On 23rd March, Fashion Angel founder Alison Lewy, ran a crowdfunding seminar on behalf of the UK Fashion and Textile Association (UKFT) at their head office.
Attendees comprised of UKFT members and other fashion businesses interested in learning more about crowdfunding.
So what is crowdfunding? It’s a way of asking for money through a central donation site, such as Kickstarter or Crowdcube , and in return you either offer rewards and products, or an equity share in the business itself.
Here are a few pointers from the session, which you should consider before starting a crowdfunding campaign…
•Firstly, get inspiration and ideas from successful campaigns similar to your own as this will help you decide what will and won’t work. It’ll also make sure that you answer all the relevant questions previous investors have already asked.
•Plan meticulously! This is very important as it means you will constantly be updating your donators and followers with content and reassuring them that you’re making progress. Create an action plan spreadsheet for each day of the campaign.
•Before choosing your host site, do your research! Some sites will charge more for the use of their services, and some won’t give you all of your donation money if you don’t hit your target.
•Keep the campaign video short and sweet, nothing more than 3 minutes as people will get bored and will be less inclined to donate.
•Finally, be careful about how you want to repay your investors/pledgers; whether it’s with products and rewards or through selling equity, make sure you don’t end up giving away too much as this can do your brand more harm than good.
After Alison’s presentation, we were lucky enough to welcome womenswear designer, Louise Korner, an award winning Fashion Angel alumni who ran a very successful Kickstarter campaign, raising nearly £22,000! She was very chatty and helpful to the attendees asking questions.
Below are her 5 top tips for creating and maintaining a successful campaign:-
•Keep the content on your page up to date and interesting as people will recommend your page to other investors (plus you could be noticed by the site your using and they may feature you on the main home page!)
•Promote donations before your campaign goes live as this will give it a initial boost and it should be noticed more.
•Use social media to your advantage, and if you feel the need to, consider paying for the extra boosts that Facebook offer, as this will help reach more people.
•Don’t be afraid of asking for favours, people can only say no! Directing and scripting a short video can cost a lot of money so if you have some friends who can do the work for mates rates, then do!
•And finally, don’t just offer any old products as reward, offer something people would actually buy as this should encourage them to come back and buy something else.
If you were hoping to attend this talk but missed out on a ticket, we are holding another one on the 13th April at The British Library. For more information, or to book your space visit our events page.
Words: Meg Plenderleith