How to become an ICO advisor
The question keeps boggling your mind; how to become an ICO advisor.
But what exactly does this role entail and are you ready to take up the challenge?
ICO or Initial Coin Offerings are something we have all heard of in terms of crypto market. In short an ICO is when a company sells its tokes to private investors in exchange for cryptocurrency such as Bitcoin and Ethereum. So typically a company will launch an ICO when looking for an investment for a launch of a new app, coin or service, since Bitcoin and Ethereum can easily be exchanged for funds they need for their operations.
As simple as the title sounds, this job is quite a handful to say the least. There is no degree on how to become an ICO advisor. It will require you to have expertise in certain areas, which all make for a ICO to succeed. Here are some of the most important tasks that would require an advisor:
The overall marketing plan of the ICO
Everything from e-mail marketing to SEO and organic reach will be the task at hand here. Creating e-mail listings, newsletters, working with google ads, social media platform ads as well as with influencers will be the main goal here.
Follow up with the business model of the ICO
Here you will be involved in a process of deciding the form of the ICO, whether it is a traditional form of approach or if it’s a fork of an existing coin delivered in an airdrop. You’ll have to come up with the best course of action together with the project team to ensure the success of the project.
Logistics of the ICO process
Here you will work on putting down the distribution of the profits in detail, to make sure your ICO is fully transparent and investors trust you with their funding. It is often so that, without proper management and no prior fund raising experience, businesses take a toll and lose huge chunks of their investor’s money unnecessarily.
Monitoring and supporting the website
The website of the company is like the face of your company – it will be the first thing investors see when they search information about your ICO. Therefore you will be responsible of creating the perfect first impression by carving out the website; it has to be flawless. Here you also build trust with your investors by including everything from the most relevant information such as your whitepaper, roadmap and investment return plans to an attractive visual design and contact information.
Whitepaper development: How to become an ICO advisor “fast track” tip
This will most likely be the first step of the company and to that – crucial to determine the future success of the ICO. The Whitepaper contains absolutely all information about the project. You will have to make sure that all ‘what, how and why’ questions are answered in detail.
Communication and on-boarding of the investors
Here you will be taking care of the several channels that are typically used and known widely within crypto communities and investors. This will include Telegram, Reddit, Linkedin groups and Quora. You’ll need to make sure of a good exposure on these platforms, which will in turn bring you more investors and create knowledge of your offering.
Detecting and addressing the main challenges
This will include an extensive research done pre-ICO. You will have to research every aspect of the market to make sure you are ready to launch. Detecting main challenges also means avoiding failure at any cost and this will reflect in the success of the ICO later. Solving complex problems before they arise is one of the key aspects people need to consider when thinking how to become an ICO advisor.
Management post ICO
Post ICO management is important for many reasons, but to mention the most crucial would be that you not only want to keep up but improve the company’s work. It will include further developing the product, expanding and managing the community, regular updates and marketing of the product etc.
These are some of the most important roles that any ICO will seek to have help with, however there might be more, depending on the company and their protocols. So how to become and ICO advisor will also strongly depend on what/how many roles you want to cover.
But fear not, because any company that wants to launch successfully, will generally hire more than one advisor per field of expertise. But more about that a bit later.
An ICO advisor really needs to have pre-existing, extensive knowledge in crypto sphere and keep up with the information and updates on a regular. That being said – if you have been around crypto for a few years and generally follow through with all the latest news and trends, you have about the same chance in becoming an ICO advisor as anyone else within the biz.
Existing ICO advisors
Apparently the ICO advisor pool is also not very welcoming as it isn’t big. This is because those pioneering ICO advising don’t want any competition, to ensure better payment and rolling in all the business for themselves.
These pioneers will also claim that, in order to know how to become an ICO advisor, you need experience in rolling out an ICO yourself. Which, of course couldn’t be further from the truth. Bear in mind that one year ago this title didn’t even exist yet…
As mentioned earlier, ICOs running on logic, will select more than one advisor per field. So, say you focus on marketing, one person will be covering the investor part and then another person will take care of the smart contract. Do not sell yourself big here, because if you’re required to do something you have zero knowledge of, be honest or it will backfire. Teamwork makes the dream work.
Here are few of the practical steps you can take to make sure you get as many job opportunities as possible:
- Update your Linkedin profile to fit the jobs description. Your title will here be ‘ICO Advisor’. Here also be specific as to what your specialisation is. Add as many field experts to your listing as possible.
- Make sure you are listed on all the ICO listing sites. Here are a few to start with – Coinschedule; ICO Champs; ICO Bench; ICO Alert; ICO Watchlist. Check out more on this site.
- Create your personal ICO advising website! More is more – if you can get vocal in this space preaching your passion and knowledge, even more chances that an ICO with trust you with a job. Also help other know how to become an ICO advisor by helping them through posts.
- Besides own website, having social media accounts and being active on them constantly can also benefit you more than you know.
As with everything, becoming an ICO expert doesn’t happen overnight, so you will have to practice. And practice might mean that you’ll have to stay humble for a while, accepting as many job offers as you can.
Adding these jobs to your portfolio alone will grant you not only more experience but also more possibility to kick up your price.
That being said, when accepting a job – choose wisely! Many ICOs tend to cover failure by blaming their advisor, which, if inexperienced can just finish your advisor career right then and there and only that if you’re lucky. Research more on how to become an ICO advisor, especially when it comes in relation with your tax responsibilities, before accepting the job and if any red flags arise, respectfully decline.
Know your legal liabilities
Legalities are not a fun thing to go through, not for anyone. However, there are many responsibilities that come with advising a company for their ICO. As a precaution, go through the liabilities that arise before you sign off that contract. Better safe than sorry!
So there you have it, folks! If you still wonder how to become an ICO advisor, I suggest you go through this article one more time and right down the steps, which you would possibly skip. Complete them anyway!
Being an advisor can be a rewarding feeling, especially when you earn a recognition within the field, however nothing well deserved comes without hard work and consistent attempts to get better.