A Record-Breaking Beehive Business Idea

 

If you have not heard of Crowdfunding yet, you will understand a little more at the end of this post. For a father and son team from Byron Bay, Australia, who had a revolutionary beehive concept, crowdfunding has turned out to be a far more lucrative path than they had planned. You see, in less than 10 minutes they had raised their target goal of $70,000 and, as of the time of this post, they have raised over 11 million dollars, with 3 days left! Yes, you can still contribute if you want to get in on the action.

So what is Crowdfunding? Here is list of key points that you need to know:

  • Create a Campaign – When you have a project that requires some money to get started, or you need to raise funds to bring something to market, a new option is to “crowdfund” your project. You create a profile and video that describes the project, and the “why” behind the project, and post it to one of many crowdfunding platforms. People who are interested in what you are doing will donate to your campaign.
  • Create Rewards for Donations – When you create your campaign you will also need to create some rewards for those that would like to contribute. Many people have several levels of contribution for an increasing value of reward. In the example of a record-breaking beehive business idea, the owners created several contribution levels containing rewards of information at the low and all the way up to a complete beehive with their revolutionary concept. (can you imagine opening a tap and getting honey out of your hive?!!)
  • Create a Marketing Video – The key to success seems to be in getting people to love your idea. In most cases, a video is required to make this happen. In this example, beekeeping is growing in popularity, but everyone knows it is a long and messy process to actually get honey out of the hive. The owners produced a video that created excitement about their new design and showed how it can literally put honey on tap. They built credibility by providing testimonials from professionals, experts and long-time hobbyists. They made it easy for people to want their product.
  • Create Your Product – The Crowdfunding Platform takes a percentage of the proceeds, but the rest is yours to use. This is not a loan campaign but a rewards-based campaign. Your contributors want to see you succeed and they are willing to fund your idea while only receiving one of your rewards in return. Your product may not even be built yet, so this is a commitment that you are making to your contributors.

Crowdfunding provides an answer to the question of how to raise money for your dream. I love it because it also solves the problem of borrowing money. I am not a fan of going into debt to fund your project. This solution avoids that trap by forcing you to bring your product to market virtually first and then build support. It’s a wonderful “grassroots” process.

While you may not have a record-breaking beehive business idea like this example, you may have an idea that people would love to support. I encourage you to check out all of the crowdfunding possibilities that are out there. The big ones are indiegogo.com and kickstarter.com, but there are many others. Learn exactly what it will take to create a campaign and get started on yours. Take some time and read through the campaigns that are currently in process. You will be inspired.

Leave a comment below. If you have an idea, I would love to hear about it. Take a moment to like me on Facebook and Twitter. Thanks for reading!

About The Author

Duane Rockensock

Duane (Rocky) Rockensock is a husband, a dad, and the National Reconditioning Manager for AmeriGas Propane. Since he was a teenager, Duane has loved hearing the stories of how people have started creative businesses or found ways to use their talents to accomplish amazing things. For that reason he started this blog to encourage teens and adults to find their purpose and to provide the tools and resources to make that happen!