Crowd Funding is something we are getting asked about a lot here at Artonomy. It’s a new way of funding that can work brilliantly for the right project. In this post Janelle Pierce shares some tips on how to go about it…
As a writer you probably know how daunting and difficult it is to get published. As a photographer you probably know how tedious and time consuming it is to sell prints. As a musician you’ve probably had more than a dozen rejection letters from record labels who just didn’t hear the same potential for your music that you did. Well rest easy because the financial times are changing!
If you haven’t heard about crowd source funding it’s the new, hip way artists are getting the funds they need to produce the work they love, and the best part? They’re being funded by backers who love their work too! If you’ve ever wanted to professionally record and release an album, publish your first novel, or release a coffee table book of your favorite photographs then crowd funding might just be the way to go.
Taking the First Step
If you’re new to crowd funding then have no fear, there’s a first time for everything, and truth be told it’s not that difficult, but it will take some time so be prepared for that. Before you do anything you need to decide which crowd funding website you’re going to utilize. With more than 400+ sites available the decision to pick just one, may not be that easy. Instead of going with the big dog (kickstarter.com) just because it’s the big dog, do your research. Pick a crowd funding site that caters specifically to your niche. If you’re an artist who specializes in a certain pottery technique or who makes a specific kind of music, find a site that values that and has an audience who values it as well.
Impacting Your Backers
In order for your crowd funding campaign to be successful you need to make an impact. Since your ultimate goal is to entice and secure funding from other people it’s important to make a human connection. Tell your story and make it personal. People can easily discern whether or not you’re genuine and authentic so don’t fake it. Using a video is one of the best methods because it allows you to communicate not just information, but also emotion.
If this is your first crowd funding campaign then you’ll probably want to do a little investigating. Knowing what worked (and didn’t work) for others is a valuable piece of information you cannot afford to neglect. Spend some time searching for other projects that were (and weren’t) successful. Try duplicating the strong points of the successful campaigns while avoiding the weaknesses of the failed campaigns. This will improve your chance for success across the board!
Benefits to the Crowd Funding Model
There are a lot of benefits to the crowd funding model but two of the greatest are its ability to raise money while contributing to the marketing of your art. When a backer decides to support you with their money they make a connection with you that is personal. Their monetary investment is just the start, after that they’ll support you with their vocal support to family and friends. With a few high profile Twitter or Facebook users in your ranks you’ll be well on your way to success due to the word of mouth advertising they’ll provide.
In addition to the financial support and free advertising you’ll also receive constructive criticisms. You may have a good idea, but it can probably get better. If that’s the case the crowd will help you do it. Offering constructive criticism is one way crowd funding makes everything better not just for the backer, but also the artist. Many minds are better than just one and it’s true that there is strength in numbers.
The old method for funding projects, books, or inventions was a reliance on large corporate banks or wealthy relatives. While a wealthy relative may not charge interest they can add additional stress. Likewise a bank will charge interest and as a result you’ll end up paying more for your loan than the loan was worth.
Crowd source funding is a great alternative to the funding methods of the past. No longer do you have to borrow money only to repay it later. With crowd funding you’re able to sell your creations directly to your customers. Through the process you’ll learn more about your audience, the project you’re working on, and it will hopefully make you a more accomplished artist.
Janelle Pierce enjoys writing about crowd funding and answering various small business questions. In her spare time she enjoys traveling, hiking, and spending time with friends and family.
For inspiration why not check out the kickstarter project of Joshua Harker Joshua’s beautiful sculpture Crania Anatomica Filigre was the 3rd most funded arts project ever raising over $77,000. You can also visit Joshua’s Etsy shop to buy this fabulous sculpture here.