The 4 Top Crowdfunding Myths

Myth #1: Crowdfunding is an easy way to raise money for your project.

You need money for a project and crowdfunding sounds like a good idea. You create and launch a campaign page within a few days. What could go wrong?

Successful crowdfunding takes a lot of pre-planning. If you aren’t already active on social media with a large following, then you’ll need at least a few months to build a network. You need this network because these are the people who will fund your project. You also need to let your followers know about your campaign before you launch it. You don’t want to launch it and have it remain stagnant for days or even weeks while you’re busy letting everyone know about it. That doesn’t bode well for the future of your campaign.

Myth #2: You don’t really need your friends and relatives to donate to your campaign.

Ok, so you have your large network and you’ve let them know about your campaign beforehand. The problem is, you feel uncomfortable asking friends and relatives for money directly, so you don’t. Maybe they’ll all figure it out on their own and eventually donate to your campaign.

Feeling uncomfortable about asking for money is completely understandable. But when crowdfunding, you can’t afford to have this attitude. Ask your friends and relatives to donate in a polite and rational way, letting them know exactly where their donations are going. Tell them about the enticing rewards you have in return for donating. Make sure that the rewards you offer are actually worthwhile. 

Myth #3: The more information you include on your campaign page, the better.

Your network is in place, you’ve told them about your campaign through social media, and you’ve sucked it up and asked your friends and relatives to donate. You’ve written your heart out on your campaign page and you’ve offered great rewards. Now can you launch your campaign page?

Not quite yet. Writing a short essay about your project on your campaign page can be tempting, especially when you’ve worked so hard on it and you have a lot to say. We’re not saying you shouldn’t let your passion and enthusiasm for your project shine through, it’s just that people have very short attention spans when reading online and prefer information in bite-sized chunks. Intersperse short amounts of text with lots of relevant pictures (e.g. of the book cover or the rewards) to entertain readers and keep them engaged. You don’t want them clicking away from your campaign page, overwhelmed by the wall of text they have to read.

Myth #4: You’ve launched your campaign! Time to kick back and relax.

Large network? Check. Awareness of campaign on social media? Check. Asked friends and relatives to donate? Check. Stellar campaign page? Check. Now all you have to do is launch your campaign page and the money will come pouring in. Right?

Kind of. You still need to do a lot of work throughout the course of your campaign in order to make sure that it’s a success. Continue promoting the campaign to your social media network. Post regular updates with pictures on your campaign page, letting everyone know what’s going on and how far along you are towards reaching your goal. Tell your friends and relatives to write in the comments section, and reply to each and every one of their comments. You want to keep engaging with your network, showing them that the campaign is still active and ready to receive their donations.