Gary Usher is the chef and restaurateur behind the award-winning restaurant group that includes Hispi in Didsbury. He has just opened city-centre restaurant Kala, after a record-breaking crowdfunding campaign that saw customers pledge more than £100,000 in 11 hours. Here, he tells us how.
I got into crowdfunding in 2013 when the banks turned me down for a loan to open a second restaurant. This was despite the fact that my first, Sticky Walnut, was doing really well. A friend suggested crowdfunding as an alternative and I haven’t looked back since.
About once every three months I get a new troll on social media replying to a post about something completely irrelevant to crowdfunding, e.g. "Are you going to pay for that yourself?". That is the only negative to about 1,000 positives to crowdfunding, so if you can deal with that then you can deal with crowdfunding.
If you are considering crowdfunding to launch your business, there are definitely a few things you should be aware of. For non-investment (e.g. Kickstarter) crowdfunding, a social media presence is vital to your success. Your online interaction is going to be key because people won't necessarily be buying a product. They'll be buying into you and your idea. They need to know that you're honest, they need to know your plans, that you're real and fallible. That you make mistakes - because we all do, don't we?
Next stop is your campaign video. It needs to be sharp and snappy. People lose interest after 90 seconds so that's the short time frame within which you have to show passion, energy, excitement, courage, humility - and a touch of fear. This means everything to you - right?
People on the hunt for free Deliveroo burgers got lost in an office block following a fire drill
Inside King Street's smart new bistro Kala - from the chef behind Didsbury's Hispi
The build-up. Don't just throw your project up online and expect people to get involved. You need to actively promote it for at least eight weeks on social media discussing the pledges, rewards and answering questions. You need to generate a story and get everyone excited and involved.
So... you've got to know people, you've got a project, you've got a great video. You're ready to launch your venture. Remember, this is a business. It's not a charity fundraiser (with no disrespect to charity fundraisers). Crowdfunding is great at bringing a community of people together. This is my take on the business side of crowdfunding and how to achieve your aims.
Good luck!
Inside King Street's smart new bistro Kala - from the chef behind Didsbury's Hispi
