The ideal preparation time for your crowdfunding campaign depends on the kind of project you have. That said it should take you 2 to 3 months to put your crowdfunding campaign together and plan out the strategy you're going to use to get your message to the crowd, be it in India or across the world. There a number of things you have to consider at this stage such as the funding goal, expertise of your team, your reach through social networks and your funder acquisition plan of action. Planning ahead will give you time to begin building relationships with individuals and organizations that may be interested in funding you.
Setting your target and funding model are important.
Once you launch your crowdfunding campaign, these cannot be changed.
You need to ensure that your target is realistic and can be at least 30-40% funded through your own network of friends and family. A potential funder who happens to come across your campaign on Fueladream must be able to see some traction (E.g. 25% already funded in the first 72 hours) to be interested in funding you. People want to be a part of campaigns that look like they could be successful or have received funding already. This means smaller targets that can be easily funded. If you have a larger project, you might want to consider splitting them into smaller projects with smaller targets to attract more funders. This does not mean that smaller projects can be expected to raise more than the target money.
When setting the target amount, make sure you have taken into consideration the fees of the crowdfunding platform, the cost of running the campaign, cost of the rewards and their distribution, etc.
It is important that you understand the difference between the two funding models - Fixed Funding & Flexible Funding.
Flexible Funding- KWYG "Keep what you get": You get to keep the funds you raised whether you meet the target goal or not, by the end date of the campaign.
Fixed Funding- AON "All or Nothing" - You get to keep the funds you raised ONLY if you achieve or exceed your target amount, by the end date of the campaign.
"Short and sweet". It has been observed globally and in India that most of the successful crowdfunded campaigns have an average duration of about 45 days. Longer campaigns do not necessarily mean you will raise more money. Short campaigns ensure that you maintain the momentum of the project contributions with a sense of urgency.
Note: You need to give yourself at least 2 weeks after the campaign ends to receive funds.
Find out who your crowd is, who your funders are, what kind of charities (NGOs), social causes, products, ideas, events they would be interested in funding. Apart from your inner circle of friends and family, make sure you go through other individuals and organizations that may be interested in your crowdfunding cause. Prepare the email list of all your contacts to mobilize their participation. Make sure they are also connected to you over Social Media (Facebook, Twitter, LinkedIn, etc). If you have any other online presence, like your own websites or blogs, make sure they carry the campaign message, with the same link to your campaign page
Setting your rewards carefully is crucial to your crowdfunding campaign. You want to set unique rewards that can attract funders to fund your campaign.
There can be many types of rewards that you can offer. Here are some thought starters:
Physical rewards (which you will be able to ship across to Funders, at your cost):
Digital rewards (which you can use the internet, as the channel, to fulfil)
Experiential rewards (enable access to a one-of-its-kind experience)
It is important to be INNOVATIVE with your rewards.
As you see, the kind of rewards you can offer is limited only by imagination & capability.
Decide the contribution levels at which you wish to offer rewards - the higher the contribution, the rewards need to be more unique/ memorable. You can request us to increase the no. of rewards you have to give at a certain level, even after your crowdfunding campaign has launched, if you see it becoming popular.