How to Start a Carwash: Eight crowdfunding tips

How to Start a Carwash: Eight crowdfunding tips

Discover how crowdfunding can take a new, or existing, business down a successful path.

In the article, “8 Tips For Crowdfunding Success,” featured on Forbes’ website, contributor Geri Stengel discusses crowdfunding tips for startups and existing businesses.

“Whether you’re a startup or an existing business, a rewards-based crowdfunding campaign offers debt- and equity-free money to launch a product,” writes Stengel in the article.

In the article, Stengel shares eight crowdfunding tips:

  • Build your network early. Make sure to take all opportunities available to connect with your community to help spread the word of your campaign. “The word ‘crowdfunding’ is something of a misnomer,” explains Stengel in the article. “In general, the majority of money raised comes from people who know of you directly or are one degree away. They are interested in what you are doing. Few campaigns go viral.”
  • Research crowdfunding platforms. Make sure to do your research to discover which crowdfunding platform is the right fit for your business campaign.
  • Consider rewards. Having a reward for your crowdfunding campaign can help contribute to its success. Stengel uses the successful crowdfunding of Shelley Prevost of Torch, as an example. Prevost had an intern who researched which types of rewards would work best. Low-level rewards may result in little money; however, higher rewards, notes Stengel, require fewer sales to reach your goal. Prevost also found that time-limited rewards, such as an early-bird special, can also boost campaign success.
  • Including a “why” in your story. To be successful, crowdfunding must draw attention, especially through social media. In the article, Stengel shares this quote from Donna Cravotta, CEO of Social Sage PR, ““When you’re trying to influence, persuade or convince people, nothing is more powerful than a good story.” Having a good story backed by passion helps you stand out from the rest and connect with others. Having this connection with others will boost more support for your campaign.
  • Grab attention. Videos can help tell your story and improve your changes of a successful campaign. “First and foremost, a video is a chance to tell your story and convey your grand plan,” asserts Stengel in the article. “It lets you show why you started this venture and who is behind the company. Make the most of the moment.”
  • Experiment with your marketing strategy. No one-size-fits-all marketing strategy exists. Make sure to shop around and see which approach works best for your campaign. For Torch, notes Stengel in the article, Facebook ads, email and Pinterest were the best marketing approaches.
  • Keep momentum. You need to show support from the beginning if you want a successful crowdfunding campaign. “Backers are likely to stay on the sidelines until they see that others have anted up. Before you launch, identify the people you think are likely to back your campaign,” says Stengel in the article, adding that it is important to target these people before the campaign begins. This will help establish momentum for your campaign.
  • Extras to boost your efforts. Money and determination can help bring success to your crowdfunding efforts. For Prevost, shares Stengel in the article, outside funding helped bring her campaign to the next level; she used the money to hire a marketing agency and also to build a prototype of her product.

Read the entire article on crowdfunding here.

You May Also Like

El Car Wash acquires Bill’s Car Wash

MIAMI — This acquisition expands El Car Wash’s footprint to Orlando.

MIAMI — According to a press release, El Car Wash has expanded into Brevard County and the greater Orlando market with the acquisition of the three Bill’s Car Wash locations.

Following the acquisition, El Car Wash operates 25 locations with an additional 25-plus sites in development across Florida and plans to significantly expand its footprint through both greenfield openings and acquisitions of existing carwashes.

RealSource Group completes over $100 million in single-tenant express wash sales in 2022

NEWPORT BEACH, Calif. — The sales represented a mix of sale-leasebacks, build-to-suits/pre-sales and ground leases with four different express wash brands.

Splash marks record year, positions for the future

LITTLE ROCK, Ark. — Splash has 15 locations scheduled for construction over the next two years, with a heavy focus on growth in the Northwest Arkansas market.

Mark Tentis named a vendor director on ICA board of directors

NORTHVILLE, Mich. — He will serve a two-year term, which began on Jan. 1, 2023.

Latest ZIPS Car Wash Convos features Tar Heel fan favorite Alyssa Ustby

PLANO, Texas — Car Wash Convos gives fans a glimpse into the lives of these student-athletes during a ride through ZIPS Car Wash in their university town.

Other Posts

Dave Hail, former senior executive with Mister Car Wash, joins Amplify Car Wash Advisors

SCOTTSDALE, Ariz. — Firm also announces the launch of its new operational advisory vertical, Amplify Growth Partners.

Spotless Brands breaks new barriers, enters Ohio market in 2023

OAKBROOK TERRACE, Ill. — Three new locations in the Buckeye State will open in the first half of the year.

Mammoth Holdings raises equity capital to fuel growth

ATLANTA — The equity raise will ensure that Mammoth can accelerate new store openings, invest in cutting-edge technology and more.

WhiteWater Express Car Wash expands to 88 locations

HOUSTON — WhiteWater added four locations in December, expanding its footprint in the Southwest.