Posted on 27 January, 2016 by Team Wishberry
If you ever tell us, “I want to crowdfund for my film” one of the first questions we’ll ask you is, “How much money do you need?” So many filmmakers make the mistake of choosing a big (and slightly unrealistic) budget, setting up a crowdfunding campaign and then failing to meet the target. Over-expectation has been the death of many promising crowdfunding campaigns. To make sure your film is not one of those, we’re going to talk about how you can set the target amount for crowdfunding your film.
First, decide what is it you need the money for? It’s often seen that filmmakers have already shot the movie and now need funds for the post production or distribution of the film. Or that they are getting partial funding from a producer/institution, but need some more to complete the film to its best. In such cases, you need to specify what exactly you need the money for and decide how much that money is going to be. As Ravi Shankar, creator of Punyakoti says, “We wanted more than a crore. As we knew it was not possible to generate that kind of amount very easily, we decide to pick two areas i.e. animatics and music for crowdfunding”.
Second, figure out where 30% of the target is going to come from One grave misconception many filmmakers carry while getting into crowdfunding is that the internet will immediately start pouring money in. Trust us, that is not going to happen unless you’ve already reached 30% of your funding goal. And you secure this 30% by sorting your personal network i.e. everyone in your life (family, friends, acquaintances) who is sure to fund your project. Once you’ve made this list, you know exactly how much you’ll be able to raise from the people you know. This will help you stay realistic and give you clarity on the crowdfunding marketing accordingly.
Also, include logistics Don’t just include filmmaking, casting and equipment costs! Things like travel expenditures, bills, marketing/PR, making and shipping rewards, taxes etc. also end up carving a huge chunk in your expenses. So, remember to take stock of these things too while you decide how much you want to crowdfund for.
Finally, keep it as barebones as possible This is one principle we swear by- Always aim for the money you need, instead of the money you want. This way, you still have enough to go ahead and make your film, at the same time you save yourself the anxiety of setting a high budget and not knowing how you’ll achieve it. When you do succeed at raising your barebones funds, you can then stretch your goals and aim for some more! It’s a win-win, really. What do you think? Hope this simplifies setting the crowdfunding budget for you! Got questions? Ask away!