Lance McNeill Coaching you along your entrepreneurial journey

When Lizz walked into my office in the fall of 2012, with her business plan in hand, I could tell she was a bit apprehensive about our meeting. She hadn’t shared her idea with anyone outside her circle of close friends and family, but she was ready to take that difficult step of moving an idea from concept to prototype. When she handed me her business plan, I read the title on the cover page “Gypsy Heart Wandering Photo Booths”. I thumbed through the plan until I came across a blueprint drawing of what appeared to be a photo booth attached to the back of a bicycle. I looked over the detailed drawings as she explained her business model, “Gypsy Heart Wandering Photo Booths is a fun mobile photo booth that can be easily transported around Austin’s downtown hotspots and year-round festivals”. Lizz was already a full-time self-employed photographer and this was an opportunity to expand and differentiate her business. Lizz looked up at me, half expecting me to scoff at the quirky idea. I hadn’t seen anything like it before, but growing up in Austin, I understood how this weird local business could work and make money. “So,” I asked, “how much is it going to cost to build a first iteration of this Wandering Photo Booth?” “About $6,000,” she said. For various reasons, Lizz wasn’t an ideal candidate for a loan, and as I began to list off the barriers she would have to overcome to qualify for a loan, she politely interrupted me, “I’m actually interested in crowdfunding. Can you help me with that?” In 2012 crowdfunding was just starting to build buzz. I was familiar with the concept, but didn’t know anything about the mechanics. I told Lizz I’d be happy to help in any way I could, but that we’d be learning together about how to launch and manage a successful crowdfunding campaign. We started by piecing together a rough campaign plan and after a couple of weeks launched on Indiegogo, the second largest perks and rewards-based crowdfunding platform. In just over 30 days, Lizz was able to raise the $6,400 she needed to build the Wandering Photo Booth. Crowdfunding allowed Lizz to take a novel idea and test its validity with early adopters and loyal supporters. The campaign also helped create enough buzz for her to sustain much needed momentum throughout her first several months of operating. I’d love to tell you that Gypsy Heart Photo Booths was successful and scaled beyond Austin, but that’s not the case. Businesses that successfully crowdfund still have a long startup journey in front of them; not all will make it. Yet, without crowdfunding, Lizz might not have otherwise had the funds and encouragement to try something new in the first place. For that reason, crowdfunding can become part of the resilient entrepreneur’s toolkit. Lizz’s successful crowdfunding campaign inspired me to learn as much as I could about this emerging financial frontier. It offered an opportunity for entrepreneurs to access seed and expansion funding when they might otherwise be denied and rejected. I’ve worked with dozens of entrepreneurs since then, consulting them on the best practices to fundraise successfully through crowdfunding. I’m also an active investor and contribute to crowdfunding campaign every month. I want to show you how you can use crowdfunding to fund your startup or expansion needs.