When you have a project idea in mind, the next step is to think of how to finance it. The sources for funding can vary: applying for grants, teaming up with a big company, taking a loan from the bank, etc. But one alternative way to finance your project is through crowdfunding, which has become more and more popular in the past couple of years worldwide. Armenia is also keeping up with the rhythm of these changes and has developed and progressed in this relatively new field too.
Ayo! is an Armenian crowdfunding platform, whose goal is to encourage young Armenians to create unique sustainable development projects for Armenia. If you want to be successful in your crowdfunding campaign, here are some important tips, which Ayo! has compiled for you:
We all know that if you want to be successful in your project, you must plan every single step of it. But it’s not just that. Planning ahead of time, ensures the normal flow of your work, and helps you foresee all the possible changes that might occur to the project in its development phase. If you have it all planned out, the chances are you will have a better way to overcome the difficulties that might happen throughout the crowdfunding journey.
What do you mean? I am realistic, aren’t I? My idea is to create a new type of spaceship that will take us to Mars and back to the Earth within a day. Well, this is pretty unrealistic, don’t you think? You have probably heard about the Potato Salad story, but you shouldn’t expect that every single simple project is easy to raise funds for.
Many people who start a project are so sure that they know everything that they might forget about a very important and key factor behind being successful – that is, of course, research! Anything you want to start a campaign for needs to be proved and examined by thorough research in the field. Without it, know that while you might still get there, you won’t be as successful.
If you have been hired to help someone with a crowdfunding campaign, chances are you might not entirely like the idea. Nevertheless, try to understand why it is a good one and what good can it do. You should be 100% on board with the project and the team to drive it forward and push others to find the same reasons to support your project as well.
Include all the necessary itemized budget lines and justify the need for those, because one thing people don’t like is to be taken for a fool. Better say what you need upfront, rather than hiding something important. Another thing, be transparent and show your results. Don’t just take the money and run away. Make sure you show the end result to your beloved donors too. At the end of the day, it’s thanks to them that your idea is coming to life.
Each member in your team should have the same goal towards achieving success. Never think that you won’t need a team, because the amount of work that’s awaiting you might not seem a lot at first, but once you start, it becomes more and more and if you have a team with respective knowledge on certain things, then lucky you! It just became a piece of cake!
When you kick-start your campaign, you also commit to communicate with people. Those channels are emails, social media networks, and raising awareness among friends and family. Remember when I said be frank? Well also be communicative, as that’s what people like; they like to be informed, to be noticed and acknowledged. You should send each of your donor a thank you note as well, because they did believe in what you do and they want you to succeed, so a nice shout out will also do you good!
As long texts are becoming boring to read nowadays, photos, short videos and graphics are getting more and more popular. Consider this while campaigning for your project. You did a great job to generate a big army of fans, so now you need to make sure you don’t lose them. Use this trick wisely, make infographics, short videos and many photos to share your stories, facts and results. Remember, this is what people demand, so you need to cater to their needs.
And to wrap it up, be thankful! You can’t believe what a rewarding feeling it is to complete a project that has been supported by thousands of people and benefited another thousand!
Checklist compiled by Jemma Safaryan
“Written by Jemma Safaryan. Originally posted on Kolba.am.”