Payment processing fees of up to 3 can also cut into your funds.There are also many stories of failure which have come from this crowdfunding platform where months of planning and effort resulted in zero funds being transferred.
Should you be using this platform to raise money for your next project Here are the pros and cons of Kickstarter to consider. It doesnt take much for people to want to unlock the potential of a Kickstarter campaign. Although there are no official numbers, it is estimated that 9 out of 10 campaigns that can reach a 25 funding level at some point will actually meet or exceed their funding goal. This means creators and supporters seek each other out when there is the potential for success to ensure that goals can be met. Your campaign can generate a lot of attention for free. A number of tech magazines, online publications, and individuals all browse through Kickstarter on a regular basis to see what new campaigns have become active. Quirky and innovative campaigns can generate a lot of free press when they get noticed, which can help grow a brand even if the crowdfunding effort isnt eventually successful. Fundraising periods are kept rather short. The longest a campaign is allowed to currently run on Kickstarter is 90 days. This means you dont have to worry about extending your fundraising efforts for an indefinite period of time. There are deadlines that must be met and these can be used to your advantage, especially if you are close to a fundraising goal and are looking for a little extra help to get over the top. Its free until you meet your goal. If you dont get your project fully funded on Kickstarter, then the only costs youll face are the ones youve generated internally to create and market the campaign. There are no upfront charges to be on this platform that you need to worry about. Thats good news for the 55 of campaigns that currently do not meet their funding goals. In the past, Kickstarter required all campaigns to be reviewed for approval. That restriction has been lifted somewhat we all remember the potato salad campaign, but is still available for companies and individuals to use. Its useful to take advantage of this opportunity because the staff of this crowdfunding platform can give you insights that may make your campaign more likely to succeed. There is no transfer of ownership of your product, service, or idea. Kickstarter does not take an equity share of your campaign as part of the commission process. This means all creators are able to keep 100 of their ownership share when representing their work. Kickstarter offers an interface that is easy to use. When you take a campaign live, its easy to keep track of what is happening with it. Youll receive up-to-date statistics, be able to communicate with all supporters with ease, and be able to promote your campaign in multiple ways. You are even allowed to purchase a domain name that redirects to your Kickstarter campaign and embed it onto your own website if you wish. If you want to receive your crowdfunding cash from Kickstarter, then you must meet your funding goal. Should your goal not be met, then you receive nothing from the pledges and those who donated to your campaign are not charged anything. All successful campaigns must pay a fee. Kickstarter will take 5 of all the cash that is raised as a commission for being able to crowdfund on the site.
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December 2020
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