How do I set my funding goal?
Choosing a realistic goal is one of the most important decisions you must make about your campaign. A SMART goal communicates credibility and shows that you have considered the total cost implications of turning your idea into reality.
Set your goal to the minimum amount you need to start and finish your project, and ship your rewards to your contributors. Setting your goal that way helps you to build momentum faster for your campaign.
How does my personal network impact my funding goal?
Study shows that the most successful campaigns raise about 30% of their funding goal from campaign creator’s personal networks. Your personal network includes friends, family and colleagues who know you and trust you. The starting point is to make a list of them, and take a realistic guess of how much you think each of would be willing to contribute towards your campaign. Work towards achieving 30% of your goal from this network of supports.
You need the trust and support of your personal network to build moment for your campaign because:
- It gives confidence to your campaign visitors to contribute when they see that others trust you with their money.
- Your campaign can leverage your initial funding score to gain positive marketing and press coverage.
- It helps you to build momentum that could possibly lead to exceeding your funding goal.
Review your Funding Goal before Launching
You cannot change your funding goal once your campaign goes live. It’s important therefore to carefully review your funding goal and ensure it meets your campaign objectives before launching.
Your funding goal consists of the following costs:
Materials + Production + Rewards shipping + Contingency
Be sure that your campaign budget covers all the relevant costs and leaves you and your team a reasonable margin to grow your business.