers seriously. They’ll be more willing to invest in your campaign if they have faith in your professionalism.
According to Lynn, “one way this can be done is by providing professionally done visuals such as videos and images for your campaign. This can help attract potential backers to support your product.”
Professionalism also extends to things such as hitting set deadlines, and keeping your campaign organized and updated online.
Time is of the essence