- ICO (Initial Coin Offering) refers to the public sale of assets in the form of coins or tokens to interested investors at an exchange.
- The purpose of ICO would be to utilize the funds raised for expansion purposes and to execute the firm’s various projects.
Sharing the idea – The business idea is the key to the success of the ICO. It would be the basis behind the development of a token. Make sure you finalize the intricacies of your idea before kickstarting the development process. It should be better than the offers provided by competitors. Announce it in popular cryptocurrency communities to get the initial feedback from investors. This will help you to determine if your idea will generate high interest among the target audience. Then, the firm can prepare its business model for executing its project.
Establishing a team for ICO – The team should have a mix of well-versed front-end and back-end developers, designers, marketing specialists, financial advisors, programmers, lawyers, and content writers. A firm can take all the effort in hiring every individual or rely on an ICO solution provider, which would be easy to manage and affordable. Make sure that the team members are committed towards the project and are trustworthy and reliable.
Study the market conditions – Analyze the market to see what works and what does not work in the ICO world. Since there would be intense competition in the industry, try to learn from the tactics used by your competitors since everyone is fighting to get a higher share of the investor’s money. Focus on implementing successful strategies in your business by incorporating valuable insights. This would help you determine the right kind of technology, blockchain network, and software to use in your ICO development project.
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Registration of the company – Finish off all the formalities involved in registering your business. Since all the countries do not welcome cryptocurrencies with open hands, ensure that you register your business in a friendly environment. Nations like the USA, UK, Singapore, Switzerland, Estonia, Belize are hubs for cryptocurrency businesses. There are many cases of ICO’s shutting down abruptly and swindling the funds of investors. Some countries like China and South Korea have issued a blanket ban on ICO’s. Also, comply with the KYC (Know Your Customer) guidelines issued by authorities. Stay abreast of all the regulations by hiring a competent lawyer. Be transparent in disclosing expenditure, paying taxes, and disclosing other financial aspects of your project.
Preparation of the Whitepaper – It is a technical document that discloses the vision of your ICO project. It talks about the benefits offered to investors, distribution strategy regarding tokens, legal implications, and other important terms and conditions. Hire a professional to write your whitepaper. It also has to include other details like fundraising target, different timelines, the concept of the project and the technology used. Once the whitepaper is ready and published, the firm can release step-by-step tutorials for using the digital account, transferring coins and buying tokens to help the users.
Launch of the website – The website will be the first point of communication to the interested investors. It should be easily navigable and have an attractive layout. Make sure to share only the important information. Ensure that a strong hosting service is present to handle the huge rush when the official sale starts. Try to make it multimedia friendly by adding an introduction video and some good photographs. Describe your team members, partners, add a separate section for your whitepaper, and mention your contact details along with your social media handles. Give details about the roadmap of the company, along with setting timeframes for achieving the different goals.
Prepare the terms and conditions for investors – Your initial buyers would have to be provided with the detailed terms and conditions for finalizing the sale of the tokens. Interest can be generated by offering a handsome discount to early buyers. It will be helpful to beat the competitors who might launch their respective ICO’s at a similar time as yours. A Pre-ICO would be advisable as the initial response can be gauged, and bugs can be fixed in the project. An escrow system can be set up for receiving funds to ensure a higher trust. Other details such as the minimum and maximum token cap, acceptable currencies, timeline of the ICO and terms of the bounty program can be finalized.
PR and advertising – No ICO can succeed without an intense marketing campaign. Hence, content should be generated in the form of blogs, articles, newsletters, press releases about your upcoming ICO. A higher amount of traffic should be generated to your ICO site. Tools like email marketing, social media promotion, search engine optimization, and paid advertising can also be utilized for getting a higher reach. The firm can participate in discussions on various topics through forums like Bitcointalk and can publish the details of its ICO on ICO tracker sites such as ICObench and ICOmarks.
Launch of the token – The token needs to be launched on a well-known exchange platform for getting a healthy inflow of funds. It will land in the hands of the investors immediately after the sale ends. The tokens would have to be transferred along with the private keys to their respective accounts.
Official ICO launch – After spending adequate time and resources, the stage is set for officially launching the ICO among the public. Make sure your website has the best security measures in-built to thwart any hacking or phishing attempts. From the moment the sale starts till it ends, keep promoting your ICO across various channels, social media platforms, and internet sites.
Once the ICO is formally over, list your token on various cryptocurrency exchanges. It will help in generating strong demand from the market. Include details of the name of your coin, trading symbol, logo, description of your project, launch date, GitHub link, and review your source code. Follow all the above guidelines for making your ICO token development successful in fulfilling your business objectives.