Learning about crowdfunding can be beneficial to you as an inventor and entrepreneur. Asking a large audience for small donations could be more effective than asking one investor for millions of dollars. The more knowledge you are able to gain on the topic, the more prepared you will be for your own crowdfunding campaign.
You may have done some research on the basics of starting a crowdfunding campaign, but there could be even more information out there you may have never heard before. Watch video seminars or analyze the crowdfunding campaigns that went above and beyond their goal to see what they did to excel beyond the rest.
Begin planning 6 months in advance
When it comes to preparing for your crowdfunding campaign, you may not have ever heard that it is important to start planning at least 6 months ahead of the launch of your campaign. You must give yourself enough time to have every detail of your campaign strategy fully mapped out and ready to go.
Even if you do not think you will need that much time to prepare, remember that the top crowdfunding experts in the country, including crowdfunding attorney, Kendall Almerico, give the advice to prep 6 months in advance. This includes building a crowd of supporters, creating a calendar for social media posts, developing enticing rewards, and making a high quality campaign video. All of these things take time, patience, and effort; so giving yourself 6 months is a good beginning to your crowdfunding journey.
Add a partner to your crowdfunding team
Some may not be aware, but adding a member to your crowdfunding campaign for support on various aspects of your campaign could improve your chances at finding funds. Even simply having another person on your side to spread the word about your attempt at finding funds could help your chances.
There are many different reasons to add someone to your team. Pick someone whose strengths complement yours so your campaign is well-rounded. Ask them to spread the word through posts on social media. This gives you a whole new list of friends to become aware of your invention’s campaign. You could even put someone else in charge of your company’s social media sites while you focus on other aspects of planning. Finally, don’t be afraid to ask your team member for a small donation as well. More than likely, becoming involved with you and your invention has made them personally invested and could result in them being more willing to give you a donation.
Set a realistic crowdfunding goal
There is a possibility that you are under the impression that you should set your crowdfunding goal at a high number in order to attempt to raise a large amount of funds. Setting your goal at $3 million may sound as if it is a good idea, but the truth is, setting your sights that high could do more harm than good. In order to increase your chances at finding success through crowdfunding, you should be setting your goal at a realistic number.
Decide your goal amount based upon what the money being raised will go towards. This will make your goal seem more credible to potential backers. Once you begin to raise funds, your campaign will show what percent you have reached of your goal. The higher the percentage, the more impressed viewers will be with your campaign, and could be more likely to give their donations. People want to donate to campaigns they perceive as winners. There is potential to exceed your crowdfunding goal and gain credibility for your invention. Chargemander, the battery case for mobile gamers, raised 277% of its goal. The charging case set its goal at $15,000, but was able to pass that goal, reaching $41,679. This gave the campaign an overall better look, and might have helped them raise funds.
Even if you think you may be aware of everything there is to know about crowdfunding, never stop trying to learn more. It may seem as though crowdfunding is a basic and simple process, but the truth is, it can be rather challenging. Take it from the experts, who will be the first to tell you that it can be difficult, but that it can also be beneficial. Be willing to grow from these tips you may have never heard before in order to develop your crowdfunding campaign.