Crowdfunding has transformed the way entrepreneurs launch their ideas. Gone are the days when you needed to get massive investments from hard-to-contact investors, who would be inundated with pitches. Today, we’re hearing from Michael Lauchlan, known as the Crowdfund King. This crowdfunding guru launched his first project from a college dorm room, when he raised $25,000 in just 30 days. He’s sharing some of his secrets, as a crowdfunding expert.
How did you get started?
Lauchlan: I’m an entrepreneur at heart. Back when I was a broke college student, I was really focused on gaining fiscal freedom. But I struggled to launch my businesses at first. When I successfully crowdfunded my first project, raising $25,000, I realized that I had figured out the way to do this right.
Where did you go from there?
Lauchlan: Once I realized how much crowdfunding helped me launch my first startup, I wanted other entrepreneurs to find this success as well. Now, my mission is to help other entrepreneurs launch their projects successfully. It’s my goal to launch a project on every major crowdfunding platform, in every major category.
How can crowdfunding help entrepreneurs?
Lauchlan: Crowdfunding provides entrepreneurs with endless untapped potential. You have enormous reach, and people from all over the world can see your idea. Plus, the potential to go viral on social media means that your project can take off in hours, instead of days or weeks. But the trick is knowing how to crowdfund the right way.
What are some crowdfunding basics everyone should know?
Lauchlan: There are many expensive crowdfunding marketing agencies out there, making entrepreneurs think they need to invest in their services, before they launch their product. The truth is, this really isn’t the case. But entrepreneurs really do need to educate themselves before they take the plunge, if they want to maximize their chances for success. The crowdfunding field is full of rockstar entrepreneurs, looking to fund their ideas. Educating yourself on the process is the first step to launching a successful campaign.
What do you do as the Crowdfund King?
Lauchlan: For the past three years I’ve used crowdfunding to change my own life, and I help other entrepreneurs do the same. The Crowdfund King is an online course, to educate entrepreneurs on how they can find success. People are making millions of dollars using crowdfunding right now. But the smart entrepreneurs make sure they understand all of the moving parts before getting started. I offer entrepreneurs tips to master crowdfunding, share my proven crowdfunding strategies, and even offer tips on some of the best products to crowdfund.
What do you look for when deciding which entrepreneurs to partner with?
Lauchlan: As the Crowdfund King, I help people become rich thanks to crowdfunding. Interested entrepreneurs can apply to work with me. I look for people who understand just how crucial crowdfunding is to launching an idea. I really understand why entrepreneurs desire financial freedom, and I want to work with them to help them achieve it.