Crowdfunding rules

So you want to crowdfund a project? That's awesome! I hope it does super well. But before you do, here's my list of rules and tips.

First, my bona fides. I've run 3 campaigns of my own, all of which succeeded. I've helped several other campaigns, which succeeded. I have never had a campaign fail to reach the goal. Also, I covered crowdfunding for several years in Haaretz.

Now that we got that out of the way, let's get to the rules. Crowdfunding can be fun and rewarding, but it can also be incredibly hard. These rules will help make it easier, and hopefully more successful.

The Three Elements

You need at least one of the following:

1. A cool product
2. A good reputation/track record
3. A strong community

The first is, absolutely, the most powerful. However, if you have a good reputation and strong community support, you can succeed even if the thing you want to do isn't the coolest. A cool product is also the only one that can succeed without the other two elements. If you have none of them, build them before launching your project.

All Or Nothing

Unless your project is definitely going to happen regardless of what happens in the campaign, always go for All Or Nothing. And usually, even if it does. There's an energy to All Of Nothing campaigns that others cannot match.

Minimum Rule

Ask for the minimum needed to actually make your project happen. I know well the feeling of "but if I ask for more, I'll get more, and more is GREAT." But if your campaign doesn't reach its goal, you get nothing, and nothing sucks.

Plan Ahead

Plan for stretch goals from the start. This is the flip side of asking for the minimum. Be prepared to push for more as soon as the goal gets near. And the way to do that is stretch goals.

Stretch Carefully

Stretch goals have to be things you ALREADY WANT TO DO. Don't burden yourself with new missions that you don't actually care to achieve.

Stretch Wisely

Stretch goals should benefit your existing supporters. When your stretch goal benefits your supporters, you give them incentive to spread the word. Few things are as powerful as "if I do this, the money I already spent will benefit me more."

Film It

You need a video. It can be you talking to a camera, it can be an awesome production. But you need that personal touch of seeing and hearing you, or your product.

Always Be Emailing

Email is your friend. Social networks are fine ways to spread the word, but research has shown time and again that a personal appeal via email is the single most effective way to get people to support you. Just don't spam people. One email at the start, one near the end. MAYBE one in the middle.

Slow Going Days

Be prepared for the fallow middle. I'm sure you've seen projects that just go up and up and up. Those are RARE. The first three days, and the last three days of your project will, if all goes well, be lively. The rest? Not so much. Figure out ways to add more rewards during that time.

Help

Don't be afraid to ask for help, part 1. Some crowdfunding sites will advise you not to use the word "help." This is bullshit. There is nothing wrong with asking for help, as that is what a crowdfunding project is about. Sure, you're offering cool rewards, but you want people to help you make a thing happen.

More Help

Don't be afraid to ask for help, part 2. This time, I'm talking about rewards. Do you have friends who can contribute rewards that are relevant to your project? Ask them.

Fulfilling Rewards

Once your project succeeds, you are not sailing the gravy boat yet. Reward fulfillment is hard. Be prepared for it to be hard, to take longer than you expect, to have complications you cannot predict. Be as organized about it as you can. If you aren't an organized person, use tools and ask for help.

Edit: I'm making this into a series, with the first followup here. Follow #didicrowdfund for more.