Questions to Ask before Starting Off with Crowdfunding
You have now understood what crowdfunding is, and found out that it is exactly the thing that you needed for your project/nonprofit organization. Now what? Do you simply join a website and start away? Not too fast. There are certain things that you need to consider, some questions to which you must find answers. Not sure what is being talked about? Here are some of the most important questions that you need to think of before you get on the bandwagon of crowdfunding.
1. Target Market, Audience and Donors
The very first thing that you need to have researched well about is your target market and audience. Are people even interested in what you are about to start? If you don’t have a crowd that is hyped up about what you plan on starting than it will become very difficult for you to grow. Of course this does not mean that you need to have a gathering of 50,000 before even beginning the project. But make sure that people are into the cause you want to pursue.
If for some reason, you don’t see that many people are excited about your line of work, get them interested and involved.
2. Do You Even Have the Time?
Research says that starting a crowdfunding project is not an issue; it’s the management afterwards that gives a lot of grief to most people. What you need to keep in mind is the fact that uploading a video and introduction about yourself and your project is not going to be enough. The next 30-40 days after that are going to be the time that will make or break your position, which is why you need to make sure that you give your undivided attention to the project.
3. Are Your Goals Marked?
This is very important, no matter what kind of project or business you are about to start, you need to be absolutely sure what your short-term as well as long-term goals are. What this does is allow you to discover exactly what it is that you are asking from your audience. Some of the things that can be a part of your goal-list can be, the amount of money you wish to rise, the amount of money you need to startup the venture, what are going to be the methods you will attract audience, what if you are unable to meet your presumed goals etc .
4. What Website is Best Suited to Your Cause?
There are literally dozens of websites that you can choose from. Go through as many of them as you can and then decide which is the easiest for you to understand, best supports your cause and will get you the highest number of donors.
5. What Will Your Strategy Be?
Another very important question to ask before starting your crowdfunding setup is the strategy you plan to use in order to attract audience as well as donors. Sit with your marketing expert or consult a specialist.
Make a list of all these questions, get answers and start away with your crowdfunding.
“To improve chances of success, you want to build a project or product where you think you’re filling a hole. Part of the trick is showing people things that they either a) haven’t seen in a long time or b) things they haven’t seen before.” ~ Scott Steinberg The Crowdfunding Bible: How to Raise Money for Any Startup, Video Game or Project
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