Do you have an idea that has been on the back burner for awhile? With the explosion of crowdfunding, now might just be the time to turn that idea into a reality. This guide will help you begin to make that happen.
1. Set a Realistic Goal.
Don’t be greedy. Know how much money you’re going to need before you begin a crowdfunding campaign. You can always keep raising money above your goal. Don’t expect your entire budget to be covered by crowdfunding.
2. Choose The Right Platform.
Kickstarter requires 100% funding for money to change hands. Indiegogo will allow partial funding, but take a higher fee. The fees are pretty standard across the industry: a 5% cut from the cash as a commission and another 3% to cover credit card transactions. If you pull in $50,000, then you’ll receive $42,000 in your account.
3. Timing Is Critical.
You must know your audience. People won’t commit to crowdfunding if they have other items on their plate. If you’re creating a documentary on the Bible, a Christmas campaign might make a lot of sense. Most campaigns are 30-40 days in length, but Kickstarter allows for a 60 day option. Not every campaign benefits from a longer time period.
4. Make Your Rewards Inviting.
People treat crowdfunding like a type of online store. They’re attracted to intriguing rewards. High level backers may want inside access to your idea. Others may want fun memorabilia. Take time to plan your rewards and you may be able to attract backers from outside your core demographics. Bring in extra rewards partway through the campaign to bring new life to it as well.
5. Put In a High Quality Video Pitch.
Crowdfunding campaigns which offer a high quality video are nearly 2x more likely to be successful. Your video pitch should let people get to know you, see your idea, and either view a prototype of it or how you plan to implement goals.
6. Promote, Promote, Promote.
You don’t have to wait for your campaign to go live to begin promoting it. You can have money raised from donors months before you begin the campaign, ready to be added to the final figures or as cash in-hand. Then promote your campaign everywhere you have a presence to get people interested and involved.
Crowdfunding campaigns have a success rate that hovers around 40%. Take the information from this guide, apply it, and you may be able to beat the odds.
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