Have you thought about doing a Kickstarter to fund your passion project?
Maybe youve donated to a lot of Kickstarters and seen how the funding helps dream projects become realities.
Kickstarter has crowdfundedover 62,000 projectssince the site got started in 2009.
However, a lot of people who launch Kickstarters end up losing money in the process.
Heres what to watch out for and how to verify youre not one of them.
According to current Kickstarter projects, it could cost anywhere from $2,500 to $7,000 or more.
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My Kickstarter ended up costing just over $10,000 to produce.
Everything that wasnt funded by the Kickstarter came out of my pocket.
Remember that every T-shirt, every custom-knit scarf, every tchotchke you offer as a reward costs you money.
First to create it, and then toshipit.
Did you know?
you could Get Paid Up to $140/Month Just for Sharing Your Honest Opinion
Budget accordingly.
If we hit $1,000 over our goal amount, well releasean entire second album!
For better or for worse, stretch goals are now a part of Kickstarter culture.
You also need to include that stretch goal in your budget from the very beginning.
Otherwise, youll end up paying for it yourself, long after the Kickstarter funding is spent.
You Forget About Taxes
Your Kickstarter donations count as income.
Lets say, for example, you want to make a movie with five of your friends.
Are you splitting the responsibility among the group?
Answering these questions before you get started helps prevent problems later.
How Can You Run A Kickstarter Without Losing Money?
Also, dont undersell yourself.
If you are asking people to fund your creative project, ask them to fully fund it.
This is your creative work youre doing here dont cut thebudget close to the bone.
Thats the way to run a successful Kickstarter.
Probably not as good as youd like.
It always seems like an uphill battle to build (and keep) a decent amount in savings.
But what if your car breaks down, or you have a sudden medical bill?
Ask one of these companies to help…
