What is the common thread that runs through all successful Spacehive campaigns? In our opinion it’s that the project creators took the time to plan their project and make it appear as best as possible on the page, before then planning the launch of their crowdfunding campaign.
We really can’t emphasise this enough: if you prepare well and take a proactive approach to the crowdfunding campaign, your chance of success is exponentially higher. Here are some of the main things that we recommend you consider:
Research your budget
How much money do you need? Are you raising the full budget or a portion of it? Do you have a suitable contingency? Avoid later headaches by doing your research, and be as transparent and as accurate as you can. Supporters will appreciate it.
Gain permission to deliver your project
The majority of our projects take place in shared spaces that require permission from the landowner, or even local authority. If this is relevant to your project, then consider who owns the land, and who will maintain it once delivered, to see if additional permissions will be required.
Map out your networks
Spacehive is not a magical source of money. Funding comes from a variety of sources – your friends and colleagues, your broader social or business networks, and, if your project does well, people in your area will start to notice it. It’s up to you to build that momentum for your project and ensure that the word spreads – it won’t happen automatically. Start mapping your crowd and get an idea of where backers are likely to come from, and how much money you think you can raise from them.
To help you with this, we have a crowd calculator that you can use to estimate the money available from your community and beyond. This will help you to…
Choose the right fundraising goal
Once you’ve researched your budget and considered your reach, you’re ready to set your funding goal. Because funding is all-or-nothing, you’ll only collect what you raise if you hit your target, so make sure it feels realistic. Think about out how much money you need to complete your project as promised (while considering how much funding you think you can realistically generate), and select an amount close to that. Remember that you can add any additional items that would make your core project even bigger and better to either your Wish List, for in kind contributions, or as Overfunding targets.
What’s Overfunding? What’s a Wish List?
Set an appropriate campaign length
Funding can last anywhere from one to 365 days, however a longer duration is not necessarily better.
Short projects that prepare well for their campaign, and push hard during it, tend to do better because they create a sense of excitement and urgency. Longer projects tend to encourage procrastination and lose momentum.
It’s up to you to find that sweet spot; short enough to maintain interest and fill with activities and communications, long enough to give you the time you need to crowdfund.