Picking a funding target can be difficult if you don't know where to start. It is also the most important decision that you will make when launching your crowdfunding campaign. The target will quite literally make or break your campaign and film project. If your target is too low - you'll never make the film. On the other hand if the target is too high, you'll never reach it and the entire process will simply be a waste of time. So here are the steps that you need to take to pick the right target for your campaign!
The first thing you will need to do is to create a budget breakdown where you should try to be conservative wherever possible. This should give you the amount that you need to make your film... in an ideal world.
The next step is to test whether that target is realistic for you to crowdfund. The best way to do that is to get together with your core team and calculate if you would able to gather 20-30% of the target through a soft launch. A soft launch is when you ask close family, friends and supporters to commit to backing your campaign before you actually press launch. If between yourself and your team you can't think of enough supporters who will commit to supporting your campaign then your target is most likely too high. If that is the case, consider cutting down your budget or raising your funds in stages.
You will also need to consider what kind of rewards you will be able to offer. The better the rewards the higher your target can be! Here is a list of 21 Amazing Film Crowdfunding Reward Ideas.
Does the Target Excite You?
The final step is to decide whether the target you set actually excites you. Crowdfunding can be quite a long, stressful and intensive process so unless you're extremely excited about it there is a good chance that you'll give up or fail. If you set yourself a target of 2k, ask yourself - does that actually excite you? If it doesn't there might be easier ways of raising that money. Don't set your goal too low or it will demotivate you, your team and your backers.
Most Common Crowdfunding Questions
And if you have more crowdfunding questions here are the Most Common Crowdfunding Questions and answers.
We hope you enjoyed this blog. Feel free to leave a comment if you have any questions or suggestions - we'd love to hear from you!
If you are looking for my guidance and advice on film distribution and funding we have a series of courses on funding and distributing your film online which you can browse using the links below:
Feature Film Funding & Distribution Course - 14+ hour of video tutorials will guide you through the entire process of funding and distributing your film. It will go through a variety of methods and strategies including crowdfunding, private investors, product placement, online distribution, cinema released and much much more!
Feature Film Producing Course - 4+ hours of video tutorials teaching you how to fund and distribute a feature film with a budget between 50-500k.
Film Crowdfunding Course - 4+ hour of video tutorial teaching you how to prepare for, launch and market a film crowdfunding campaign.
Online Film Distribution Course - 4+ hours of video tutorials teaching you how to self-distribute a feature film online.
Finally you can also take a look at our upcoming online and in-person London-based events here.