The Real Cost
Packing and mailing the rewards was very time-consuming. Overall, I think I lost about a week of studio time on packing and mailing the rewards. I also needed to order special cardboard boxes for packing. These were an extra cost that I didn’t consider.
Another thing to consider is to include the shipping fees in your running campaign total. I didn’t do this and it gave a false sense of the campaign target being reached. You may reach your goal of AUD 1000, but that AUD 1000 also includes postage fees - so it isn’t a real figure.
Here are a number of additional costs I would factor in if I decided to do this again:
Why my project was a success
It was down to my social media presence and the online network I have developed over the years. More than 80% of the supporters were from this network.
My success was based on a few things:
If I were to run a crowdfunding campaign again, what would I do differently?
1: I would try to make it shorter. It is much easier to maintain momentum.
2: I would pre-promote the project and create a buzz way before I launched it.
3: I would try Australian Cultural Fund (www.australianculturalfund.org.au), a federal government initiative that supports artists in fundraising. The advantage is that the donors get a tax deduction by supporting your project, so you don’t have to offer rewards.
4: I would try MATCH, an Australian government program that provides dollar-for-dollar matched funding for crowdfunding campaigns by independent artists and groups www.creativepartnershipsaustralia.org.au
5: I would make the donation option clearer and allow offline donations directly into my bank account.
6: I would price the rewards more carefully
Hope my experience is helpful and I wish your crowdfunding is a success!