We’ve seen countless genius ideas go viral on sites like GoFundMe, Indiegogo and Kickstarter. It’s pretty obvious that you don’t need to be a rich entrepreneur to make a lot of money.
The Rise Of Crowdfunding
In the past, getting rich businessmen to invest in your next “big idea” was tough. However, now, anybody — entrepreneur or not — can get their idea funded by the public. Essentially, the more attractive and useful the idea, the more money it will rack up. Anywhere from $1,000 to $500,000 is possible.
There are also firms, like InventHelp, that prove why “nontrepreneurs” can still make money off great ideas, Forbes reported. The Inquisitr recently published a piece on small business loans in which both entrepreneurs and nontrepreneurs can benefit from.
But, as Forbes‘ financial expert, Richard Eisenberg, wrote, ABC’s Shark Tank — a show for entrepreneurs with companies — isn’t the only way to put your bright ideas into the spotlight.
The Viral Recipe
The recipe for successful viral ideas is demand and presentation. Basically, spectators are going to “need” the product and not “want” it. That is very important. Secondly, the presentation of the product has to be on point. The more marketable the idea or product looks, the more sales it will attract.
Typically, the most viral ideas for crowdfunding campaigns are the most presentable. Although demand isn’t seen as crucial as presentation, it’s still necessary for long-term financial gain.
In another piece where ways of starting your own business were discussed, the discussion turned to internet businesses and actual location businesses. Additionally, businesses with great location, based on demographics, among other things, is just as important as the real estate of a business.
Doing a quick Google search will bring up results of companies like Retail Solutions Advisors and LoopNet. Depending where you place your commercial business, one can predict the amount of revenue one will make. Do your secondary research of the location before you dive into selecting your commercial business.
Getting back to potential million dollar products, as Forbes points out, if your idea is a service and not an app or product, then you have no business with crowdfunding. If you believe you have the next Uber app, it might not be a good idea to invest money into this.
Being the first, an original, is what drove many billion dollar apps straight to the bank. When you are building a marketing plan for your product or idea, looking at it from a third-person perspective could help you with marketability.
Those who invest in startups want to see the next big original idea, not one already in the market. Doing so will leave investors with a lot less confidence when financing your startup.
Tips For New Entrepreneurs
If you’re an entrepreneur just starting out, it may be a good idea to spend a few nights reading as many blog articles as possible. Lack of research is one of the main reasons why many startups or “the next big” ideas fail.
Entrepreneur.com, a business magazine, is the perfect place to start. Below are several tips that can increase your chances of succeeding if you have a genius idea or product.
- Take Risks.
- Network, Network and Network.
- Seek Professional Advice.
- Focus On Making Your Idea ‘Marketable’.
- Open A LinkedIn Account
- Utilize Social Media As Free Advertising
- Not Matter What, Never Give Up.
As the last tip says, no matter how hard things get, keep your head up high and never give up.
[Photo via Oli Scarff / Getty Images]