Want To Crowdfund For Your Idea? 3 Key Things You Should Know First

Posted on 15 October, 2016 by Team Wishberry

Things To Know Before Crowdfunding

Some things in crowdfunding no journal will tell you. That does not mean they are not worth knowing. Saving you all that time you would otherwise spend brooding over in hindsight, here’s our quick note on the little truths you should know of before you decide to crowdfund.

 

It is going to be time consuming

Yes. In fact, it’s pretty much going to take over your life for the entire period that it lasts. This is something no amount of preparation can change. Although, obviously, prior preparation and advance planning will save you from a lot of stress. When your campaign goes live you’re going to be so busy making more and more calls, ensuring there are enough people talking about online and offline, trying to extract more potential backers (if any) from your networks, and much more, all the while simultaneously getting the actual work on your project done too. Before you know it, you’ll find yourself wishing you hadn’t thought of this idea and be overcome by this overwhelming need to make it happen, and that you need an overnight miracle to fund your project instantly. Neither of these are true, of course. You’ll be fine as long as you’ve laid strong groundwork!  

There will be a slump

The way money pours into a typical crowdfunding campaign can be divided into 4 phases- the initial burst of backing, the steady flow of backing, the silent phase, and the final urgent burst. Out of these, the most anxiety-inducing phase is- yes, you guessed it right- the silent phase. This phase becomes even scarier considering that it immediately follows two phases where money just keeps coming in. You’ll tend to freak out over how neither any money is coming in, nor is there any noise about your campaign. Calm down. This happens and it’s a typical graph followed by almost every campaign. What’s going to follow next is a crazy burst of backing, fuelled by the urgency of looming deadline. Therefore, don’t spend the silent slump chewing your nails off and tearing your hair out in anxiety. Instead, prepare to make sure that the next phase creates maximum impact and takes your campaign way past its goal.  

There will be glitches

As long as technology is in the picture, so are the glitches and hiccups. You’ll find yourself coming face to face with server issues, backers will complain about payment glitches- you get the drift. It is completely understandable for you to freak out; you need the backers and you need the money, and you obviously can’t be wasting all your time dealing with this! However, getting into crowdfunding fully aware of the possible tech roadblocks you’ll face every now and then, will only mean that you’ll have to communicate things to your backers more efficiently. Ask them to be a little more patient and just stick with you! Talk to your crowdfunding platform and let them know that you’re facing this issue and need them to look into this- no platform worth its salt will let your campaign fail if they can help it!
 
The brighter side? All of this is fixable, and once you’ve gained awareness of it (which you have, if you’ve come so far), you’re just all the more wiser and ready to roll.

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