CrowdFund Newbie
Michael and the Toughbook
Michael is a small contractor. He primarily does residential projects like remodeling bathrooms, kitchens, and general repairs. He has a couple of guys he calls on to help him, as needed. He is building a good reputation for quality work and timely completion. Cash flow is still tight, but business is good.
Michael’s wife helps him with the billing, bookkeeping, paperwork, and administrative duties of his business in the evenings when he gets home. The problem is that he needs to get more of the invoicing and paperwork done during the day. Michael and his wife think that Michael needs one of those durable, workhorse-type of laptops to take with him during the day.
He searches and finds a Toughbook 19 laptop online, but it costs $700. $700 is just not in the budget right now. During his monthly telephone conference with his business lawyer, Michael updates him about the dilemma.
Michael’s lawyer knows that Michael has a good reputation and a strong network of family, friends, and general contacts. His lawyer suggests that Michael consider doing a crowdfunding campaign to raise the funds for the Toughbook 19 laptop. Crowdfunding is a way for Michael to raise money to purchase the laptop by asking his network to donate money to support his goal. The two of them set up an appointment for Michael to come in for a detailed discussion and planning session.
Following the advice and counsel of his lawyer, Michael developed a successful crowdfunding campaign and raised the money he needed to purchase the Toughbook 19 laptop. His business continues to grow.
For more information on Crowdfunding, contact The Ohio Business Development Center at OhioBusinessDevelomentCenter.com
