When it comes to launching your first ICO, you can’t afford to take any chances. Learn how to prepare your employees and marketing tactics and legal issues.
Initial Coin Offerings, or ICOs, are all the rage these days. Businesses, investors, and IT moguls are clamoring for a piece of the pie as cryptocurrencies change the global economy (and how we think about money). Perhaps you’re thinking the same thing as I am.
Here are some ideas on how to do it properly
Decide If This Is Right For Your Company Or Platform
While it may seem counterintuitive, the temptation of being a part of a rapidly rising business may lead some entrepreneurs to make hasty decisions. Is this something I truly require or am I simply following the crowd? This is a question that anyone considering launching an ICO should ask themselves.
It’s beneficial to comprehend why there’s such a stir. When someone plans an Initial Coin Offering, they usually want to raise money for a startup, and they do so by selling tokens in a bespoke cryptocurrency with a value connected to the startup’s value. In the era of the blockchain, think of it as a stock. This allows businesses to sidestep cumbersome regulations and venture capital institutions, which are generally seen as stumbling blocks. Another cryptocurrency, such as BitCoin or Ethereum, is regularly used as payment.
While it may appear to be a quick method to generate money, making sure your tokens are backed by money is a full-time task in and of itself, and all the legal intricacies must be sorted out in advance. If you’re willing to put in the effort, now could be a great moment to start your next project. If all of this appears to be too much for you, a more traditional method may be the best alternative. It’s vital to have things figured out in advance.
Getting The Pieces To Fit Together
After you’ve determined that an Initial Coin Offering is the best approach to achieving your goals, you’ll need to think about the details. Examining successful ICOs to discover what went right could be a smart idea. A quick Google search will turn up an endless stream of lists and success stories, both in terms of the most successful ICOs to date (Filecoin, Tezos, SIRIN LABS for the most funds raised at once), the most influential currencies (Bitcoin, NEO, or Etherium for brand recognition), and the most profitable ICOs (Bitcoin, NEO, or Etherium for profit) (NXT or IOTA, for direct ROI). ICO Bench is a good place to start if you’re looking for a place to start. They hire professionals to do the research for you so you don’t have to. This lets you focus on other things.
It’s vital that you engage the right personnel to create your coin and manage the initial coin offering (ICO). Once a token has been created and registered, it cannot be canceled. It’s preferable to do something correctly the first time than to live with a mistake for the rest of your life, so trust your team. LinkedIn, as well as word of mouth from entrepreneurs who have gone through the Initial Coin Offering process, are valuable resources for locating talent.
Execute The Legal Work
One of the only things more important than assembling the perfect team is ensuring you’re on the right side of the law. When planning an Initial Coin Offering launch, researching jurisdiction requirements in your home country as well as the many countries you may choose to register in is a must. Many individuals recommend hiring a lawyer, and the number of legal experts who specialize in bitcoin is growing all the time. A great way to get good legal advice is to look at the paperwork from previous ICOs and find out which experts were contacted.
If you haven’t already, now is the time to start working on your whitepapers. Similar to your project’s own bible, your whitepaper should be an authoritative, convincing, and in-depth report on the problem your startup is attempting to tackle and how it will succeed. It’s less of a sales pitch and more of an in-depth examination of the kind of impact you want to have in your chosen industry. Because the whitepapers of many ICOs explain them, it’s worthwhile to seek professional assistance. Hiring a professional copywriter, proofreader, or editor is also a smart option.
Get The Word Out
It’s time to spread the news about your Initial Coin Offering once you’ve set your foundation. This phase is important to your success because the value of an ICO is totally dependent on the number of people who participate. Start with forums like Bitcointalk and Reddit, but don’t overlook Initial Coin Offering calendars like Coinschedule and CoinGecko. Top listings on sites like these are usually featured in roundups that receive a lot of traffic.
There’s also the social media factor to consider. Custom channels on Slack and Telegram, as well as professional groups on LinkedIn that help bring like-minded investors together, have become staples in the crypto industry. Because building trust is such a vital part of the ICO strategy, many potential investors can relax by relying on word of mouth or traditional media means.
Finally, after your marketing strategy is in place, you’ll need to find a place to swap your coins. The Best Bitcoin Exchange and CoinMarketCap are excellent places to start, but you should broaden your horizons. Just remember to have your coin name, logo, launch date, trade symbol, descriptions, source code, and essential links ready ahead of time if you want to be taken seriously. If you aren’t ready, you might make a bad first impression and lose access to important markets for your business.
Think About The Future
It’s a good idea to start planning for what follows next as soon as your Initial Coin Offering is live. Because cryptocurrencies are notoriously volatile, having a reliable plan in place to weather the storms is essential for trading with confidence. As Bitcoin becomes a bigger part of the financial system, you’ll be in a good place to take advantage of Blockchain’s huge potential.
Maintaining your social media presence, watching the progress of your coin, breaking into new listings, hiring new employees, and enhancing your platform or product are all jobs to be excited about. If you’ve made it this far, however, you’ll notice that new frontiers are opening up before you. Now is the time to pat yourself on the back for your achievements and start thinking about your next big step.
Conclusion
I hope the above-mentioned points have given you a clear understanding of how to make a plan to launch your own ICO in the crypto space. However, experts advise that launching an Initial Coin Offering for the first time is not an easy step to take, so getting help from the best ICO Development services providers is the best option.
