Before you read further, make sure, you have read the blog “Do you think you have it in you to crowdfund?”
The above blog will help you identify, if you are an ideal crowdfunder, before you jump into the checklist below that basically helps you gauge your preparation for Crowdfunding. So read on:
- Does your project have a specific outcome? Or better still, is the outcome quantifiable or tangible? If yes, your project, whether in the field of films, music, gaming, fashion, technology or any other, is perfect for crowdfunding. Here are some of the examples of ideal projects that can be crowdfunded:
- A film – short or feature
- A music album, music video, EP
- Bags, shoes, wallets, accessories, apparel etc.
- Games – web or even board games
- Interesting Mobile or e-applications
- If you are running a social venture, you should raise funds for a specific project in your venture like no. of books for children, painting a rural school, buying x no. of solar lamps for a village etc.
- Choose your target wisely; crowdfunding in India is just beginning to flourish, so keeping your target under Rs. 10 lakhs, would be a wise thing to do. Smaller targets will also push you to fund only a part of your project, hence making your crowdfunding project more specific and quantifiable. Say you are making a film which has a total budget of Rs. 50 Lakhs, now crowdfunding 50 Lakhs may be difficult, but you can look to crowdfunding to raise a part of the total budget, may be pre-production or post production, or just for marketing. But do make sure that you are arranging funds from other avenues so the film is completed
- Don’t run your campaign for too long; 90 days should be the maximum time period in which you should run your campaign. The longer it is, the less urgently you will push the campaign and the less urgently people will fund it. So keep it to 30, 60 or max 90 days!
- Best time to start crowdfunding is the time you are available the most; crowdfunding is NOT simple, it requires as much time as it would typically take you to raise money from investors. It requires you to be fully dedicated to marketing the campaign, incessantly till the end of your campaign, it requires that you dedicate a good time of your day to shouting out about the campaign. So if you are taking a vacation in between your campaign, forget about crowdfunding
- Crowdfunding is better with company; if you can, get a person/persons to help you run the show. May be have a person with good communication on social media, who will basically tweet and post regularly on social networks to get people’s attention, have another person who can keep updating contributors about the progress of the project and taking care of rewards delivery and you can probably get external amplifiers like radio channels, local press etc, to talk about the campaign. So divide and conquer for a successful campaign
- Do your homework; work on the elements of your campaign in advance – make a kickass pitch video, devote time on coming up with an awesome rewards list, write down an attractive text pitch to put up on the page, keep your videos and pictures ready in case you will be posting them on the campaign. See the following blogs to prepare well before starting the crowdfunding campaign:
- How to make an awesome pitch?
- How to build an exciting set of rewards?
- Identify your target audience
Keep the above checklist in mind, and go prepare!