Startups depend on the success of crowdfunding for startups to achieve their goals. First of all, you need to set the right crowdfunding goals. It can be a short-term goal or yearly goal.
Setting Crowdfunding Goals
You can set your crowdfunding for startups goals in different ways. The SMART method is the most common way of setting goals.
SMART stands for Specific, Measurable, Attainable, Relevant, and Time-based.
You need a clarification of the overall context. Understand what you want to achieve. How is this fundraising initiative beneficial for you? How many donors are required to raise the funds you need? Generic statements like ‘let’s raise than what we raised last year’ do not work. You need to quantify your crowdfunding goals.
How will you know if you have achieved your crowdfunding goals or not? You can’t do that if you don’t measure the progress. Therefore, you need to set measurable goals. You need to find answers to the following questions to set measurable crowdfunding goals:
- What will you measure?
- Who will measure?
- How will it be measured?
There are many benefits of setting measurable crowdfunding for small business goals. This provides you with enhanced clarity. It motivates your staff and donors. You get a clear picture of what you want to achieve. Whether you are a small organization or a big one, you need to stay on track which is possible when you set measurable goals.
If your goals are not realistic and attainable, you are most likely to get carried away. Motivation is important. However, you should not be too motivated to set goals that you cannot meet.
Check at least twice or thrice to ensure that you are setting relevant goals. Ask the following questions:
- Does your crowdfunding campaign contribute to your overall business goals?
- Will the campaign have a significant, positive impact on beneficiaries?
- Can you relate your crowdfunding goals to your yearly strategy?
- What is the ROI?
Establish relevance before you start any of the crowdfunding activities.
A crowdfunding campaign should end on time. A stretched out campaign becomes a burden. Your staff and volunteers are likely to feel demotivated. You must have a timeline. You can make informed decisions and keep a better track of the progress of the campaign. You can re-plan the campaign to meet your goals on time.
SMART Goal Example
You will start a crowdfunding campaign on January 1 and the campaign will end on January 31. You want to raise $15000 for your startup.
- Raising $1500 is a specific goal.
- You can calculate the number of dollars you raise to measure the success of the campaign and your crowdfunding goal.
- It is an attainable goal.
- It is a relevant goal as you will get the funds you need for your startup.
- The crowdfunding campaign will end on January 31. You have a time-based goal.
How to Achieve Your Crowdfunding Goal?
Keep the following in mind to achieve your goals:
- Keep your eyes on the bigger picture.
- The bigger picture may blind you if you don’t focus on the mission.
- You need relevant data to plan and run your crowdfunding campaign.
- If you have a big goal, you need to break it down.
- The SMART goal method will work if you have a solid plan.
- You must stay accountable to stick to the plan and achieve your goals.
- Keep track of the crowdfunding campaign to stay motivated.
- You should be open and transparent.
- Keep track of your resources.
- Make funding easier for donors.
- Make the best use of social media.
- Get input from your contributors.
- Celebrate your success.