One of the more difficult things in crowdfunding seems to be choosing the right crowdufing goal amount for your project. For me, it’s all about what you can commit to raise, but not everybody subscribes to that (yet).
You Are the 30% –– How to Set Your Crowdfunding Goal
So, I’ll give you two very simple questions to ask yourselves:
- Do you know where the first 30% of your funding goal will come from?
- Are you confident you can get that 30% within the first two to three days of your campaign?
There are plenty of other factors, like the size of your current network (email, Twitter, Facebook, LinkedIn, etc.) and how much time you actually have to devote to crowdfunding, which will ultimately become your campaign’s duration.
So say you want to raise $50,000 but you only know where 30% of, say, $20,000 is coming from, set your goal at $20,000. Then, strive to raise 30% of that within the first two or three days so you build up enough momentum to sustain your campaign for the forty-five days.
Doing it this way, you’ll be more likely to hit your external goal of $20,000 in half the time and, by setting proper stretch goals, you may be able to raise that internal goal of $50,000 you need. And who knows?
Maybe you’ll end up raising even more!
John T. Trigonis is the Vertical Manager of Film at Indiegogo, a published poet, writer and storyteller, DIY filmmaker, freelance professor, and author of Crowdfunding for Filmmakers: The Way to a Successful Film Campaign. Additionally he is a cat lover, coffee aficionado, wine enthusiast, and comic book geek.