Thousands of business owners have joined Kickstarter. It’s a fundraising website, to help raise capital for brand new ventures. Raising money for your business isn’t easy, that's why numerous people have an interest in Kickstarter and other crowdfunding websites.
Kickstarter campaigns and other crowdfunding projects take plenty of time and effort. There are often plenty of elements that make a campaign successful or unsuccessful, not least of all the idea itself.
It's relatively common for a project to succeed only to fail when it comes to actually delivery the products.
Although you poured time, money and energy into a project campaign, it doesn’t always return our expected output.
There are a few reasons that Kickstarter campaigns flop.
Many projects fail when the project owner or the entrepreneur doesn't have any or sufficient experience within the sector. It isn't uncommon for an entrepreneur to pursue a project outside the domain of his primary experience. But, it's mandatory for such a businessperson to associate himself with people that possess the relevant expertise and knowledge. When this stretches too far, things can go pear shaped.
The main idea behind your campaign should be to deliver a great product to your backer. Without a particular set of perks, it'd be impossible to grab the attention of any backer. A backer will only pre-order when he feels assured about certain returns they want to receive. Rewards can take months to ship out after backing, and that’s only after the goal has been reached.
Some campaign founders rush in launching their project campaigns without meticulously planning the manufacturing process. One of the most important things you will need to organise before your Kickstarter campaign is your manufacturing.
The worst thing that can happen is that the backers successfully launch a Kickstarter campaign and then fail to deliver their rewards.
Or, worse, people get their rewards, but the product doesn’t work
- Underestimating production costs or launching too early
Often a common reason for failure is simply underestimating the final production costs or not accounting for fluctuations in currency, Chinese New Year or simply a manufacturer holding you over a barrel once you succeed. Get your prices locked in, get your agreement nailed down and set your mind at ease.
- Not setting a wise funding goal
Setting too high of a funding goal is a common reason why crowdfunding campaigns fail.
As original and as a great your project could be, without proper advertising before the launch it’s difficult to take the project to fruition.
Gone are the days of sticking a product on kickstarter and watching the orders roll in. It’s about exposure. It’s just through this exposure you'll gain more backers then achieve your target.
WHY TIPSI TRAY WILL ACHIEVE SUCCESS IN KICKSTARTER?
Single Handed plan to launch its first product at the end of April 2020, the Tipsi Tray, after about 12 months of design work and planning. We are a small yet innovative home and hospitality brand. Our team is made from skilled designers creating the absolute best quality trays and carrying technology.
3 reasons Why Tipsi Tray will succeed on Kickstarter:
We know the importance of manufacturing before launching our product on Kickstarter. Our manufacturer is set up and ready to go. Our wealth of experience in manufacturing has allowed us to get the very best deal, meaning we can manufacture at a good price and only to the highest standards.
Having a prototype prior to launch made by the actual manufacturer we will use for our mass manufacturing is absolutely key. Too many kickstarter campaigns fail due to increased costs or underestimated costs prior to having a prototype. Some launch with a very basic idea of what they want in a product and a prototype perhaps in basic materials. Later to realise that the function or use of the products simply isn’t possible or expensive to achieve in the way that they originally intended. Some on the other hand cross their fingers and hope that laser hair removal shaving technology will be developed very quickly. (That campaign was actually pulled by Kickstarter if you want to look in to it) - Skarp Laser Razor.
Single Handed, for example we are on our 3rd prototype from our manufacturer and the current and final one we have has hit the nail on the head. We are extremely proud of where we have got to and can’t wait to launch! (just over a week to go).
The Founder, Robert has a wealth of experience in crowdfunding having successfully launched 3 previous campaigns in 2 other businesses.
Taking a product from the drawing board to a complete product isn’t easy but the Single Handed team have this in hand. This is something Robert has done successfully for most of his working life in many aspects of design and production. From powered vehicles to rucksacks.
Contacts in China through previous businesses have allowed for mistakes to be avoided and partnerships with the right people and teams to be made. These aspects mean that the Tipsi Tray will come to fruition, but only with your help!
See you at launch!