Hi! It’s Elyse from Synoply, your synopsis of everything to do with video. Welcome back to my Kickstarter series. I realized today for some reason that I have not actually told you guys why I’m doing a Kickstarter. I think everything just happened so fast with me coming up with the idea and then getting straight into prototyping that I forgot to actually stop for a second and be like “hey, this is why I’m doing Kickstarter” and I feel like I need to do a video about this because something that may surprise you is that I’m not doing Kickstarter to make a lot of money.
I don’t know if this is just my personal opinion—I’d love to know what you think—but personally I think the chances of making money on Kickstarter are really, really slim. I think if you actually measured the most successful campaigns or pretty much any campaign, I think you pretty much get what you put in. I feel like the campaigns that get over a million dollars probably have a team of people who work on products, you know, prototyping and all of that sort of stuff in the lead up. I’m sure that there’s rare unicorns who you know come up with amazing viral ideas and they go hugely successful, but to be honest, I think that that’s the minority’s.
If I’m not on Kickstarter to make money, why am I doing it? I think any business in the start-up phase needs to really focus on building their community or building their audience of interested people who align with their mission and values and then you work out what to sell them later on. My mission is to help people create and share video. All I really care about right now is finding a community of people who are interested in that and then I want to try and create products, services, all sorts of different things that relate to that community and who are going to find it valuable.
For me, this Kickstarter is sort of just step one combined with step two. Step one for me is building the audience. I think Kickstarter is actually a great way to sort of get my brand out there and find people who are interested in video.
Step two, it’s also like producing a product to sell to them. The great thing about doing this whole process is actually really great content, which also brings me back to my first point of building an audience. For me by doing this product on Kickstarter, it sort of builds a little bit more hype but gives me a deadline as opposed to if I was just doing it on my own website. I don’t think this story would be as good.
One of the key things about creating good video content is having a really good story. I feel like it all ties into having a story to tell to the audience that I’m trying to capture and then having a product to sell them, sort of get them to be familiar with my brand, and then hopefully as I go on, create more products and more services and that’s when I can start to think about making profit.
Now the reason I picked a product to start with is it’s because it’s something I’m very comfortable with.
For the last nine years, I’ve run my other company, Exodus Wear, which is all about manufacturing custom jackets. I have a lot of experience manufacturing in China. I wanted to take the existing knowledge essentially like the nine years that I have already gathered from running my first company and utilize it to I guess kick this one off the ground and get it to that point quicker.
When it comes to running a product based business, I know firsthand the struggles of holding stock. Now I’m extremely fortunate that Exodus Wear is all custom-made jackets, but we did have a stint where we launched a retail line of jackets and we held our own stock and I learned firsthand the nightmare that having a business where you’re holding product in stock can give you if you don’t order the right colors, sizes, trends change. There’s just so much that can go wrong.
So for me, I always felt that I launch another product, I would spend more time proving that my concept actually worked. Instead of just having a few people go oh yeah, that’s cool, maybe I’d buy it, I want to actually check if it’s true. Kickstarter is an amazing way to do that because you can say to people hey, if you believe in my concept, pledge and I’ll get it made as opposed to just saying oh yeah, it’s a great idea, but not actually putting their money behind it.
Then, of course, the other amazing thing is that you don’t have to hold stock. Now if this product come successful and I want to continue holding it or having it available to sell, then obviously I’m going to have to put into stock, but I am realistic in that I know it’s a product that could be copied, I can’t paint into it. I have a small window of opportunity to sort of get the product out there. So for me, if I have a small window, I’d rather do that on Kickstarter, do it as big as possible and then if someone copies me, I sort of had my opportunity to build my brands, build loyal customers who will hopefully come to me rather than other companies in the future.
The third and final reason why I’m doing Kickstarter is because I actually love to find a strategic product partner. I figure I’m just going to put it out there. I would love to find a partner who would essentially be the company that we work with strategically to produce all of our products. I know that I actually already have another idea for another Kickstarter product and I know that there’s probably going to be other products that as I’m going along and testing, I’d be like I wish I could just manufacture this product.
I know I can either build a team, do it all myself or I can find a partner who can work with me and do it. To be honest, I think I’d rather find a partner. For me, I kind of am using this as an opportunity to prove that I am knowledgeable about what people want in terms of filming accessories, proving that people are happy to buy our brand and then maybe who knows someone may come my way and we can work together on manufacturing products.
I hope that explains for you why I’m doing this Kickstarter project. If you like this video please give it a thumbs up so that I know to make more videos a lot of these topics. If you want to keep up with the Kickstarter series please subscribe so you get notified when the next video is coming out. If you’re catching up, you can always have a look at my playlist which I will link here for you. I hope to see in my next video.