3.5 - Properly Calculating Your Funding Goal

A mistake a ton of creators make is not to properly incorporate the true cost of running a crowdfunding campaign into their stated goal amount.  This includes considering the cost of delivering rewards and paying portal fees along with estimating the distribution of high cost and low cost rewards chosen by backers.

This module will run through all the steps of estimating this cost accurately along with a tool to make the calculation part easy.

FAQs

How close do I need to get the ‘accuracy check’ figure?

You need to get within a few hundred dollars if possible.  You’ll find as you play with the numbers that this can be achieved through different reward combinations.

How do I estimate the number of rewards that will be chosen by backers?

It’s really a guessing game. That’s why it’s called ‘estimating’ and not ‘knowing’.  Do this exercise with a few close friends and think critically as a group on what you all think the distribution will be and go from there.

I can’t edit certain cells on the funding goal calculator tool.

That’s correct.  We’ve locked all the cells except for those highlighted.  All the other cells are automatically formatted to calculate based on what you put in the highlighted fields.

My funding goal came out to more than double my project budget. Is this normal??

Yup. This is very common actually.  The cost of delivering rewards is a bitch of an expense.

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