You are reading this article because most probably you are confused about the procedure and pre-requisites required to launch an ICO in order to make it successful.
Before we proceed, please note that the easy times are gone when Ripple or Ethereum conducted their ICO campaigns. The market is extremely volatile, suffering through unpredictable spells and is quite dense.
Please note that if you are planning to launch a successful ICO at this time, you need to spend about $40,000 to $60,000 in order to penetrate the dense niche and reach out to your customers effectively. But money is not the sole factor in this business. Let us have a look at a couple of other things that you must consider before registering your venture at HighBank for crowdfunding.
Evaluate your idea
Your idea will only be valued if it offers a rational use case to the community. Whether you introduce a backward idea or a ‘very’ futuristic one, if the market does not have your required customers, nobody is going to buy from you. It’s that simple. The very first step in this regard is to study the market and determine what already exists. Now based on this research, try to figure out the loopholes or blank spaces that you could fill in. What’s most important is to determine whether the prospects would be willing to pay for your services or not.
Plus, you also need to analyze carefully whether your use case requires a token or not. For instance, if you are helping poultry farm owners in tracking their chicken, there is no point in rolling out a new token in the market. But if you are launching a cryptocurrency and need crowdfunding, you do need a token.
Determine the competition
Always remember one thing – you are not just creating your market and representing yourself. In fact, you are going to ask people to invest in your venture through an ICO and hence, you stand for EVERYONE!
This crucial scenario demands you to be aware of all the ICOs being conducted at the same time as yours, their niche, their marketing strategies and everything that carries value. We are not asking you to steal the ideas. But if you want to win bags of money, then you must be doing at least what your competitors are doing.
Research whether ICOs are legal in your country/state
See, there is no doubt in the fact that cryptocurrencies do not follow the concept of boundaries and they are Globally accessible, but there is a little bit of technicality involved when it comes to ICOs.
Since a lot of ICOs just closed the venture and ran into their holes after raising funds, several countries and states implement strict rules regarding this form of fundraising and this is to ensure that the investors do not encounter a scam.
Therefore, if your region has particular legal demands that need to be fulfilled before or after the ICO phase, you need to be aware of it way before coming to HighBank. In the long run, it would save you from a potential hassle.
Create a token
If you have figured out that your venture really needs a token, it is time to move forward and do some planning. The very first step is to come up with a token distribution plan. Please note that depending on the venture, you could distribute the tokens in various steps and through different procedures.
Next, you need to make it clear in front of the public how you plan to distribute your tokens. Investors usually look for the division in terms of percentages. The total supply should be mentioned explicitly and if you plan to issue further tokens in the future, clearly identify the event or scenario for that.
Publish a whitepaper
Here comes yet another important factor. You need to reach out to potential investors and spread your word in the market. Typically, a whitepaper contains information for a techie as well as a newbie investor who has some basic knowledge of the blockchain industry. Please do not bother targeting the readers who are not related to blockchain as you might lose your real clients if the paper is lengthy. When users can’t find enough through Google or your website, they tend to read the whitepaper. Therefore, it should explain your project really well and outline everything related to it – do not focus on the number of words, but quality.
Get a website
This is a technological era and people are not going to find an ICO on a news channel or in a newspaper. Your website represents you and your brand. Therefore, it is crucial that you invest a reasonable amount of time and resources to make it responsive, full of useful content, appealing and of course, the users must be able to take some actions through your site so you cannot ignore the importance of compelling content with some call to action buttons.
Once all of the above-mentioned things are sorted out and you think that you are in a perfect position to launch the ICO, start marketing!
It is very important for you to be generous while marketing your ICO and spend the maximum resources. You need to hire community managers, advisors, content writers, SEO experts, YouTube marketers, social media marketers and many more.
One sentence – do not try to save here!
When everything is sorted out, it’s time to register your site at an ICO listing platform and start marketing. At HighBank, we even allow you the luxury of running automated marketing campaigns or you could choose from any of our 3 plans and our marketing teams will take on the task for you.
Please note that a lot of people do not pay attention to cashing the reputation of their team members. It is worth noticing that in this industry, team members serve as brands and half of the investors come after them. You don’t want to lose that opportunity.