Yesterday, Crowd Supply CEO and co-founder Josh Lifton sat down for our second live webinar in a series aimed at helping creators launch their projects. This time around, the topic was how to correctly determine the right funding goal for your project’s crowd-sourcing campaign. As Josh explains, at Crowd Supply we have a pretty simple answer to this question: Set your funding goal to be exactly what you need. No more, no less.
This means you should raise precisely the funds you need to successfully conclude your campaign and fulfill all of your backer and pre-order orders. Josh runs through a complete, detailed example to demonstrate exactly what that means. As Josh demonstrates, there are quite a few details to account for: freight, storage, crowdfunding fees, etc, etc. Josh reminds viewers that Minimum Order Quantities (MOQs) are particularly important to take into account. (He also claims that he "loves formatting spreadsheets," which raises some questions of another sort.)
Josh shares a simple equation for coming up with pledge levels that are realistic, sufficient, and likely to succeed. He then runs through several detailed, real world examples from Crowd Supply campaigns. He concludes by answering questions from the audience.
Here's a link to the spreadsheet discussed in the video.