Crowdfunding is great in many many ways, however before you start have a think about the answers to these questions. You will need to focus at least 4 months of your year on a crowdfund, it requires capacity and resources. It isn’t a ‘get rich quick’ solution to your funding problems.
Question 1 : Why would anyone give you money? That’s the key, finding a way to engage your crowd so they part with their hard earned cash.
Question 2 : Have you thought about your campaign, how you will actually do it and what does it look like? The campaign and strategy will define your life for the duration of the crowdfund, are you up for it, do you have the resources, expertise and stamina?
Question 3 : What happens if you don’t get any money at all? There is risk involved, have you thought how you would manage that and move forward?
Question 4 : Do you believe in your project; are you sure?
Question 5 : Is crowdfunding the best way of raising the capital you need? Have you investigated other options?
Question 6 : Is your idea a good idea, are you convinced? Is your idea innovative and compelling? Have you tested it at all? What do others think?
Question 7 : Do you have the support of your family, friends or business colleagues? The campaign will be relentless, are you sure you have all the right people around you?
Question 8 : Why would anyone buy into your vision or project? The crowd will potentially be made up of many individuals, how will you persuade them to get involved and support you with their money?
Question 9 : Have you created a pitch that everyone will understand easily? Are you able to write the kind of copy you will need that speaks to your crowd?
Question 10 : How will you demonstrate your idea? Will you make a video, take photographs, write a poem? How will you do this, have you the resources and skills needed to develop a smart, clear and powerful argument?
Question 11 : Can you last the course of the campaign? What will you do after month 2 and things are getting difficult? Do you have any help you can call upon, will your supporters give you a hand? Are you running your business/project as well as crowdfunding it?
Question 12 : Who is you audience, market or crowd? Have you thought carefully about your marketing strategy?
Question 13 : Do you have a network in place or are you starting from scratch? Do you have contacts to help with PR, Social Media, design….?
Question 14 : What will your crowd like to have in return for their money? What will captivate them enough to buy into your vision?
Question 15 : What are your messages? You may have different market segments, how will you reach out? Do you have the expertise to develop this aspect of your campaign?
Question 16 : If you want to do a reward based crowdfund, are your rewards really inviting? Are you convinced your audience will love them? Can you afford them?
Question 17 : How much do you need to raise? Have you factored for expenses, the time and material costs required to run the campaign, the cost of the rewards etc?
Question 18 : How will you administer the campaign, who will stay in touch with your supporters and how?
Question 19 : Are you flexible? If something doesn’t work will you be able to devise an alternative quickly, implement and go forward?
Question 20 : Are you prepared to stay in touch with your funders post campaign? It takes effort and dedication.
If you have read through these and are still interested in starting up a crowdfund Click Here to get in touch.