Getting into this kind of business is a bit expensive, on average you need about $60,000 to lunch a single project. Keep in mind the starting capital varies depending on the intensity of the project and the goals to be met. In 2017, this market witnessed a large number of people investing or even running ICOs. It requires a lot of time just to make the first public announcement, roughly seven months. This period is known as the Pre-public engagement phase. After you have made your launch successful, you are required to keep the masses’ attention for you to make good sales. Below are ways to start an ICO.
Generate an idea after intense thinking.
A good idea is considered the one that provides solutions to the market and clients. Whatever you come up with, make sure it better than what your competitors are offering. For you to have a successful project, you should know your audience and what they lack and why investors should get involved with your ICO and what they will gain. If your project is being funded via an ICO campaign, you need to figure out how it will increase value. The first thing you opt to do is find a cryptocurrency that is strong like Bitcoin.
Have a good knowledge of the market.
When it comes to investments, you should know you are competing against everyone and not necessarily the companies offering the same services as you. Make sure your project is unique hence attracting investors. You can do this by checking the ICO LIST on the internet. This will give you an idea of the market.
Find out if Initial Coin Offerings are legal in your country.
Due to the rising cases of scams, companies shut down and some running away with the funds, many countries are regulating ICO on a very high level. In the US, one is required to provide the Internal Revenue Service (IRS) with legit documents for proof of income and wealth. China and South Korea are the only countries that have banned ISOs.
You should consider hiring a lawyer that is familiar with the cryptocurrency world to help you stay within the set regulations and keep you updated to any changes made in the field. Also, be careful, your project should never show any fishy business; this might discourage investors.
Building an ICO token.
This an essential aspect in this field. You will need to hire a large number of professional from developers to blockchain experts, legal team, and investors to fund the development of the ICO. At this stage, you should have a clear map of how you will distribute the token. Also, have a strict idea on how many tokens will be generated and how many will be split among your staff. Make sure your ICO is based on a good block chain like Ethereum.
Draft a white paper.
In a simpler language, a white paper is a document that helps users understand the presented project and how it works. You must write everything about the project from the prices, token distribution policies, legal matters, and any other thing involved.
Officially launch a website.
After all the above steps, it’s time to provide a platform for investors to access the project and view the team involved. Here you must display every bit of information clearly. At the team section on the site, you should include each member’s photo their names and the position they hold. You can put down a short biography.
Lastly, to attract investors, you should clearly outline goals, road map, and if possible you should display the time-frames. At any given time, your website should never have downtime or crash. You can avoid this by having an excellent hosting platform.