Did you know that the transaction value in the crowdfunding space is expected to be worth $1.13 billion this year? That’s a lot of money being raised via the crowdfunding route.
Statista adds that the expected average funding per campaign in the crowdfunding space this year is $6,150.
While many people think that crowdfunding is for raising money for organizations, special causes, or people in need, it's also an excellent platform to raise funds for entrepreneurial pursuits. So, if you're short on funds and want to raise money to pursue your MBA, real estate license, or something else, crowdfunding might be just the option for you.
But to be successful and raise the money you need, you'll have to know how to launch a successful campaign. Keep on reading to learn about what to consider when using crowdfunding to raise funds for any educational pursuits you have in mind.
Figure Out How Much You Want to Raise
The first step is to figure out how much you want to raise. You'll likely pursue a donation-based crowdfunding campaign if you're raising funds for educational purposes. Set a realistic funding goal and ensure that contributors know how you will use their donations. Don't simply pluck a number out of thin air. Do some research to set an informed funding goal.
Identify Your Target Audience
Who will you pitch your crowdfunding proposal to? The chances are that you'll target family, friends, and maybe even acquaintances. When considering who to target, ask yourself why they would want to buy into your campaign in the first place. In other words, what's in it for them? If the plan is to get your realtor credentials, maybe you'll offer to help any contributors buy or sell a home at a lower commission rate. But what if your contributors live in a different state than you live in? If you live in Georgia while most of your audience lives in Florida, you'll want to know if you can get a realtor license in a state you don't reside in.
Share Your Story
Now it's time to share your story. Let your audience learn who you are, what you're about, why you want the funds, and what you'll use the funding for. It's like developing a sales pitch. If you're targeting family and friends, include information about yourself that isn't too obvious. Maybe you can explain why you want to pursue the stated educational path, or you might explain how you plan to use what you learn to help others in the community.
Promote Your Campaign
You'll need to promote your campaign. It's unlikely that you'll have a huge audience, so it should be easier to promote your effort. If your audience uses Instagram, Twitter, LinkedIn, Facebook, or other social media platforms, use these platforms to reach out to them. Keep it simple and ensure that you explain that they're not under any obligation.
Execute Crowdfunding Campaign
After marketing your crowdfunding campaign, the next step is to execute it. The launch should not catch anyone you're targeting by surprise. Let them know during the promotion phase, and enlist the help of family and friends to help spread the word, too.
When your crowdfunding campaign is over, let your audience know how much you raised. Thank everyone--both those who gave and even those who didn't.
When you finally complete whatever educational program you raised money for, update your audience to keep them in the loop. Those who contributed will be interested in learning that you successfully completed the program. Also, ensure that you live up to any promises you made to contributors during your crowdfunding campaign.
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The average share raises $97.