Here we’ll walk you through a procedure you can use to set a realistic goal for your campaign.
Step 1: Calculate your budget
This may require some research on your part, but it is critical for you to be precise with how much money you need. You can do this by listing out all your costs or expenses. Examples can be travel tickets, hotel, meals, taxi/bus, medical bills, training and equipment cost.
Add cost of fulfilling the rewards
Don’t forget to add into your budget how much it costs to create the rewards. For example, if one of your rewards is a handmade bracelet, then calculate the cost of the material to make the bracelet. We suggest to personally give the reward to the supporter as it helps fortify the connection between you and your supporter. However when that is not possible, find out what the package size you need for that reward. Since different package sizes have different costs, you’ll be able to add shipping costs to your budget.
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Don’t forget about administrative fee!
Although it is free to create a MAKEACHAMP campaign, set your funding goal higher than the amount you need because of payment charges (Paypal takes about 3%) and administrative charges (MAKEACHAMP 5%). For example, if you need $1,000, we suggest you to target about $1,080.00
In order to figure out how we got $1,080.00, plug your numbers in there:
(Budget Amount + Costs of Rewards) / 0.92 = Funding Goal
Using the equation above, if you were to raise $1000 (this includes all of your expenses and the costs of your rewards). Divide $1000 by 0.82 (a magic number that we have come up with to help you set a funding goal), then your funding goal comes out to be about $1,180.00.
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Step 2: Calculate your reach
Perhaps you now have a rough idea of how much funding you need but is it realistic for you to achieve it? A way to measure if a fundraising goal is achievable is to calculate your possible reach. Take into consideration that an average contribution is about 75$ and one in ten people who see your campaign will contribute. This information will help you estimate how many people you will need to reach. Your reach will determine whether you should lower your goal. Keep in mind that you can run more than one campaign. Also, take into consideration your presence on social media and even your personal connections. For example, if you have a blog with 2,000 monthly readers you have a bigger reach than if someone does not have a blog. PS. this is a great time to start working on increasing your online community and your campaign will definitely help with that.
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Good luck!
MAKEACHAMP is here to cheer you on! We are happy to be at your service and we feel truly honored to have you with us. Asking for the support from your community is an important step that you have taken; your efforts and hard work will pay off!