How to crowdfund your movie and be successful at securing money.
So you want to make an epic film, but the only problem is that you are lacking the funds to successful see it off the ground. You have several options in making your film, you can self fund your movie if you enough money, seek out investors, or turn to crowdfunding. Crowdfunding is using a site like KickStarter, IndieGoGo, Seed&Spark or Bonfire to raise funds from people on the internet. You won't have to worry about returning an investment and will get to share your film with your new fans who invested in the movie. Now crowdfunding sounds like an easy plan on paper, but it's actually on of the more tricky routes to be successful at it.
I has a cool idea. Can you give me money internet peeps? (Juliette Toma)
The first step in a successful campaign is all in the prep. When you are on your chosen platform, you will need to do a lot of work in building up interest before the project even launches. Which means significant resources (money and/or time) may be required to get the ball rolling. (Sorry people who were just hoping for easy money) You'll need a video to grab peoples attention. Usually the video is the creator talking about what they wish to do with their film. It also goes a long way if a short film or scene was made. This not only shows you are serious about the project, but also can hype people up about your film.
You'll also need a detailed text page with images that explains your project, people working with you, and the budget. Then you'll need some compelling and fun rewards. If this sounds like a lot of work, well, it is. If it looks like you spent 5 minutes on making your crowdfunding page, then most people are going to pass on it. But your project looks good and had a lot of time building the crowdfunding project, this has the advantage of being a valuable form of marketing down the line and can result in media attention for your film. People will know of your project even before it gets started in production. So if you frame like that in mind, you can see the investment of time may be worth it.
Building a Crowdfund is a lot like marketing. Use that to your advantage.
As for the rewards given to the backers, you'll have to walk a tight rope to make them fun enough that people want to invest, but not crazy enough that it eats into your earnings. So for example, say you want to give your backers cool t-shirts at a certain tier. You'll have to make sure they give enough to cover the cost of the t-shirt and that they are still investing a bit into your project. If your rewards are too basic, then people will be less inclined to put money down. Put some thought and creatively into your rewards to help your project stand out even more.
The next important thing is that you nail the launch of your crowdfunding campaign. One key thing you will have to do is to make sure you'll have some people who will donate at the launch to get the ball rolling. This is important because normal people who see your project will not be motivated to donate if they see no-one else has. So even if you have to give some money to people to put in at the start, it's important to try to get a 4th or 3rd your project funded within the first few days. If this means reaching out to family, close friends, or your own wallet. Do it. If you don't get momentum early, then your project is doomed to fail.
Cool idea, we want to see it brought to life! Take our money!
Crowdfunding comes with some risks. If you don't reach your funding target, any finance that has been pledged will usually be returned to your investors and you will receive nothing. (Unless you running a flexible campaign on IndieGoGo). Failed projects risk damage to the reputation of your business and people who have pledged money to you if you tend to over crowdfund. For example, running a campaign multiple times for the same film is not a good idea. You do not a "Finishing Funds" campaign if your film is already in the can. Stick to one campaign per project and if it does not work, move on.
Another factor that comes into play is that the crowdfunding platform will also take 5% to 10% of any funds received. So that will also be something important to account for your in budget. As for the amount of money you'll want to ask for, I always say to aim lower rather then higher. A lower goal will be easier to reach, and you can also get more money over your goal with stretch goals. If people see your project is successful, they'll have more confidence in donating. If your goal is to high however, then not only are your chances of failure higher, but people tend do less giving with a higher ceiling. So for example, if you need $15000 to make your film, I would set the goal to $10000 and aim to reach 15000 with stretch goals.
Check out Mirabel Miscala’s cool crowdfunding campaign for Alpha, Bravo, Charlie. An local bay area artist.
Once your project is rolling, make sure to thank and engage with the people who donated to the campaign. You'll have to keep sharing and promoting through out the campaign cycle to hopefully reach your goal. Self promotion can be tricky, but just remember to be politely in people’s faces about it. With enough planning, early supports and luck, you'll be on your way to making a sweet film. Just don't forget about those rewards you promised to your backers. Good luck out there filmmakers!
