Time to consider your funding. To fully understand your campaign, you need to answer some basic questions:
– What does it cost to make your product or idea a reality? Make a clear list of all of your expenses, and calculate the minimum cost of what it would take to get this project started.
– Where are your backers? You should know where the money will be coming from, so that you can accept the currencies.
– What is your deadline? This helps prepare you with a timeline, and lets you consider the duration of your campaign.
– Can you handle a Viral Campaign? If your campaign were to go viral, would you be prepared to handle additional shipments of the product?
Funding Settings
Once you know the expense of creating your idea or product, you can choose your funding settings. These settings include:
– Funding Mode: Keep it all: Keep all the funds contributed even if the goal isn’t met. All or nothing: Keep the funds contributed if the funded goal is met.Choose between the two funding modes of your choice. If the campaign has no end date (continuous), the Keep it all funding mode will be the default.
– Funding Goal: Your funding goal should be the minimum amount needed to complete the project and fulfil all rewards.
– Maximum Raise Threshold: This will set a limit to how much you can raise. For example, if you are not prepared to receive 50% over your funding goal, and receive that amount, you could ruin the reputation of your campaign, as you would not be able to distribute your product to all of your backers. This option is a safety for how much funding you can handle.
– Funding Duration: Decide how long fundraising for your project will run for. It is recommend that projects last 30 days or less, but campaigns can raise funds for up to 365 days. Shorter durations have higher success rates, and will create a helpful sense of urgency around your project.
Choosing these settings will help you create a good foundation for your campaign. Up next, learn about Promotion