What does the crowdfunding journey look like? While every project is different, there are many elements that every campaign will involve.
It’s not magic, it’s planning! That’s how crowdfunding projects become successful. It’s important that project owners understand what’s involved, ensuring they can put in the time and energy required to run a great campaign. We created this handy timeline to help you understand what’s involved and give you a starting point when creating your own crowdfunding project plan.
Take a look at other projects who have raised money with Crowdfunder. Note how they put their page together and told their story, as well as the kinds of rewards they offered. Think about what you like about each project and what would motivate you to pledge.
Set your goals
It’s important to have a clear vision for what you want to achieve with your Crowdfunder project, so that you can stay focused on those goals. Think about your personal expectations and what success looks like for you.
Build your team
Build a small crowdfunding team of people you trust to share ideas with and to start the conversation. This could include colleagues, family or friends, along with others who want to help make your idea a reality. Think about who might have skills or expertise that will be useful when crowdfunding.
Map your network
Gather your team together and start mapping out your network to gain a better understanding of the shape and size of your crowd.
Calculate your target
Your crowdfunding target needs to be a balance between what you need to make your idea happen and what you can raise from your crowd. Make sure you set a realistic target – remember that you can always raise more and stretch your target to a bigger number once you hit 100%.
Complete your project page
When someone lands on your project page, you need to make a connection quickly and get them excited about your plans. Make the most of this opportunity with a well-written story, engaging video and attractive rewards.
Verify your financials
You’ll need to verify your identity as the project owner and enter the financial details of where you want the money pledged from the crowd to go. Verification can take up to 48 hours to complete, so make sure you complete this step in plenty of time before you plan to launch.
Send your preview link to friends and family that you trust to give honest feedback. Ask them to highlight anything you could add or change to make your page more engaging.
Apply for +Extra funding
To give your project the best chance of receiving +Extra funding, it’s a good idea to complete any applications once your project page is complete, but before it goes live.
Create a promo plan
You’ll need to think about how to promote your project to potential supporters. There are a number of ways to shout about what you’re doing, from word of mouth to social media. Make sure you have a plan for each day of your campaign.
Review our launch checklist to make sure you’re ready to go live. Make sure you tick everything off to give your project the strongest start.
Once your project is live it will be ready to start accepting pledges and donations. You can make a pledge on your own project to get it off the ground, before contacting family and friends.
Start with the people closest to you and work your way out to your community and beyond. As your project gains more support, it’ll start to look more attractive to people outside of your immediate network.
Engage your supporters
Use project updates to harness the power of your supporters and encourage them to become your loudest promoters.
Break down your target into smaller goals and celebrate each one as you go. This could be reaching 100 supporters or 50% of your target, for example. Use project updates to celebrate with your supporters.
Review your plan
Most projects will experience a quieter patch around the middle of the campaign. This is the perfect time to look back on how effective your efforts have been so far. Use the information on your live dashboard to see what’s been working well for your project and review your plan. Do more of what’s working well for your project and less of the things that aren’t making an impact.
Countdown to close
As your project nears its deadline, you can make the most of the sense of urgency to drive more interest. Go back to your network map one last time and check you’ve not missed anyone. Ensure that everyone knows this is the last chance to get involved and support your idea.
Say thank you
Once your project has closed, remember to thank everyone as loudly and publicly as you can. You could also share the final figures and any acknowledgments on social media.
Receive your funding
Your funding will usually be transferred into your bank account within 7 working days after your project has closed. Because our partners have a number of additional due diligence checks in place, it can take a little longer to process extra funding pledges.
After you have received your funding, any rewards that have been pledged on will need to be fulfilled. It’s important to be transparent, so if rewards are going to be delayed, keep your supporters updated.
Stay in touch
You can continue to send project updates in the future to keep your supporters in the loop and let them know how your project is progressing. We hope to see you again for your next crowdfunding project soon!
Looking for more guidance on your crowdfunding project? Head over to our Knowledge Hub.