If you’re new to cryptocurrency and launching your very first ICO, the following list of mistakes will put a serious damper on your chances of success. Don’t let these common mistakes happen to you! These dumb mistakes can be deadly for your business like britishminers com legit if they are not avoided, but many new crypto businesses do commit them all in one form or another.
The 10 Dumb Mistakes That’ll Tank Your Cryptocurrency Business:
1. Not studying your competition
In the cryptocurrency world, there are a lot of startups and combinations on what makes an ICO successful. But one thing remains constant, it’s always a good idea to look over your competition and see what they are doing to succeed. It is important to not only look at how they advertise the product but how they do their marketing as well.
2. Having a name that is hard to pronounce
Not only will this make your name difficult for investors and others to remember, but it can also be an issue with trademarking. Before launching a project or website, it’s important that you do some research with both the U.S. and international trademarking agencies. This will help you determine if your name is eligible to be trademarked. And while you’re at it, don’t forget to apply for your trademark on the USPTO’s website . It’s free and takes less than an hour to do so.
3. Spending too much money on marketing
Marketing costs can be a major expense when launching a new business, but it can also be the difference between making a profit or losing out on everything you’ve worked for. There are many small businesses that spend too much money on marketing when they don’t have the funds to do so and wind up in the red. One of the most important things you can do is to keep your marketing budget in check as much as possible.
4. Failing to offer payment options
Businesses that don’t offer payment options will find it difficult to attract investors or customers. You should make sure your website accepts at least one of the following forms of payment: credit card, PayPal, cash, or bank wire transfer. This will give you a higher chance of acquiring more sales and profits for your company.
5. Failing to create a strong social media presence
This is something that all startups should consider doing, but not many do. Having a strong social media presence can help your business get noticed by potential investors, customers, and what’s more important, search engines. Social media websites like Twitter and Facebook provide you with a platform for building a following of people who will potentially refer to you in the future. Also, be sure to use all of your social media platforms correctly. Remember, one platform is not enough if you want to reach your audience at the widest range of possible ends – all together in one place.
6. Not doing any kind of research before launching your ICO
Having a strong marketing campaign isn’t good enough if you don’t have the product to support it. You need to make sure that your idea is sound and has the potential to be profitable, otherwise, you’ll set yourself and your company up for failure. It’s important that you conduct some research into the viability of your business or idea before making any public announcements about it. There are several paid services on the internet that will analyze your idea for you without having to spend a lot of time on it yourself.
7. Not having a legal team to help you with documentation
You may think that it’s easy to be quick in securing your business documents and won’t need any extra assistance, but this is simply not true. Some of the more common mistakes that businesses make when opening an ICO are failing to secure trademarking and copyright protection, not properly documenting how they plan on using funds raised during the ICO, and paying with crypto, which is more easily converted into fiat currency. It’s important you take the time to get your business perfectly documented if your goal is to launch a successful ICO.
8. Launching an ICO with a vague idea
You need to make sure that you have thought out exactly how you plan on spending the money raised by your ICO. You cannot just simply say, “We will use the money for this and that.” Investors want to know exactly how their investment is going to be put to good use before they choose to invest in your business or organization. The easiest way for them to do so is by having everything documented in detail. You should also consider making a digital spreadsheet or something similar containing all of your project’s financial information so investors can see what you’re working with each step of the way.
9. Failing to set a hard cap on funds raised
Setting a hard cap will prevent your ICO from losing too much money if it doesn’t do as well as intended. If you don’t set a hard cap on the amount of money you’re willing to raise, then it’s possible that you’ll lose everything. You should start off with a smaller amount such as $1 million USD and work your way up from there. Setting your ICO’s starting price for a few cents or less also helps get more people to invest in your project early on instead of waiting for the price to skyrocket.
10. Failing to keep track of funds raised
This is one mistake that most startups make, especially in the cryptocurrency world. You should create a spreadsheet detailing all of the money you’ve raised on your ICO and be sure to update it whenever new investments are made. This will show investors where the money is going and prevent them from becoming concerned about where their money is going.
If you’re serious about launching a successful ICO, then you need to put in the time and effort to do things right. Make sure that your business is properly documented, accept various types of payment, have a strong social media presence, pay attention to marketing costs, and don’t be afraid to ask for help when necessary. Also, it’s important that you determine your hard cap before starting your ICO since it will show potential investors that you have a plan for their money and will also prevent yourself from losing everything if the project’s ICO fails.
Congratulations! If you’ve read this far then you should have no problem with launching an ICO for your business or organization.