Crowdfunding


 Factor in reward delivery dates. For example, if you are offering tickets to an event as an incentive, you will need to allow enough time after your project ends to deliver the reward to the donor.


Q HOW MUCH TIME WILL THE AThe success of your campaign


PLANNING STAGE TAKE? will largely depend on the


SCHEDULING A CROWDFUNDING CAMPAIGN


If you’re thinking of using crowdfunding for your next fundraising project,


you’ll probably want an idea of how much time to set aside. We asked Jonathan May for some expert advice...


WE ALLOW FOR RUNNING A CROWDFUNDING CAMPAIGN?


Q HOW MUCH TIME SHOULD AExecuting a successful


crowdfunding campaign


requires a good plan, passion and dedication. The amount of time you need to allow will depend on a number of factors:  Does your campaign have a deadline by which you need to collect funds? For example, if you are raising money for a science workshop for National Science and Engineering Week in March, you will need to collect the funds with enough time to book the supplier.


TARGET AMOUNT Over £5,000 Under £5,000


 How long will it take for funds to be collected upon completion? Stripe payments are usually transferred within seven days, but ofine payments or matched giving funds may take longer to chase up.  How much time will you need to collate information about your project and to prepare any promotional collateral? For example, a new playground build may require input from stakeholders such as pupils and governors. And even once a supplier has been selected, plans can still involve some to-ing and fro-ing. You’ll need to have all your ducks in a row before you launch.


PLAN AND PREPARE RECRUIT SUPPORT Up to 10 weeks 4-6 weeks


2 weeks 1 week


amount of time and energy you invest in thorough planning. Don’t underestimate the amount of preparation involved! Most campaign creators will spend, on average, one hour a day. If you are running a big campaign you may need to allow even more time in order to keep supporters engaged. And the bigger your project, the


more time it is likely to take to gather together all the supporting documentation required. A higher target also means higher stakes, therefore you will need to make your project sound as compelling as possible, and let the widest possible network of supporters know about it! Identifying and contacting potential donors, crafting targeted communications, and creating an engaging video and images to use on social media all takes time.


Q FOR HOW LONG SHOULD AIt is easier to create urgency


OUR CAMPAIGN BE ‘LIVE’? and keep momentum going with


campaigns of around four to six weeks in length. Longer campaigns tend to have a period in the middle where engagement goes at. There are things you can do to combat this but you might want to consider running a shorter campaign and putting more energy into it rather than spreading the effort over time. Consider setting your deadline


at the end of a Sunday as many donations are made on weekends, when donors have more time. Use the table below as an


approximate recommendation.


LAUNCH AND ENGAGE 6-12 weeks 6-8 weeks


FINISH AND FOLLOW UP 1-2 weeks plus updates 1-2 weeks plus updates


FundEd SUMMER 2016 27


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