You’re a musician and have written 15 songs ready to record and distribute for the world to hear. Great! The only problem is…you’re a musician and have the bank account to prove it. You’ve tapped out your savings to pay for your expensive New York apartment, you already owe your best friend $500, and you have too much pride to ask your parents for help. What do you do? Start a crowdfunding project!
What is crowdfunding, you ask? As Brandon Mendelson describes in his Mashable article, A Guide To Crowdfunding Success:
…someone gives you money (whether it’s a donation, a purchase, or my favorite, just because) with no obligation on your part of paying it back. Now, you could pay it back, but the idea is, you’re using their money to successfully complete a project they support.
Sounds like a great idea, right? Well, it is. It’s a great way to raise money for a creative project without asking for a handout. It’s also a fun way to invite your family, friends, and fans to get actively involved in your creative journey. Our Guide To Crowdfunding will go more in depth, but essentially, here’s how crowdfunding works:
- You come up with a creative project you want to complete.
- You create a campaign to get the funding you need. This includes deciding how much you need to raise, choosing a platform, and coming up with pledge amounts and rewards.
- You launch the campaign and spread the word among your fans, friends, and family, soliciting pledges in exchange for rewards.
- You collect the money for your campaign and complete your creative project.
- You thank the people who donated to your campaign with their rewards.
- “Do I have an idea that people will support?”
- “If I get funding, can I realistically follow through on my plan?”
- “Do I have a circle of fans, family, and friends big enough fund the project and/or help spread the word about my project to other people and media outlets?”
- “Can I create rewards enticing enough to get people to donate?”
If you answered yes to all of the questions, then crowdfunding is for you! Make sure to check out our guide to learn how to plan, promote, and execute your crowdfunding campaign. If you need help creating and running your campaign, be sure to contact us here.