Kickstarter is a powerful tool for people with good ideas. Here is how to use Kickstarter to start your business.
Did you know that $4 billion has been pledged towards different projects on Kickstarter since its launch in 2009? With so many people backing up different ideas on this platform there are more people contemplating the idea of using the platform for their own idea.
Kickstarter has shown to be a powerful tool when used correctly.
Keep reading to learn how to use Kickstarter to start your business.
How to Use Kickstarter to Start Your Business
Before running to your computer setting up an account and starting your first crowdfunding campaign there are 2 important details about Kickstarter you want to keep in mind. First, keep in mind that Kickstarter has to approve every project before you can launch and ask for pledges. Second, if the project doesn’t receive the funding amount you set then you end up receiving $0.
Research
Doing your research will help you avoid costly mistakes. With more and more people taking the entrepreneurship route it’s no surprise that there are a ton of great ideas that come to life thanks to Kickstarter.
The point of starting your campaign is to be successful which means you have to put in the effort before, during and after your campaign. Take a look at other campaigns that were successful and take notes from their launch.
Also, take a look at unsuccessful campaigns to see what might’ve caused their project to not be successful. Keep in mind that its best to launch specific ideas or products in order to get approved by Kickstarter. Your project or business has to genuinely benefit your audience.
Here is also a good time to decide how long you will run your campaign for. Those that have a 30-day time frame have shown to do best.
Funding Goal
You will have to choose what your funding goal is. This part can be tricky because you want to make sure you choose the right amount.
You don’t want to choose too small of an amount that won’t be enough for you to go through with your promises to your backers. You also don’t want to choose too large of an amount that you won’t get backed 100% because then you won’t receive anything.
Take time to calculate exactly what you will need to fulfill your project. Take into account that you will pay taxes on the money you raise and you will pay Kickstarter their fee for using their platform.
Rewards
Select rewards for your backers in exchange for their donations that they can benefit from. You will have the ability to choose multiple rewards based on the donation amount. A key here is to not give too many options and confuse your potential backers.
Decision fatigue is a real thing and can end up costing you donations if people can’t make up their mind and end up not backing you at all.
Video & Pictures
Campaigns that have a high-quality video have shown to do the best. If you don’t have the proper equipment you might want to consider calling in the professionals. Video doesn’t mean a 10-30 minute video, less than 3 minutes is enough time to connect with your audience and share your story.
Promote
Once everything is approved it’s time to let the world know. Tell friends and family ahead of time to donate once you go live. Their donations will show others that there’s interest in your project and potentials will be more willing to back your project too.
Get listed on other platforms to get the word out there about your Kickstarter project. Investing in PR will help you get more eyes on your campaign.
Happy Launch!
Now that you are ready to kick off your first crowdfunding campaign after learning how to use Kickstarter it’s time to enjoy the excitement for the next few weeks. Don’t forget after your successful funding it doesn’t mean it’s over you will have to deliver on your promises.
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