Fundraising for projects especially start-ups are going through crowdfunding websites to raise capital funds. However, data from significant crowdfunding websites like Myefunder and KickStarter reveal that a lesser percentage of the budding companies which apply for funds through these crowdfunding websites are able to reach their goal.
A start-up is dream of its owner, a flop show of the project on the crowdfunding websites might pierce the dream to its core. Hence, a campaign should be fool proof and well planned enough to get the project going.
Here, we glance through the most common mistakes which should be avoided when fundraising through crowdfunding websites.
Mistakes while raising funds through crowdfunding websites
- Being Slow and steady:
Slow and steady might be a good strategy to work but not good enough to reach the goal of a fundraiser on crowdfunding websites. The strategy should be such that more than a quarter of funds should be accumulated within the first three days. For this, it is important to increase the donor support on your project during the initial days. Hence, one should try to get contribution on crowdfunding websites from family, relatives, friends and acquaintances. This keeps your project trending and under the limelight attracting other donors.
- Assuming online world as a genie:
This notion, though developed amongst a lot, is a myth. Your project being online through the crowdfunding websites is not a potion for your project to work; you have to put ample efforts to get your project going. There has to be a spark in the project idea which connects it with the masses and deals with something that people would like to add to their real world.Also you have to be attentive while promoting your project to a particular community based on interest on the crowdfunding website.
- Not paying heed to asking:
Asking a donation for your project would never harm it in any manner. People spend a lot of time and mind over ways to advertise their project on crowdfunding website, but while doing so they forget one of the most basic aspects of fundraising which is asking for donation. However, on crowdfunding websites the donations are simply not collected using a virtual basket, but by explaining the need of your project to the society and surroundings.
- Thinking that the start is all :
No it is not so; it is important to keep track of all happenings of fundraising process through the crowdfunding website. This not only helps to check progress level of your goal amount but also lets you redefine your strategies to raise funds on crowdfunding website.
These are some mistakes to avoid while raising funds through crowdfunding websites, lest the online show of the project might be a flop in garnering funds.
