Thursday, October 29, 2015
5 Things to Ask Yourself Before You Start a Crowdfunding Campaign | Lisa Curtis
I've spoken on panels about crowdfunding, written op-eds and generally thought of myself as an expert running a crowdfunding campaign. So when my campaign to raise $100,000 in 30 days failed, I was forced to ask myself some very tough questions. In speaking with others, I've found that these are questions few people think about before embarking upon a crowdfunding campaign.
1. Do you have the time to focus on the campaign?
With the plethora of crowdfunding platforms out there, literally anyone can start a campaign. The challenge isn't in starting the campaign; it's in running it. I put in the time to prepare a nice video, design campaign materials and create a compelling-looking campaign. What I didn't do was block off my schedule for the following 30 days so that I had time to focus on campaigning. Instead I was traveling almost every week to various conferences and accelerator programs, making it difficult for me to focus on getting the word out. I'd recommend blocking off 2-3 hours each day, particularly in the first two weeks, just to focus on outreach.
2. To what extent have you already hit up your networks?
Most crowdfunding campaigns receive 20-50% of their funding from friends and family. These are the first people to put in capital and the people most likely to share the campaign with others.