How I cracked the equity CrowdFunding code with @BankToTheFuture
Here is what Simon said “MRC’s delivers quality and unique drinks and social experiences to the small town of Thurso. We have leased our first premises in a former popular bar in the town and focus strongly on staff training in order to deliver the best possible experience to all our customers at all times.”
Why did you choose Equity CrowdFunding to raise finance for your business?
I struggled to secure funding through traditional banking methods and given the strong community we have in the local area it seemed like the ideal method to secure funding and raise the profile of a new company in the county.
Why did you choose BankToTheFuture.com?
After looking at several crowdfunding sites, BankToTheFuture.com had the strongest existing pitches with a very strong message about what it wants to achieve and how it will support the entrepreneurs throughout the process, whereas others seemed to just provide the platform to pitch.
How did the incubation process help you secure your funding?
In 2 ways: 1) it helped me to develop a strong business plan and strategy for implementing it to ensure the business was sound before pitching
And 2) it made me realise how powerful the crowd can be in driving support and how, as an entrepreneur, I can utilise the online platform and digital media to capture an audience that honestly, I did not even realise existed.
How did you find investors for your pitch?
Social media played a big part in securing investors, but as well as building an online profile and promoting through online channels, I approached the local media, who ran several articles in local editions as well as business publications reaching a wider audience. I got out to the street to distribute information and speak with the public to raise awareness and answer questions regarding the investment or crowdfunding in general.
As well as all this I utilised the premises to host open days and invite the public to come in and see firsthand how the business runs and ask any questions.
What has happened to your business as a result of using CrowdFunding?
Aside from the obvious financial benefits, the profile of the business has been raised, to a level I could not have predicted. The whole town seems to be talking about our new business and how it will be an important part of the community’s social life. It has made people aware that we are here and intrigued to find out more, driving customers through the door!
How do you think this Equity CrowdFunding compares to other forms of funding?
It is by no means simple, but is very rewarding as you get a live update on how the community and potential customers rate your company and how interested they are in supporting and even visiting your business to buy products or services from it. Other forms may deliver results quicker, however a bank loan will not make the paper headlines!
What would you say to others considering Equity CrowdFunding?
It is not for everybody, however if you have a passion for your product, idea or business then with a lot of hard work (it is not easy!) then it can be the best thing to happen to your business. I would advise anyone with a business in need of finance to contact BankToTheFuture.com and see how they can help you make your funding a reality.
Any closing remarks…
Despite a ridiculous number of late nights, early mornings and long walks about the town, I would, and am, considering the next round of investment when the business is ready to grow. Without the support of Simon Dixon, Jal Islam, Adrian Collier and all at BankToTheFuture.com this would not have been possible. A big thank you to all you guys and of course a massive thank you to all who supported MRC’s. Keep watching, things are only going to get bigger and better from here!