Go Fund Me: The Bootstrapper’s / Start Up’s Choice for Crowd Funding.

By on April 29, 2015
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Boot-strappers are a unique brand of entrepreneurs- they’re almost gluttons for punishment. The only thing harder than building a successful and sustainable business is building a successful and sustainable business without a lot of funding. For the purposes of this article, boot-strapping a business is trying to start a business with $0 – $5000 dollars. With the mobile world and internet commerce, it is possible to start a business with no money. Think Etsy Store…. Or Ebook.

If you’re trying to use crowd funding such as Gofundme.com or, one of the most popular, Kickstarter.com to launch your idea, then you’ll most likely get the majority of donations from friends, family and local community supporters. As a boot-strapper, a couple hundred dollars might make or break your idea. The reason I chose Gofundme.com was very simple. They give you every dime you raise minus their fee. Mine was about 8-9%. It didn’t matter if I raised $1 or $5000 (my goal), I got all of it whether I hit the goal or not. The downside is the percentage is only about 5-6% from Kickstarter.com. I had a goal of $5k, and as of right now I’ve raised $780. I got that (minus 8-9% fee) deposited directly in my bank account with 2 days of donations, and that’s the money I used to build the websites for my Common Market Business Co-op. So if you put the energy into creating a professional crowdfunding campaign, my money is on Gofundme.com There are many great companies out there including Kickstarter.com. For me the few percentage points were worth knowing that I got my money my people donated! For boot-strappers it can literally come down to a few dollars that can make a big difference.

Mike Martin – Owner FMMedia

Bootstrapping Specialist

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