Are you looking forward to initiating a new Crowdfunding campaign? However, there are multiple options when it comes the Crowdfunding platforms. Thus, it often gets tricky to pick the right one for you.
Nevertheless, you first need to jot down your project parameters. Like, what kind of project you are raising funds for or what your project goals are etc.
Following are a few tips to choose the right platform for your upcoming Crowdfunding project:
1. Make your idea appealing to a Crowdfunding audience
Before you decide on the right platform for launching your Crowdfunding campaign, you first have to work on your project idea. Why do you think pledgers choose to support specific Crowdfunding projects and not others? It is because certain ideas make them feel connected.
If you want pledgers to support your project, you should develop an idea that resonates with potential backers. Present your ideas creatively. Besides that, consider offering rewards or benefits to backers.
While raising funds for a specific cause, you should be mindful of-
- How you are going to use those funds
- How you will categorize the project
- Know why someone would support your project and be willing to contribute their efforts to raise funds for the project
Once you get clarity about these things, you can quickly raise the required funds for your project.
2. Opt for a Crowdsourcing platform that supports projects in your specific niche, category or industry
There are multiple categories of the Crowdfunding project: art, crafts, comics, design, dance, food, film & video, fashion, and music. Journalism, publishing, photography, games, theatre, technology etc.
Ultimately, some platforms will be a better match for your project than others will. However, if you are confused about choosing, analyze and compare among various options available.
Identify what’s unique about each site, what kinds of projects they support, how their funding model functions, their reward system etc.
3. Look for a Crowdfunding model that aligns with your project
There are various models of Crowdfunding. They can be classified as-
1. Rewards model: As its name suggests, the rewards model offers perks or incentives to your pledgers depending upon how much they contribute to your campaign.
2. Equity model: Equity Crowdfunding allow backers to make micro-investments into the idea.
3. Donation model: Donation based models specifically target social causes such as community or religious initiatives. With this model, project creators don’t need to offer any perks or incentives to supporters.
4. Lending model: This model replaces the lengthy process of acquiring a bank loan. With this model, project creators receive a small amount of money from pledgers, which they later need to repay with a fixed rate of interest.
5. Hybrid model: Hybrid Crowdfunding model is a mix of all the models discussed above.
Which model is the best one? It’s often safe to stick with the rewards model. However, the equity and lending models work well for businesses, and the donation model works well for social causes.
The platform is not alone going to decide the success of your Crowdfunding. However, experimenting to find the right platform for your project is not a bad idea. Thus, use the tips discussed in the blog to choose the right platform for your upcoming Crowdfunding project.
You can consider choosing O-Bless, a Crowdfunding platform from ONPASSIVE. Be it any social cause or an innovation, O-Bless offers you the platform to create a campaign that let you network with the right people across the world.