There are things you need to know about your project before you take it to a crowdfunding platform.

If we took out all the projects that didn’t consider these questions before running a campaign, it would raise the bar significantly. So here are five simple questions to ask yourself before you even think of pressing the “launch” button.

Once you’ve read the blog, grab the Thinksheet and work out if your project is ready to crowdfund!

There are things you need to know about your project before you take it to a crowdfunding platform.

If we took out all the projects that didn’t consider these questions before running a campaign, it would raise the bar significantly. So here are five simple questions to ask yourself before you even think of pressing the “launch” button.

1. What are you doing?

You need to be able to explain this in 2 sentences or less. An “elevator pitch”. You won’t be able to answer all the questions in those two sentences, but they should be designed to peak a person’s interest. To get them asking

“Oh yes, tell me more…”

Without it, you’ll never be hold the attention of backers, investors or customers long enough to get them to give you money.

2. What does the money cover?

Put in the research, get quotes. Know how much you need. Forget about the costs of crowdfunding for a little bit and make sure you know the number.

A lot of people come to me with an “approximate” – which when I really push them can vary hugely from the actual number they need.

Your chances of success are influenced by high your target is, so make sure you’re going for your minimum – and be sure of how much that is.

3. Why would anybody care?

If you want a crowd to support you, then you need to make them care. What problem will you be solving for your backers? Why should they help you make this thing a reality? What’s in it for them?

It helps to think about who is likely to back your project – which you can discover by doing the Ideal Backer activity. When you know what kind of person is going to back you, targeting your video, description, rewards and promotion becomes so much easier.

Many people who fail, fail to stop thinking about that pot of gold at the end of the rainbow and consider why it is someone is giving it to them in the first place.

4. Where are your backers coming from?

Here’s a hint: it won’t be out of thin air.

In one way or another, you will have to work very hard for your funds. You will be planning for two months, and promoting for another 30 days. Then you’ll be looking at one to two years of crowd management and communication.

So I recommend you think about the type of person you’d like to deal with for that long. Then, work out where to find them.

5. What do you really care about?

A crowd can be a pain in the ass. They have high expectations and they’re not afraid to have a bitch and a moan when things didn’t live up to the hype they bought into.

So you have got to WANT that crowd. I’m serious here. If you just want the money, then there are other less-intensive ways to get it. The bank is an option. So is a family friend, or saving. Or selling everything to scrape it together.

For crowdfunding to work at its best, you have to love your crowd. You need to appreciate every word of feedback, and to genuinely want the support of those people. You need to want to communicate with them. In fact, I would go so far as to say, for you – the crowd should be more important than the money.

Takeaways

99% of failed projects don’t address at least one of these questions in their campaign. Too often, projects haven’t considered any of them.

And I want you to succeed. So please, do yourself a favour and honestly answer these 5 questions before you launch. It’ll make a world of difference to your chances of success. Grab the thinksheet below to help you out!

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Is Your Project Ready to Crowdfund?

by Kat Jenkins Time to read: 5 min
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