When you’re planning a crowdfunding campaign, one of the most important decisions you’ll make is setting your fundraising goal. This is the amount of money you need to raise in order to complete your project.

Setting the right fundraising goal is essential for your campaign’s success. If you place your goal too high, you’ll discourage potential donors and potentially lose steam. If you set your plan too low, you may not raise enough money to complete your project. A realistic and achievable goal will give you the best chance of success.

When it comes to setting a fundraising goal for your crowdfunding campaign, there are a few things to keep in mind:

  1. Your goal should be realistic. Focus your goal on the needs of your project and the time you will have to commit to promoting the project.
  2. Your goal should be achievable. You should have a plan for how you’re going to reach your goal. This includes things like how you’re going to market your campaign and how you’re going to reach out to potential donors.
  3. Your goal should be meaningful. Your goal should be something that people can get excited about. It should be something that they can see themselves supporting.

So how do you set the right fundraising goal for your crowdfunding campaign? Here are a few tips:

  • Start by estimating the total cost of your project. This includes the cost of materials, travel, marketing, and anything else you’ll need to complete your project.
  • Add a buffer to your estimated costs. This will help you account for unexpected expenses.
  • Consider the size of the team that will help you promote the project. The size and dedication of the team will have a direct impact on the fundraising goal and what is possible
  • Do some research on similar projects on the BU Crowdfunding site. This will give you an idea of similar projects have performed.

Once you’ve considered all of these factors, you’ll be able to set a realistic and achievable fundraising goal for your crowdfunding campaign. Our team can also help you in the goal-setting process if you need extra support.

We hope this post has been helpful. If you have any questions, please don’t hesitate to contact us at crowdfunding@bu.edu. We’re here to help you succeed.