How To Run A Successful ICO
With cryptocurrency fever extending far beyond the cryptocrowd, the time is now to consider getting involved. Whether you are considering buying one or more digital coins, or you have an idea for your own, 2018 is the year to pursue it.
Conceptualising, developing and then launching your own cryptocurrency doesn’t have to be as complicated as it might sound. If you have the inspiration, a plan, and the means to do so, then launching your own ICO is more than just a possibility.
What is an ICO?
ICO is the abbreviation of Initial Coin Offering and it refers to a fundraising mechanism which facilitates the development and deployment of new projects, platforms, and cryptocurrencies. The idea is that if a Contributor likes the idea of the project proposal, they contribute an existing cryptocurrency such as Bitcoin or Ether into it and receive a new crypto token in return. It is similar in concept to and Initial Public Offering (IPO) where individuals can purchase the shares of a new company.
The idea of an ICO is a relatively new one but it is seen as the best way to not just raise funds to launch a project, but to gauge interest and generate hype around it. There are no restrictions on who can participate in an ICO and if done correctly, they can generate astronomical amounts of capital.
Step-by-step: How to launch an ICO
1. Come up with a great idea.
First things first, you need to come up with an idea that will work. The success of the ICO depends entirely on the project you are proposing having a purpose and a goal, as well as being able to inspire others. Consider gaps in the market, and think about longevity of the service or function that your project will provide. You need to offer practical value to your Contributors, not just monetary.
2. Pick your team wisely
Launching an ICO requires a lot of work- it is not something you can do overnight, and it is certainly not something that you can do yourself. As an absolute minimum, you are going to need the services of around 5-10 people. These include ICO Lawyers designers, PR specialists, marketing managers, SMM specialists, software specialists, and advertising gurus. You need to make sure that your team is multi-talented, multi-lingual, and multi-purpose, and are prepared to put the work in to help you succeed.
3. Do your market research
Has someone else already had your idea? Has someone else tried and failed? Is someone doing something similar? These are just a few of the questions you need to know the answer to before you consider launching an ICO. Thorough and comprehensive competitor analysis is an integral part of your planning process, and failing to adequately identify competition can result in disaster. There is also a lot to be learned from your competitors in terms of advertising and promotion, so do the research, and soak up the information that you find.
4. Register a company
If you do not have a company associated with your planned ICO, then you are going to need to register one. Not only will it make your life easier when it comes to dealing with the authorities, but it also offers reassurance for potential Contributors that you are who you say you are, and will do what you say you will do.
5. Create a whitepaper
This is the single most important document that you will create during your ICO journey. The project whitepaper will list in detail every single aspect of the project from the idea itself, to market research, marketing, financing, and technical details. This document could potentially be read by thousands of possible Contributors, so ensuring it is as detailed as possible, as well as correct and well-presented is essential.
6. Promote your ICO effectively
You can have the best project idea in the world, but if people don’t know about it then you are doomed from the start. Effective marketing and advertising also helps build confidence and trust in your offering, when it comes to attracting Contributors. You need to hire a superb multi-lingual content writer, engage a PR guru, and identify all of the channels you want to use to promote your ICO. Articles, affiliates, forums, social media, and paid adverts should all be utilised to increase your brand visibility. You will need a dedicated website and make sure that you are aware of all the relevant online communities where you can share, and promote your ICO so it is seen by the right kind of people.
7. Consider your Contributors
At this point, you need to consider who your Contributors are, what they want, and exactly what you are going to offer them. Think about things like; what will blockchain tokens be based on? How many tokens will be issued? Will you use Escrow? Can citizens from any country invest? Are you going to implement a cap? These are just some of the things that Contributors will want to know. You thus need to think ahead and know the answers before you even consider launching.
8. Add your project to ICO listings
There are several prominent ICO listing sites that are must-do’s when it comes to advertising your project. These sites are frequented by exactly the sort of people that you want to target. This is is well worth it as well as being integral to your success.
9. Issue tokens
Once you have considered all of the previous points and have successfully planned, developed, and implemented them- it is time to issue your tokens. There are three options available to you; Either Ethereum based tokens, NEO Tokens or Waves platform tokens.
10. Launch the ICO
This is where the real fun begins. Be sure not to rush the planning process to ensure that everything runs smoothly on launch date. Also, be aware that you need to control and monitor the ICO campaign. This includes everything from social media conversations to the process of raising money. Engage in conversations with potential Contributors, respond quickly to any adverse PR, and above all- make sure everything is working as it should.
Launching an ICO could be one of the most exciting and lucrative business decisions that you could ever make. The key to your success is the meticulous planning that is required beforehand. Consider every eventuality, don’t skip any steps. Speak to us about how we can help you convert your dream and your idea, can evolve into a successful reality.
Contact us directly on +356 20103020 or by mail at [email protected] to find out more.