Many small business owners aspire to market their ideas or reach more potential clients, but many just do not possess the expertise to raise funds to finance their ideas without taking out loans, especially in the startup phase. Dr. Letitia Wright, a television personality, talk show host, and producer who founded Wright Place Studios is also regarded as a Top 100 Crowdfunding Expert in the United States. The Southern Californian transitioned from being a Doctor of Chiropractic Care, and having a practice, to launching Wright Place TV in 2000.
Dr. Wright is a highly regarded businesswoman who has become a resource for entrepreneurs. She has learned how to pivot to achieve success.
“At the time I started my TV show, my practice was struggling. Although I was a good doctor, I had not learned the ins and outs of business to create a successful, viable practice. I wanted to interview and get into proximity with experts and found that a television show was an incredible way to learn from experts and ask your most pressing questions,” said Dr. Wright.
Her show has transitioned to ROKU; Amazon Fire TV; and Apple TV in more recent years.
Crowdfunding has become a resource that allows companies and individuals to raise funds. Dr. Wright’s additional passion includes helping business owners, entrepreneurs, and nonprofits with crowdfunding work. She became a crowdfunding expert in 2010.
Dr. Wright mentioned that crowdfunding works for every category and industry when it is done well and effectively. A campaign must be put together in a seamless manner.
“Misinformation has been spread about crowdfunding, like all things, and some people think it is easy and quick. For a successful campaign, it’s very important to take the proper time to plan it and truly have an idea of how you want things to go,” said Dr. Wright.
She explained that many factors determine the success of a crowdfunding campaign.
“The first of those is mindset; it’s important to understand that your supporters are investors. They believe in your message and mission so much that they wanted to be a part of making it happen,” Dr. Wright noted.
She stated that people who start crowdfunding campaigns should consider if they have a tribe to bring to their crowdfunding page. They should also assess if a budget exists to bring it to market and ask themselves if they have a high-quality video to use for the campaign.
“Be honest with yourself and realistic when answering these questions [while] understanding what assets you have at your disposal as well as what areas might need some additional work,” Dr. Wright said.
She shared that crowdfunding users should choose a platform that he or she feels is user-friendly, easy-to-navigate and ethical. According to Dr. Wright, when it comes to business crowdfunding, crowdfunders have investors and customers, not donors.
“It’s such a crucial distinction to make when you are entering the realm of business crowdfunding [which is dramatically different than personal]. When people are choosing to invest in your business, they believe in the product, service, or expansion you are bringing to fruition. This may or may not be people you know, but [it] will always be investors/customers.”
She further advised that people should consider how long to keep a campaign active for pre-sale crowdfunding. This method could help with a product launch when raising capital to fulfill a product is needed.
Dr. Wright added, “This is enough time to state your case and create a significant brand presence without overwhelming people or prolonging the efforts. The 60–90-day span is also the best amount of time for the person running it. If you run a campaign too long, you run the risk of burning yourself out.”
She also stated that a clear, strong and easy to complete call to action is the most important part of any crowdfunding campaign because the whole purpose is to raise money for your project. Do not forget to thank investors and donors who contributed to your crowdfunding campaign.
“Gratitude goes a long way in crowdfunding. All of us like to feel valued, so make sure to take the time to value those who have invested in you and supported you,” said Dr. Wright.
The crowdfunding expert shared that she has a list of 150 platforms and their uses. Dr. Wright recommends them to people as a giveaway and resource. Email drletitia@wrightplacetv.com if you would like her to provide the list. Visit https://www.wrightplacetv.com and https://www.wrightplacestudios.com to learn more about Dr. Wright’s endeavors.
