When it comes to starting your crowdfunding campaign, says expert consultant Sally Outlaw Cost of Peerbackers, it’s critical to do some math.
In terms of the rewards given out in exchange for funding, entrepreneurs need not only factor in the cost of such gifts but also the logistics in delivering them -- where they’re going to be housed, for instance, or how they’re going to be packaged and shipped.
And when calculating your goal, Outlaw says, look to the scope of your social network. “Usually 2 or 3 percent of the people in your network will convert, so you have to make sure you have a large network before you set your goal.”
For more tips from Outlaw, check out this short video.