Crowdfunding is an increasingly popular way to raise funds for specific projects. An excellent example of this is The Bicycle Academy, which raised £40,000 in six days. It’s worth noting though that not all Crowdfunding projects achieve their goals and not all projects are suitable for Crowdfunding so make sure that the project you chose is easy to explain and understand.
Bear in mind these 10 key points:
- Crowdfunding only works if you can make a good connection with donors so be clear and specific – you may decide to make a short video to pitch your idea or a short but compelling narrative. This is your chance to get people interested!
- Be realistic – don’t set your targets so high that they put people off
- Be transparent – what is the money raised going to do? Include a budget
- Plan your social media campaign – crowdfunding only works if you make the most of your online networks. Make sure that as many people as possible hear about your campaign, use Twitter, Facebook, your website, newsletter
- What rewards will you offer in return for funding? (remember that this needs to cover the cost of using the platform and of honouring any rewards)
- Pick the right platform – look at the costs and the audience – this website is helpful www.crowdingin.com
- Submit your pitch –Make sure you have checked and double checked for any errors. It’s worth asking someone who knows nothing about your work for their feedback. All pitches are checked before going live so expect a delay
- Get others to help – word of mouth is what it’s all about. Approach your regular supporters first – crowd funding has a snowball effect – people are more likely to give if they see that others have done the same. Get everyone involved in talking about the campaign, sharing information with their networks and spotting opportunities to fit it in with existing work
- Keep the momentum going! – Make sure you have planned sufficient time and resource to keep the effort going. You never know what’s going to come up, you may be asked questions or need to respond quickly to opportunities. You’ll also need to continually keep on top of your networking
- Keep in Touch – of course you need to thank contributors and make that you honor any rewards. It’s also important to the success of your project to keep them involved and sent them updates on progress and how their contribution has helped. Remember that Crowd Funding is not just an opportunity to generate money but also to raise awareness of your organisation so make the most of the audience you engage.
Finally, Good Luck!
