After analyzing the steps that should be taken by the entrepreneurs before the launch of their crowdfunding campaigns, we have come to the conclusion that the ultimate road map is going to include the development of the following steps: Idea – Vision – Mission – GOALS – Strategy – Execution plan. The crafting of all of these elements takes time and requires an eye to detail. To avoid any major mistakes, take a step back to look closely in your idea and execution plan, evaluate them in detail, and determine if you have a realistic point of view.
Here we have organized in a list for you some tips on launching a crowdfunding project on Arikovani, focusing precisely on the important aspect of crafting your goal-oriented strategy. The five most important points of defining realistic financial fundraising goal for your campaign are:
Less is more: Setting higher financial goals may harm your campaign. It is important that you know in details why you need to raise the specific amount of money and have clear strategy how the money will be effectively spent.
Think about your expenses: Every campaign needs some money to be run well. Make sure that you have this in mind when you set the goal. Think of the expenses you are going to have about marketing, content, PR, platform fees and everything that you need in order to create compelling pitch.
Create a budget that covers all the expenses you are going to make once you complete your campaign. This is the time to focus on the expenses you are going to make when you begin to deliver all the rewards. This process is important but unfortunately often underestimated by the entrepreneurs. Fulfilling the crowdfunding rewards requires to be thought about manufacturing and shipping costs, man power and delivering within the specified time frame. Be careful not to misjudge it and plan according!
Share it with the backers: Make this information available to the potential supporters. The people, who might be interested in supporting your project, probably want to know how exactly the funds will be spent. Proving that you have clear strategy is a great way to make your backers more comfortable with donating and supporting your endeavor.
Think one step ahead: Having clear goal is mandatory. It is important that you set the amount that can be achieved for this exact moment of your project, even though you know that you will need more money in the future. It is not advisable to expect to raise all the cash that you need to build successful business through one crowdfunding campaign.
Crowdfunding is great way to begin your business venture, so don’t think that you can build a company solely from the support of the crowd. But you are able to exceed your financial fundraising goal by presenting the opportunity in front of the backers. Explain in your pitch where you would like to get your business to after you reach the initial goal. People need to see the opportunity, the value and impact that you will provide by using the additional money that you may raise.