What do I need to do before creating my project?

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.

By |2018-11-28T09:57:04+00:00July 4th, 2016|

About the Author:

From teaching in the Tanzanian mountains to the digital universe of Spacehive, Aaron has stopped off in a few places along the way. After receiving an MA in Publishing from Oxford Brookes University, she worked for big internationals including Oxford University Press and the International Labour Organization, small but interesting types including Pambazuka Press and Internet Retailing Magazine before heading up the award-winning eSeller.net. Looking for her next big adventure she joined Spacehive as their Content Marketing Manager. Here she works the words whether describing the awesome potential of a civic crowdfunded future or outlining the many dazzling features of our grant-making software. She gets to meet the project creators and share their stories as well as working with our partners to ensure they have the material they need to make impact. Outside of work she mentors with The Girls’ Network, solves mysteries and once made jam from the blackberries in her garden of which she is inordinately proud.