Kickstarter – setting the goal
February 4, 2013
For years I’ve had friends give Kickstarter projects a try and I was always very skeptical… until my little Kickstarter project drew in over $100k in donations!
See original project over here:
Since that project initially launched, I’ve been doing a lot of research on other Kickstarter projects, and there’s one piece of advice I can give that’s actually pretty self-evident. Don’t ask for too much money at the start.
In general, when setting the amount of money you want to get from Kickstarter, don’t ask for the amount of money you need, ask for the amount of money you wouldn’t walk away from.
I’ll use my own project as an example. I wanted to print a hard bound sketchbook and figured it would cost me around $40,000 to make the book… but I didn’t think I would get that amount, as donors would be discouraged after a week if it didn’t get over $18,000. The question is, if I could only raise $18k of that $40,000 I needed, would I not make the book? No! I was going to make the book no matter what, so $18k would be really helpful. If I got less than $18k, however, my losses would be so great that I would probably need to walk away from the project. I was willing to lose about $22k of my own money if the book got made, so that’s how I came up with the bottom line amount to ask for on Kickstarter.
There is a misconception about Kickstarter that it’s somehow supposed to pay for every single aspect of a project, and if you raise enough, then good for you. But most people are going to make a project anyways, so putting the burden on Kickstarter donors to pay for the whole taco might be asking too much.