4 Critical Crowdfunding Mistakes

Getting your crowdfunding request right first time is of the utmost importance. If you don’t meet your funding target first time, visitors may get bored seeing your pitch over and over again. Worse still, some crowdfunding websites don’t let you post the same project more than once. Therefore, avoid these 4 common mistakes when crowdfunding:

1: Posting your project on the wrong site

There are many crowdfunding websites out there and all the ones worth mentioning do something a little different. For example, some crowdfunding sites specialize in creative projects. Others let you crowdfund life-events and personal plans. Some target a specific region whereas and they all employ different funding methods which may, or may not suit you. You’ll have to take all this into account when choosing the crowdfunding site that you list on as pledges often come from strangers as well as people you know.

2. Asking for too much or too little

Ask for too little and you’ll be kicking yourself if you realise you’ve run out of money. Ask for too much and it may sound unrealistic or put off potential backers. Think carefully about how much you really need and explain the reasons for this in your crowdfunding project. Backers want to know where their money is going.

3.Failing to keep backers engaged

Almost all crowdfunding sites have a feature which lets you keep backers and visitors updated on the progress of your project. However, if someone sees that you’ve raised a quarter of the money needed and haven’t provided any updates it raises suspicion. It’s also likely to put off future backers as they may feel as if you won’t valuable their support. Keep your project active and busy in order to keep current and future backers happy.

4. Lacking promotion

Crowdfunding sites do not equal free money. You also have to work hard to promote your project to the people around you. Once you get initial pledges, it’s more likely that strangers will become interested and pledge to your cause too. Seeing a project with a few pledges makes others a lot more likely to check your project out as it curiosity makes forces us to see what the fuss is about.

Now that you know the four critical crowdfunding mistakes, check out our list of crowdfunding sites and pick the one best suited to your project.