The Bluffer’s Guide to Crowdfunding Your Next Project

From holding a bake sale to selling off your bodily organs to teaching your dog to do this, artists, artisans and inventors have always had to be creative when it comes to getting dollars in the bank.

If you’re not the baking or self-mutilating or dog-training type, Australia’s top crowdfunding platform Pozible might be up your alley. Pozible is more like a superhighway that started in 2010 and has since grown to support over 4,500 projects in Australia and around the world. It’s not hard to run a campaign, but it can be tough to succeed. We spoke to Pozible co-founder Rick Chen and compiled a hit list of top tips to help you on your way to making that money pool you always dreamed of.

The Anything's Pozible pop-up is on in Sydney until March 13. Check it out for more tips and workshops to help you crowdfund your next project.

Research ten similar projects

First off the bat, do your research. Make sure you know how Pozible works. Search the Pozible website to find out how other similar projects have been funded. Read the FAQ, get in touch with Pozible and ask all the dumb questions. According to Rick, the Pozible team “work with project creators to educate them and let them know what works and what doesn’t work. This face-to-face guidance is a rare thing, and no other platform approaches crowdfunding in this way”, a contributing factor to high success rates.

Tell a story

“Most of the time it’s not about the project itself, it’s about the person behind it," says Rick. "People want to be part of you and your journey, so you need to be able to open those doors for people to get in.” Keep it simple, keep it personal, and make your crowdfunding supporters feel that they are all just as much a part of the process as you are. Transparency is also key in your storytelling. Tell people exactly what you are going to do with your money if you meet your target. (The more specific you are with this, the more it will feel as if your supporters are making a tangible difference).

Include a video of yourself: you'll raise 114 percent more money if you

That’s according to American crowdfunding site Indiegogo. And who doesn’t love a selfie? If you star in your own video, people will connect better with your story. The key is to create content that is visually compelling to compete with the visual noise of the internet.

Offer a combination of physical goods and experience-based rewards

"Physical products give your supporters a tangible sense they are getting something out of their contribution," says Rick. "Experience gives them the sense they are part of something exclusive. These two combined make it personal for people to get behind your project.” And how many rewards should you offer up? The sweet spot is somewhere between three and eight.

Get another three people on your team

If you have four or more people on your team, you’ll raise 70 percent more money than if you only have one person. That is, use your networks to build your team; it’s not about how many friends you’ve got, it’s about how you use them. Have your family and friends help to get the ball rolling. Don’t be afraid to ask people you know to contribute. In addition, line up a few key influential people to help spread the word. Build your networks before you launch to create hype.

Shoot for 25 percent of your overall goal within the first 24 hours

Go hard or go home. You are more likely to hit your target if you can reach 25 percent of your overall goal within the first 24 hours. People are more likely to donate to a campaign if other people have already donated. Pozible advises not to run a campaign for less than 20 days unless you have a good reason or are super confident. You need time to disseminate your marketing material. Indiegogo supplements this advice with the fact that on average, successful campaigns will cross their target fundraising goal on Day 36.

Don't all-out beg on social media

Only directly ask people to pledge to your campaign in 20 percent of your social media posts. The other 80 percent of posts should add meaning to your project, reveal exciting project news and engage people in the story. Plan your social media posts before beginning your campaign. According to Rick, “It is not about the social media platforms that you use, it is about how you use those platforms as a tool to carry out your activity — to tell your story”. Write medium-specific posts. And don’t get too disheartened if things slow down in the middle of your campaign, it happens to everyone. What’s important is you keep communicating during this period. Don’t be shy to post every day.

Only ask for the amount you really need

Consider the size of your networks and how many people you can realistically reach. Surprisingly, the average contribution size on successful campaigns comes in at around $70, with performance projects the most successful category. According to Rick, this is often because “these campaigners have strong existing followings — sometimes small but strong audiences who come to see shows, hardcore fans who follow these artists”. So it isn’t necessarily how many people you target, it’s who. Be realistic, write a budget. Factor in the cost of delivering your rewards. The more people you have promoting, the more pledges you will receive.

Finally we asked Rick the ultimate question: What’s the biggest reason people don’t reach their targets? His response goes right back to point one: “Absolutely no question, it is because people don’t do their research properly and don’t know what they’re doing. We try to educate as much as we can, we run workshops on a monthly basis across cities in Australia. We strongly encourage people to prepare before they launch a campaign. Lack of research is basically what kills campaigns."

Roslyn Helper crowdfunded her project zin's PARTY MODE on Pozible. Supplementary information sourced from US crowdfunding site Indiegogo.