90% of first time crowdfunding creators fail. Your success rates on Kickstarter and Indiegogo are less than 45%. Majority of successful crowdfunding campaigns are managed by 2 or more people.
In fact, the amount of successful campaigns managed by one individual grows smaller and smaller by the day.
The reason for this?
Who has the time to run a crowdfunding campaign and manage the day to day in their business? I’ve always said running a crowdfunding campaign is like a boot camp for entrepreneurs.
You’re going to learn how to find a manufacturer. How to build an email list, how to launch a product, how to fulfill orders, receipts and book keeping, the list really does go on and on.
Did I mention your going to do all of this in a 2-month sprint? I call it a sprint because you won’t be relaxing during the day to day. And even if you had a moment to relax, you’re going to be too busy obsessing over the refresh button on your crowdfunding campaign page.
Everyone wants to launch a Kickstarter campaign. EVERYONE. Honestly, I turn down a lot of clients. Many because they believe crowdfunding is a get rich quick scheme. Others because they don’t have a strong following or they don’t know how to build a strong following.
There are several reasons, but 1 of the most popular reasons on why you shouldn’t run a crowdfunding campaign…… TIME…..
It takes a massive amount of time to run a crowdfunding campaign. Waking up early before the sun comes up to send out pre-drafted emails to press and followers. Staying up late to write those exact emails. Constantly messaging other crowdfunding creators to cross promote. Live streaming from your Kickstarter campaign page. Creating content to live stream about. Updating your campaign page with shareable content. Brainstorming that shareable content.
Responding to comments and answering questions in the FAQ’s. Responding to the same comments and same questions over and over again. And oh god the messages! Responding to messages, and if I see one more spam message about how you’re going to help my campaign I’m going to throw my computer out the window.
Your time won’t just be spent online. A great creator will be campaigning throughout his city. Going to meet-ups, networking events, etc… Bring some green and black balloons, or pink and white ones and wear a giant sign that says “I have a crowdfunding campaign, ask me about it.” Seriously someone has done it.
All of this can be handled in the pre-launch, but most creators don’t take the time to do so. Because everyone is excited for the launch. Everyone wants to hit that launch button before taking the TIME to plan and prepare properly. And we wonder why crowdfunding has a high failure rate.
So do me a favor, before you launch or begin planning a crowdfunding campaign, ask yourself.
DO I HAVE TIME TO DO THIS?
You will be doing yourself and the crowdfunding community a favor by doing so. After all, time is one the top reasons crowdfunding campaigns fail.