Mojibank is built for almost any type of startup and works better for some than others. For instance, a campaign about a restaurant would be easier to create, sell coupons and find interested customers as opposed to an airline. Despite the ease of launching a restaurant campaign, there are steps every entrepreneur can take when creating a campaign that would increase the chances of success.
Every Mojibank Campaign should have the following:
• Before starting the campaign make sure to create a budget of how much would be needed to launch or grow the business project
• Create a project action plan to be able to launch the business / project as soon as your campaign reaches its goal and customers can redeem their coupons
• Add a great campaign image that would attract customers and make them interested in your product or service
• Take time to create the coupons that your campaign customers will receive when the campaign is completed, you have to strike a balance of being incredible attractive customers while ensuring the coupons don’t run at a loss
• Tell your friends and family about the campaign before you launch the campaign, start promoting the campaign through word of mouth
• Launch your campaign and encourage feedback
There are other important things that could make your campaign hot. Let’s go through these, one by one. We’ll get started with your project page — where you’ll tell people your story.
Tell your Story
Imagine explaining your business to a friend. What would you say? What might they ask you? And how would you show them you’re serious, prepared, and capable of doing a great job? Your campaign page is your chance to tell people that story: who you are, what your business value, and why they should become customers.
Wondering how to get started? Looking through successful campaigns in your category is another good way to see what kinds of information customers will expect.
If your campaign is simple and straightforward, then maybe your campaign page can be, too. If you’re doing something more complex, share details to demonstrate that you know what you’re doing. Either way, there are some basic questions you should answer:
• Who are you?
Introduce yourself, your team, and any similar work you’ve done (show some examples!).
• What is your business?
The more details, the better. Sketches, samples, prototypes — it all helps backers get as excited as you are.
• Where did this business idea come from?
Tell people how you got the idea, and how much you’ve accomplished so far. Sharing the business history (even if it is still in the idea stage) helps others understand the kind of work you do, and how you go about it.
• What’s your plan, and what’s your schedule?
Lay out a clear, specific timeline for what backers can expect.
• What’s your budget?
A simple breakdown lets people know you’ve thought things through and have a workable plan, so they can trust you to use funds wisely.
• Why do you care?
Tell people why you’re passionate about your project and committed to making it happen.
A lot of your story can be conveyed with words, but there’s more to a good campaign page than text. Images are a huge help for bringing people inside your story. Check out the tips below for more on what we think makes a standout campaign.
• Choose a great campaign image.
Remember: it’s the first part of your campaign people will see — you’ll want to make a good first impression.
Creating Valuable Coupons
Why do people back campaigns? To start, they want to support what you’re doing. But they also want to feel like they’re getting something in return — and coupons let them share in your business enterprise.
Some coupons are simple. If you’re creating a restaurant, for example, you offer discounts on your food prices. Other coupons — like mobile apps — would require a little more creativity.
• What should you offer?
You know better than anyone what your community wants. Think of things that would get you to back a campaign. Offer multiple deals for different budgets, from small amounts of $100 up to $100,000. Consider custom work and chances to be a part of the process.
• What should you not offer?
There are a few things we prohibit, including offering financial returns like equity in your startup and reselling items from elsewhere.
• How to price.
Be fair. When people think about backing your business, they’re asking themselves whether your coupons are a good trade for what they’re contributing. The recommended amount to start with is $100 — it’s handy to offer something substantial around that level.
• Offer a range of coupons.
Some customers can spare $1,000, some $500, some $100. Every one of those customers counts. Make sure there’s something worthwhile at every level — even simple $100 coupons. You’ll need to produce and deliver every coupon, though, so think through each tier and make sure your budget works!
Once you’ve decided on your coupons, you’ll find plenty of tools and options that let you organize them so they fit your schedule and budget.
• Itemize or limit your coupons.
Our itemization tool allows you to give titles to your coupon tiers, clearly list out what you’re offering, and specify exact quantities / value.
• Estimated delivery dates.
These are your best guesses for when you expect to deliver coupons to customers. For each tier, choose a date you’re confident about hitting, and don’t be afraid to give yourself breathing room — it’s definitely better to underpromise and overdeliver. For complex buinesses, it can be useful to stagger the estimated delivery dates for different reward tiers, sending out coupons in batches over a period of time.
• Shipping & Delivery.
As you add each coupon, you’ll be able to specify whether the item involves shipping, which locations you can ship to, and the shipping costs. (You can get very specific, if you need to.) Shipping costs can sneak up on you, so make sure you have them covered — the costs you set will be added to customer’s bills as they check out, and count toward your goal.
Remember: once your campaign is live, you can make adjustments at any time — but once someone has purchased from a coupon tier, you can’t change it anymore.
Mojibank uses a keep-it-all funding model. This means that every coupon purchased would need to be delivered irrelevant of the campaign success. Every entrepreneur needs to be prepared for this responsibility! Keep-it-all creates an opportunity for entrepreneurs to ensure that the time spent creating and promoting their campaigns would guarantee results.
Your funding goal should be the minimum amount you need to make what you promised and fulfill all coupons. The first step to setting that goal is figuring out a budget.
• Make a list.
Write down every possible expense — even less obvious ones, like shipping tape and bubble wrap. For larger expenses, research the best price. Total everything up. It’s okay if the number is bigger than expected: even if your business feels simple, it’s best to make sure every step is accounted for.
• Consider your reach.
Mojibank is a great way to share your business with new people. Still, most of your support will come from your core networks, and the people most familiar with your business. Consider the audiences you can tap into, from friends and fans to online communities, and make a conservative estimate of how many customers you can realistically bring in.
• Give yourself a cushion.
If your campaign is successfully funded, Mojibank applies a 8% fee; there are no also additional fees for our payment processors. Every project’s tax situation is different, but that may affect your needs as well. More than anything, you’ll want a little padding in case of unexpected costs or emergencies.
• Set a deadline.
Your funding period can last anywhere from 30 to 365 days. Shorter periods set a tone of confidence, help motivate people to become customers, and let you make a planned, concerted push to spread the word.
• And if your campaign suddenly explodes?
Unexpected popularity can be a nice problem to have. But when you designed a budget to make 100 of something, it’s tricky to suddenly have 10,000 customers! If you feel like you’ve hit your limit, you can always cap your coupons. You can also stagger release dates — cap the original coupons at a number you can handle, then add more with a later delivery date, so you don’t have to do everything at once. Let customers know in advance that the demand might affect your schedule.