Creating a project
One of the main reasons sponsors prefer crowdfunding to traditional fund-raising drives is that they get to see exactly where their money is going. A project is your idea, but with a well-defined proposal, funding target and completion date.
What title should I give my project?
Make it simple and specific. Remember – it’s a title, not a description. It needs to grab attention, but should also include your club or society name/initials.
What should I include in my project?
Sponsors will need to be able to judge whether they think your project is feasible. In order to do this they will want to know the following:
- What are you trying to do?
- How are you going to do it?
- How will the funds be used?
- What have you achieved already with regard to this project?
- Who are you and the other Creators on your team?
If you are after sponsorship to cover the general costs of your project, think about how you could break this down for potential Sponsors. How will you spend the funds? What will they allow you to do? Over what period will the funds be used?
When will my project go public?
Once you’ve created your project you can submit it to us. If it meets all of our guidelines we’ll make it available to the public. But please note that you can’t edit your project after submitting it. However, you will be able to add updates.
Funding a project
uses an all-or-nothing funding model. If you don’t reach your minimum needed by your completion date, no money changes hands. This way, you’re not expected to carry out your project or deliver rewards with insufficient funds. We suggest choosing the minimum funding target that allows you to carry out your project, pay fees, and deliver rewards. There is no limit to the amount you can raise and projects often raise more than their funding target. You need to raise enough money to complete your project as promised.
What do I need to consider?
Rewards
When calculating how much you need to raise think about how much your rewards might set you back. You will need to prepare for the maximum costs you could possibly accrue and adjust your target accordingly. But remember, you only need to deliver your rewards if your project reaches its minimum and after you have received your funding. This means that the funds you receive will cover the cost of rewards.
Postage and Packaging
Don’t forget that it will cost you to send the rewards if your project is successful.
Fees
You will also need to consider the small fees that apply. PayPal fees are approximately 3.5% depending on the size of individual donations and your PayPal account type. Stripe fees (for accepting credit or debit card payments) are 2.4% + 20p per donation. We recommend you add a few percent to your targets to cover these fees.
Timescale
Projects on can last from 2 weeks to 3 months. However a longer project isn’t necessarily better. A project on takes a lot of work so you might not want it to go on for an entire term!
What do I need to consider?
Funding target
The larger your funding target or your minimum needed the longer you are likely to need to raise it.
Receiving the funds
You only receive payments IF you have hit your minimum target and AFTER your project’s completion date. PayPal payments take up to 24 hours to arrive in your account. Don’t forget that PayPal take transaction charges of approximately 3.5% of each donation. Stripe payments (credit/debit cards) take up to 7 days to arrive in your account. Don’t forget that Stripe take transaction charges of 2.4% + 20p of each donation.
Urgency
A shorter project can convey a sense of urgency to Sponsors. That’s why we’ve found that projects up to a month in length tend to be more successful. A shorter project focuses your promotional efforts and shows confidence in your project.
Video
One of the best ways to increase your chances of achieving a successfully funded project is to make a video. Videos allow Sponsors to gain more of an idea of who you are and what you’re doing. It builds trust between you and the Sponsors, and this is essential if they are going to make a donation. Sponsors need to have a feeling that you’re genuine and you intend to deliver.
What makes a good video?
A good video is you! At its simplest, a good video can just be you speaking into a camera. The basic idea is to give people an idea of who you are, what you’re doing and why Sponsors should care about your project. Oh, and be yourself!