According to Boocock Scott, crowdfunding platforms can help small businesses financially during this COVID-19 pandemic. The coronavirus has not only to have a devastating effect on our health but also on the economy, the country, and the world at large.
Perhaps nothing has been the hardest hit than small businesses where many of them have had to overcome small odds to be where they are today. However, with the social distancing and lockdown measures, businesses have been shuttered down, with a large number afraid they might have to close down permanently in the coming months.
Government supports small business loans and other pandemic have expired and many small businesses are still left with struggling to pay their employees and bills. What do small businesses do in times of financial struggles? Could this be the time to consider crowdfunding as the financial cure to get your business, idea, or service off the ground?
Prior to COVID-19 and in the wake of the global pandemic, Boocock Scott, a successful entrepreneur, innovator, and business leader, has taken to crowdfunding avenue to support his projects which are serving the community today. After a successful launch and growing of the Humble Hegs Pegs with hooks that are transforming the clothes pegs industry. He then moved onto seeking the public help through crowdfunding and bringing to life a new innovative idea of Poppi the extendable laundry basket through kickstarter.
Kickstarter and JoeyCrowd are a couple of the crowdfunding platforms helping small businesses with financial uncertainty during this pandemic. Recent research discovered that the consistency in support for crowdfunding campaigns and the success rate is the same with pre-covid metrics. Crowdfunding is still strong as ever and many businesses are turning to platforms like this to stay afloat during this economic downturn.
One thing is communities are ready to extend a helping hand to their favorite local business and there are different platforms who are more than eager to support those who are negatively impacted by the coronavirus crisis. Not only for the high-tech startups, can any business, no matter the industry reap the financial reward of crowdfunding,” Boocock Scott says.
Are you new to Crowdfunding?
For those of you who have no idea what crowdfunding is all about, it is simply a way of sourcing for funds from the “crowd” for a project or business. That is, raising capital from a large number of people through contributing a small amount towards the end goal says Boocock Scott.
What can Crowdfunding do for your Business?
Although it is generally used to launch an idea or business, extreme cases such as COVID-19 can call for the raising of capital for survival. According to the successful innovator – Boocock Scott, crowdfunding can be a game-changer in revolutionizing your business and getting it back on its feet during challenging times.
It is a fast approach to raising capital with no upfront feet. Plus, there is no better way to get media attention and position your ideas at the forefront of consumers. An effective form of marketing.
One of the other unsung benefits of crowdfunding is that it can be seen as a form of market research where you get to know if the public actually wants your product or services. It is a tool to get consumer feedback and expert advice that can help you improve.