My nephew is starting a business in the fitness. He’s 24 years old just graduated recently with a bachelor of business administration degree and he is shirking the idea of getting a day job and his parents made him a deal he has 18 months to build a business that at the very least breaks even he asked me for some advice and I recommended crowdfunding as I think this provides an opportunity to ramp up his business and break even much sooner. He is very familiar with this building, very familiar with social media reach, growing a social following and I am reaching out to some experts in a crowdfunding arena to see if it’s even worth going for funding.
Crowdfunding can work well when there is a real product, as already commented earlier. But whether you have a great idea or not, it is important also to understand that crowdfunding is complex. Successful crowdfunding campaigns are most often run by professionals or marketing agencies. So the odds to succeed on raising funds can are not that high. Also you need to find the right type of crowdfunding. From a learning point of view though trying to do a crowdfunding campaign can be a great experience. If the business is a physical business in fitness, like a gym, there might be other ways to fund it, but being a fresh grad and having zero experience in business will make difficult to raise funds that way...
Answered 5 years ago
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