Crowdfunding is a popular way to raise support and investment in business. For example, let’s say you want to develop a new piece of technology and need $10,000 to build a prototype. You could potentially raise this money by 5 individuals (a crowd) investing $2,000 each to provide you with the money you need.
The deal may involve you having to pay back each member of the crowd’s investment with interest. Alternatively, each member of the crowd could take a share of the profits in your product, once it is being sold on the market.
Crowdfunding is usually carried out using online platforms bringing together individuals and teams with project ideas and investors looking for opportunities to support them.
These days, various types of projects are getting support, including creative ones such as writing books using platforms such as Kickstarter. Below are some reasons why crowdfunding your book could be beneficial:
Investment to Get Your Book Published
As a writer, publishing a book can be done fairly easily, especially if you are self-publishing. However, there are still costs associated with doing so. Perhaps you are in a situation where you really are strapped for cash, yet really believe that your next book has the making to be a super-hit, only if you were able to get some money to pay for the publishing process. Crowdfunding could be a way to get the money you need.
Generate Huge Interest
When you pitch your book idea using crowdfunding platforms you’re also creating an opportunity to generate interest in your book and a big buzz around it. As you gain supporters, you can post regular updates to let people know about the progress you’ve made. You can also pull in further supporters to your project through social media, to create an even bigger impact.
Giving Supporters an Opportunity to be in Your Project
Supporters of projects through crowdfunding, and especially creative ones, do so because they like to see people doing good things. Backers get a lot of satisfaction out of being able to help projects they believe in to get off the ground. Pitch your project right, attract the right people and you may end up with networks that will be willing to help you long after your crowdfunding project is complete.
Supporters Get Rewards
Creative crowdfunding projects don’t just have to involve giving money back to your backers. Instead, you can provide supporters with rewards in return for their investments, such as copies of your published book, invitations to a book launch, or giving a backer a star role in your book!
Image credit: LendingMemo.com on flickr and reproduced under Creative Commons 2.0[author] [author_image timthumb=’on’]https://writingtipsoasis.com/wp-content/uploads/2014/01/hv1.jpg[/author_image] [author_info]Hiten Vyas is the Founder and Managing Editor of eBooks India. He is also a prolific eBook writer with over 25 titles to his name.[/author_info] [/author]