What Happens When You Can’t Deliver Your Kickstarter Project to Backers?

Introducing our new podcast, Problem Solvers with Jason Feifer, which features business owners and CEOs who went through a crippling business problem and came out the other side happy, wealthy, and growing. Feifer, Entrepreneur’s editor in chief, spotlights these stories so other business can avoid the same hardships. 

A successful Kickstarter campaign is exciting, but it can also be a curse. New entrepreneurs routinely miscalculate how much money they need to fulfil orders and get drowned in unexpected costs. How can someone survive that?

Ryan Lupberger has faced exactly this problem. He raised $10,585 on Kickstarter for Cleancult, his “non-toxic laundry detergent.” Then he learned that manufacturing alone would cost double what he anticipated. To fulfil all his orders, he’d lose more money than he’d earned — a recipe for going broke.

So what did he do?

First, he looked at the positives. “We lost a fair amount of money,” he says, “but it was essentially, like, okay, we know that there is a market validation. My customers like the formulation.”

Kickstarter may have cost him money, but it also proved that he’s onto something. Now he just had to figure out how to get his costs down — and he did. However, it took him to very unexpected places and required a major life change.

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ProsperWorks knows what everyone in sales knows: CRMs are really tedious. “Somewhere along the way,” its website says, “CRM got really hard to use.” And that’s why ProsperWorks has built a CRM that’s the opposite. By integrating with tools you’re already using and eliminating repetitive tasks with automation, ProsperWorks is beautiful, easy to use and drives productivity to help you and your team sell more, faster.

Source by: Entrepreneur

https://www.entrepreneur.com/article/305312

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