So, you already what an Initial Coin Offering (ICO) is or you wouldn’t be here. Well, at least we hope to have had the prudence to do so. If not, you may want to drop by our guide section and familiarize yourself with some of the basic concepts the crypto world has to offer, including ICOs.
Now, let us have a look at what it means to start your very own and first ICO.
- Why and when should you start an ICO?
ICO is similar to an Initial Public Offering, only it benefits the issuer greatly as it ties him down to almost no responsibility. If you are looking for a quick killing, you still may want to reconsider. After all regulators are becoming better at tracking dodgy dealings in the nether of cryptocurrencies, and you may regret any tomfoolery in the future.
Short of that, if you think your business will benefit from the monetary jab that cryptocurrencies can offer, then you are all set for a very bright future indeed.
Seeing how an ICO can help your business take off is all you need to actually succeed. Well, almost.
- Gearing yourself up!
If you are decided on ICO as your way of funding your business, you may want to ask yourself, again, why you are doing it. Do you stand to benefit from the extra no-strings-attached way of financing your operations?
It is true that you could potentially walk away with a lot of benefits, but organizing an ICO will eat your effort and you might miss an auspicious opportunity to advertise your business more considerately.
We suggest that you hire a blockchain or/and ICO specialist who can analyze your idea and offer insight. If they think that an ICO is an unnecessary hassle with little return value, you might be better off seeking sponsors instead.
- I am set, what do I need?
If, after all these considerations you have decided to push ahead with your mulled ICO, it is time to do the next big and admittedly logical thing. Prepare the white paper of your plan. Basically, a white paper tells investors what your organization is all about and most importantly – how you are going to obtain your goals.
It is a crucial moment in any stage of funding and it is definitely well worth looking into. It is, as it is, your main sales pitch and you honestly should consider it. Basically, you will want to make readers buy what you have to sell.
- Advertise Properly
If you are running a minor operation, it is unlikely that you will be picked by any of the mainstream advertisers out there. But networking is still a mandatory and essential part of making your ICO succeed. Make sure that you are reaching out on social media and meeting people in person.
It could be helpful to consider your marketing strategies with an expert. Sales pitches from professional writers and analysts usually work and generate interest.
In addition, you may want to focus on creating content. Out there, there are hundreds of bloggers, writers, and video creators who specialize on popularizing brands. Any business would benefit from one such development.
If you are just getting into your stride, it may be wiser to outsource the marketing end of markets to a better seasoned individual who has been through most of this already.
- Use social media and use it well
Generating interest in your ICO is no easy task, we will be the first to admit. But the answers you need to answer are already out there. Use popular forums such as Quora and Reddit to ensure that you have a better grasp of what people are currently looking for.
Try to create leads that actually answer these questions so that people may see yourself not just a hack who wants to bag a quick buck, but rather a helpful and insightful business that wants to acquire additional funding to serve a specific market in which people are already showing interest.
- The customer is king
ICO can be successful, then again it be a flop. Coincomparator believes that in order to make it work, you will need a working business plan. A de facto of-value service that you can present to the broader public.
If you are into it to make a quick cash, ICO is not your friend. But then again no funding method really is. Think of how to solve your customers’ problems and to cater to their demands. Only then you stand to benefit in full.
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