Crowdfunding: is it right for your small business?
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By Jessie Day
Crowdfunding is a game-changer for thousands of small businesses. But how does it work and where should you go to get started? Crucially, do you pay back crowdfunding once you’re rolling?
According to Yahoo Finance, the global crowdfunding market is set to grow at a rate of 16 per cent over the next five years. Social media has played a big part, providing immediate, clear marketing campaigns and ready-made platforms for businesses looking to mobilise engaged audiences, raising cash while avoiding the bank.
Here’s how it works, and how you can get started.
What is crowdfunding?
Crowdfunding is a strategy for raising finance. You ask lots of people at once for small individual amounts of money, usually through an online platform. You’ll need to decide on a target figure, pitch the details of your next business phase or project to your would-be ‘crowd’ of investors, and then raise the full amount to go ahead.
Are there different types?
Yes, and it’s important to remember...
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