Minute Weave is a quick-weave installation and styling system founded by a family of engineers, military veterans, and hair and beauty enthusiasts, Minute Weave offers customers the potential to create fabulous hairstyles in as little as 10 minutes, but without the sewing, gluing, or commitment, and at a fraction of the cost. Recently the business successfully raised $15,754 in 30 days from 101 backers on Kickstarter.com The Crowdfunding campaign allowed people to place pre-orders.
Co-founder Chanel Martin, also known as the ‘Hair Engineer,’ is no stranger to the haircare industry. Martin is one of the co-founders of hair technology startup Myavana. “What I love about Minute Weave is that you now have the option to wear extensions while protecting your scalp and hair,†says Martin, who also is an authority on raising money for your business via pitching, crowdfunding, or investments.
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Crowdfunding online platforms such as Kickstarter, IndieGoGo, and GoFundMe are a good means by which entrepreneurs can gain financial ‘backing’ from the general public. Here are six tips from Marin on launching a successful campaign:
Set a Realistic Goal. Some online funding platforms will only award money if the funding goal is met, or they may take a penalty when goals are not met. This is done to encourage active solicitation of donors. If you only need $5000, don’t raise $25,000. The more money you ask for, the harder it is to obtain your goal.
Pre-Planning is VERY Important. Calculate how many people need to give at a specific amount to achieve your goal. For example, a goal of $10,000 would need 200 people to give $50. Ask EVERYONE to donate! Create a spreadsheet with everyone that you will contact, and reach out to him or her before you launch the campaign.
Shoot a Really Cool Video. Have a distinct call to action in your video; let people know why they should donate to your campaign! Create a storyboard that would resonate with the audience you’re targeting. Make sure to share the video on different networks like YouTube, Vimeo, etc. and link back to the campaign page.
Prepare to Hustle Every Day. Personal networks fund crowdfunding campaigns, but it takes a lot of work and dedication. Each member of your team will need to share the campaign daily with his or her personal and social media networks. Send out email blasts to all of your contacts with updates on milestones throughout the campaign. Cool shareable graphics about the campaign are great for social media posts and encourage giving.
Have Really Cool Low Cost or Donated Perks. Make sure your perks are related to your campaign. For example, if you are raising money to help you launch a new type of cookware, the perks can include a set of cookware, a cookbook, etc.