Maple Farm recently started infusing their maple syrup with fruits and eventually, liquor. This resulted in an increase in the interest in their product. In the past, the company was only able to sell their products in farmer’s markets and shops in the northeast. The founder felt the need to increase the supply of their product and reach a much wider market. With a few days remaining to the launch of their website, the Maple Farm team made the decision to postpone the release by a month in an attempt to crowd fund their expansion through Kickstarter.
Kickstarter helps entrepreneurs raise funds for their creative projects, including films, music, food, and art, among others. An entrepreneur with a project or idea creates a profile and comes up with rewards to convince backers to support their project. If the project does not meet this goal, the entrepreneur does not receive any money. Kickstarter gets a percentage of the revenue from the projects that meet their funding goals.
It is a fact that starting a food-based business is very challenging. This is because the food products usually have a relatively low profit margin and require long hours. More than 90% of the businesses in this sector have been known to fail within the first year of their operations. Kickstarter could help such a business grow into a flourishing business through careful refining and modification until it becomes unique enough to capture the attention and interest of as many people as possible throughout the market divide. Creating a grocery business using this strategy will ensure that you are able to offer unique services and your business is unique.
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