All crowdfunding campaigns require planning before they begin. If you prepare well, you’ll boost your chances of having a successful and exciting campaign.
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 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.
Consider 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, strangers from the broader Spacehive community and even broader world wide web. It’s up to you to build that momentum for your project – it won’t happen automatically.
Choose your 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, when more cash would help.
What’s Overfunding? What’s a Wish List?
Set your project deadline
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.