Crowdfunding Success Secrets
Setting your goal is a critical element of any crowdfunding campaign, because most sites require you to reach that goal before releasing any money to you. If you don’t meet your goal, you get nothing, and backers receive their money back.
Why do they do this?
The main reason is to ensure that only quality projects get funded. For example, if you ask for $5,000 to publish a short story, they don’t want that to get funded, because there’s no reason anyone should spend that kind of money to publish a short story.
They also want to ensure you don’t ask for more than you really need. You might need to ask for $500 to publish your short story (to hire an editor and cover artist and maybe a bit more for initial marketing), but asking for $5,000 would be completely unnecessary.
When you set your goal, figure out, in detail, how much money you think you will need. You can then add around 25% on top of that to cover any unplanned expenses and to cover success fees, processing fees, etc. If you think you need $1,000 total, you can ask for $1,250. If you think you’ll need $10,000, ask for $12,500.