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Successful Crowdfunding Tips

wholesale merchandise crowdfundingA Crowdfunding Guide - Effective Crowdfunding Setup - Why Goals are Important, will help you to consider another one of the main pointers in setting up your own unique funding proposition. Whether you are raising money to open your retail store of need to buy wholesale merchandise inventory, this article will help you make your campaign successful.

 

Of course I am talking about 'Goal-setting' and you will often see and hear many business people talk about the benefits of goal-setting. Certainly, even an aircraft has a goal, when the pilot sets the destination into his instrument console, the plane will eventually make its way to the destination.

 

Why I say 'eventually' is because the plane does not go in a straight line directly to its target, it is often taken off course by the prevailing winds and has to continually correct its position so as to reach its final destination.

 

So too it is with crowdfunding, you have to set your initial goal and may find you have to make several adjustments along the way to get it right.

 

The Critical Factor

It has been said that setting your goal is a critical factor for any crowdfunding campaign, the reason of course is that the funding site will only release your funds (normally) when you reach your goal. So if you are not dealing with a site that will give you whatever funds your site has raised, all the money will be returned and the donors will get their money back.

 

Why Sites Want You To Set a Limit

The main reason that many crowdfunding websites want you to set a limit or target for you to achieve is that it help to ensure that only good quality projects will get funded.

 

The amount you set as your target goal will also tell them if your goal is realistic. For example if your target was,say $8,000 for you to get a book published, then this would be a little unrealistic as it may only actually cost you $500 to $600 to get a book edited and published.But asking for $8,0000 would be an un-realistic goal for you to ask for.

 

When setting your goal, it is really important to figure out how much you will need for your project. Take into account the fees that are payable and also it might be an idea to add an extra 20% or more to cover any unforeseen circumstances.

 

So for example if you think you will need $15,000 to complete your project, then ask for about $18,000.

 

Presentation

One way that will help you reach your funding objective is if you make a video presentation, try and make a killer presentation that will generate a lot of interest.

 

Certainly it is a fact that those projects that have video presentations are far more likely to receive funding and reaching their targets than those that do not.

 

Video Presentation Tips

Here are a few tips for creating your video:

  • Focus in on the main elements of your project
  • Make sure the video is only between 1 to 5 minutes in length (2 mins is good)
  • Tell them WHY they should invest in your project
  • Tell them how you FEEL about getting your project developed
  • Add a bit of HUMOR into your video, people will relate better to you if you are friendly.
  • Add some photos and a music track that is in line with your theme
  • Make sure to highlight your project benefits
  • Ask them to contribute and also share your project with others.
  • Keep your video file as small as you can under 400mB if possible
  • Make your video file in MOV, MPEG, AVI or MP4 format

 

I hope that these tips have helped you in making an effective crowdfunding setup.