A fundamental challenge when starting a company (other than fear) is trying to find enough funding to get off the ground.
Traditionally, money comes from savings, friends, and family — or maybe even the bank. If you are business savvy enough, angel investors or a formal funding round may even be possible.
But, in the last ten years or so, a new form of funding has become more and more popular: Crowdfunding.
Crowdfunding, as the name suggests, is a method of obtaining funds from a 'crowd' or the general public. You can raise funds for anything, too! New movies, books, charities, dream vacations, and much more. But the majority of crowdfunding is for new products.
It is a method of raising much-needed funds without having to give up equity in your company. But it is not easy.
Only one in four projects ever get fully funded and the amount of work that goes into a successful campaign can be immense. These days, it is becoming more common to hire marketing companies to take care of all this hard work, allowing you to concentrate on running your business.
The only problem is, after discounts, marketing company fees, crowdfunding company fees, postage, and shipping, sometimes there is no profit left. There are many instances when successful campaigners have failed to deliver because their costs were too high.
This wasn't an option for us as we are only two guys with limited resources. So, we decided to 'bootstrap' our campaign!
This is a term for small teams that typically handle everything involved in running a business with limited resources. Essentially, doing everything on their own.
This is a term for small teams that typically handle everything involved in running a business with limited resources. Essentially, doing everything on their own.
Not only are you responsible for setting up the company, but also online marketing, sales, accounting, production, design, packaging, the list is endless....
It was hard work but ultimately worthwhile. Not only did we learn a whole lot about how to market our tie down straps, we also learned how to engage our customers. We discovered what they liked and didn't like to see and also (most importantly) what they thought about the products. This information alone was invaluable.
We managed to avoid all (well, most) of the scams and ended up with a winning formula.
It has been a wild ride but a great experience. We have learnt so much and at the same time humbled by the support shown by our supporters. With such a good start, we are hopeful and excited as we move into the next phase of the WRAPTIE™ journey and start full production for the very first time!
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We want to celebrate you, and all the innovative uses you’ve come up with for your WRAPTIE™ straps. Let us highlight the most sustainably made, innovative and versatile tie down straps out there by going over some New Uses for the New Year!
The uses for our WRAPTIE™ tie down straps range from typical, practical uses, to never-would-have-thought-of-that ideas, but that's what we love! WRAPTIE™ straps are incredibly versatile, so let's see how versatile you can be in 2021!
Christmas in 2020 will be different, but it should still be festive! It’s time to pick out that perfect tree that will meet all your Christmas needs. Whether you go to your local farm or a department store, the ride home is the hardest part. That's why this blog post will help keep your tree secured for the ride home.
‘Environmental crisis’ was the buzzword on everyone’s tongue until the Coronavirus swamped all other headlines. Whilst the press coverage may not be quite what it was a year ago, now remains as crucial a time as ever in fighting the good fight by continuing to play our own crucial roles in protecting our planet.
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Mark Blackburn
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