CROWDFUNDING FOR YOUR SIDE HUSTLE
Not a lot of us will consider crowdfunding when we want to fund our side hustle. We might fund it with our own savings, credit cards or even loans. But for arts and craft side hustles using crowdfunding might be a better funding fit
James describes crowdfunding this way:
“An online way of raising money where the public makes donations or sometimes advance purchases to a cause or business. An individual or group appeals for funds using a compelling video and written story about what they do and why they need more money to start or complete their project.”
There are a couple of sites for people starting creative side hustles to raise money through crowdfunding. They include:
If you are interested in raising money through a crowdfunding campaign here are some tips that will help you.
- You should firstly be clear about why people should care about your product. Why should people fund you if you can’t tell them why they should care about your product.
- Create a model of your perfect donor so you can find where they spend time online so you can track their posts and learn to use the same language they use.
- Plan a marketing campaign to directly target potential donours. The crowdfunding site you choose won’t do that for you.
- Be authentic with your message. Let your passion show through.
- Tell stories about your product that evoke emotion because we all love good stories.
- Tell people why you are doing what you are doing. Let people know why you are creating the product.
- Pass a message of how your product will help the environment.
- Show your product and how you create it.
- If you’ve got positive reviews for previous work you’ve done, make them part of your campaign.
- Learn from the video pitches of other successful campaigns. Research crowdfunding sites to study campaigns of people who’ve created recycled products and what made their campaigns successful.
- And if you have the budget send a news release to the relevant media outlet about your crowdfunding project.
While this information is focused on creative side hustles there are lessons that can be applied to all sorts of side hustles. Here are some application thoughts:
- Have you ever thought about whether crowding funding might be a better fit for your side hustle?
- How clear are you about what your side hustle offers? Why should people buy from you?
- Who exactly are you targeting with your side hustle? Do you have a perfect model of your ideal customer?
- How passionate are you about your side hustle? Are you copying others or being original?
- Who can you learn from that will help you execute your side hustle much better?