How to ask for money to finance your business

Kimberley McLeod is the founding father of the LGBTQ digital platform Elixher. Running the magazine from 2011 to 2017, McLeod achieved success in quite a few crowdfunding campaigns. To cover the prices of ELIXHER’s inaugural digital release, McLeod hosted fundraisers on IndieGoGo and Kickstarter, raising over $10,000.

Given by McLeod BLACK ENTERPRISES some tips about how to get funding for your small business.

Be creative

You want to attract plenty of Twitter followers, Facebook fans, LinkedIn connections, and email list subscribers. But don’t rely solely on social media to achieve your goal. “A few of my friends started a giving circle, and I modeled this concept by creating multiple giving circles that included our employees, my family, and even people I featured on the site,” McLeod explains. Give each group a smaller goal goal.

Offer incentives

Provide your audience with a wide range of incentives or advantages which can be price something. Offer products, rewards and opportunities at a wide range of price points – from $5 to $1,000. “Reach out to local retailers and ask them to donate goodies such as concert tickets. Then hold giveaways on weeks when donations drop. This will help rebuild the buzz,” suggests McLeod.

Ask for help

“I relied heavily on community members and groups to help spread the word,” McLeod says. “I asked people and organizations to post on their Facebook pages and write blog posts. People have gone further – creating videos, adding campaigns to their email signature and more.” Say yes! LGBT Wedding Expo devoted per week to selling the campaign.

Organize an event

Build excitement and attract people around your crowdfunding campaign by organizing a launch event or party. “I did raffles at happy hour events and had donation bins. At the end of the campaign, we had a big party where we raised an additional $3,000,” McLeod recalled. “We even have a place where we can donate a portion of the proceeds from the bar.”

Stay in contact

Stay connected with your audience and potential supporters. McLeod says it is best to reach out through frequent updates, thanks emails and social media replies to questions or comments from current or potential donors. “We posted regular updates when we reached certain milestones (e.g. crossing our first $1,000). Posting screenshots of the progress we made also helped keep our social media followers engaged. After the campaign ended, we released a thank you video and sent updates on how the funds were being used.”