So you've got a great idea for a new documentary or film, an innovative product, or a revolutionary book idea?
One of my clients has a book that teaches kids art as it simultaneously teaches them about character building through innovative stories. It's a niche product, but could be used in a multitude of venues such as summer camps, VBS, homeschool or school curriculum.The catch for the author? Funding, the same problem that probably delays your project. But there are ways to overcome this obstacle with other people stepping in to help.
There are various options available as you will see below.
Note before you start. This requires:
- Some faithful friends who will help
- Hard work
If you're allergic to #3, then you probably should stop reading here. If hard work is your middle name, read on. Here's how to start:
Sit down with pen and paper and ask yourself the following questions:
- Is my concept compelling?
- Why would someone consider helping me fund this project?
- Who is my audience?
Create your budget:
- Determine the amount of money you need to complete the project.
- Be sure to include the service fees and any promised rewards/incentives in the budget so that you are fully covered. (see below regarding service fees. We'll discuss rewards in next week's post.)
Determine Your Funding Site:
These are sites which allow you to launch and promote your project so that others can learn about it and invest anywhere from $5 to $5,000! Can it be that simple? Yes.
(Now go back and read the "Note before you Start" #3.)
Kickstarter.com - Note: this site will not permit cause based or non-profit projects.
- 10% for service fee.
- If you don't reach your set $$ goal, you don't get your money...any of it!
Pubslush - Note: this site is specifically for literary projects
- 7-8% service fee.
- They offer a flexible funding plan which means even if you don't reach your pre-set funding goal you can still receive your money.
- It also offers a pre-buy button for book orders!
This allow you to you to raise the funds as you simultaneously pre-sell your book. What's more cool than that?
- Offers both plan options, the fixed $$ goal, which if you don't raise the entire amount you don't receive any money as well as the flexible plan.
- Service fee for the flexible plan is a whopping 12%.
- 11% service fee.
- As soon as you hit 50% of the goal they begin to release the money raised so far.
- They do literary projects.
How to Get Started:
Each of these sites offers tutorial videos and a chance to view projects that have been successful. This is a great place to start. Review what others have done. Find similar components within the projects to your own anddetermine from their success what you can mirror for your success.
Do your homework this week by getting familiar with these sites. Next week stay tuned for Part 2 in the "Need to Fund Your Project" series on how to use Social Media, Video and Text, and Rewards to create a successful launch in your personal "How To Fund Your Project Campaign".