Crowdfunding

Could crowdfunding get your customers to pay to grow your business?

 

by Guy Blaskey, Originally Published in May 2016 issue of Pet Product Marketing

Crowdfunding is a huge phenomenon, with sites like Kickstarter; where you can get projects funded before they launch, or sites like Seedrs and Crowdcube; where you can sell your customers a stake in your business.

These sites don’t offer a magic bullet, they more simply offer the technology and infrastructure to raise money. You still have to do the hard work of getting people to use them.

There are a few people who have already looked at this in the pet market, and at Pooch & Mutt we have a page up at www.poochandmutt.com/invest to collect data of anyone willing to invest if we launch a campaign.

The great thing about crowdfunding is that it can work, no matter the size of your business.

Let’s say that you need to buy some grooming equipment to offer grooming services at your store. You could offer a percentage of your business on Seedrs and as one of the perks you could give anyone who invests 10% off their grooming for a year, or anyone who invests a large amount could get 20% off, or 10% off for life. Using Kickstarter you could even pre-sell grooming sessions before you have the equipment.

And it’s not all about a Dragon’s Den style grilling… projects that have been funded on Kickstarter include; ‘Pug-let’ – The World’s first all-Pug version of Hamlet (raised over $5k), iFetch – automatic ball thrower for dogs ($88k) and ‘The World’s Most Super Amazing 100% Awesome Cat Calendar (set out to raise $3,500… raised $25,183!!!!)