Looking through my magnifying glass (and answering emails and tweets), I have come up with a list of the Top Ten Crowdfunding Questions that I get asked most often. Not only am I going to share these questions with you, but I’m actually going to ANSWER them also! Hold onto your hat…it’s your lucky day!
- What are you talking about? What IS crowdfunding? OK, let’s start from the beginning. You’re actually on a crowdfunding website RIGHT this very minute! This website helps people raise money from “their crowd” of friends and family. You can raise money for anything: from medical bills, sport teams, churches, to non-profits.
- Is Crowdfunding legal? Hmm…Yes. This question makes me giggle sometimes. You guys are so sweet to think about the legalities of everything, but trust me, it’s all on the up and up. There is nothing wrong with turning to your friends, family, and community to help you fund a project, idea, or cause. It’s a group effort and YOUR crowd decides if they want to back you or not.
- How much does it cost to raise money online? It’s FREE to set up an online campaign with Move Your Mountain, but there are fees accessed on the donations that are made. WePay is the third party payment processor that we use, and they deduct a 2.9% + 30¢ fee per donation. There’s also a fee that Move Your Mountain deducts of 2%, for a total low fee of 4.9% + 30¢ per donation. (If you look at the crowdfunding industry as a whole, we are extremely competitive in our pricing).
- Do I have to share my campaign with my friends? Well…you don’t have to. But, if you want to reach your goal, you should, and here’s why. Over 75% of your donors will be friends and family or a friend of a friend. Only a small amount of campaigns have gone viral and have had complete strangers backing them enough to discount any funding from close family and friends. So, statistically speaking, you should share with “your crowd” as often as you can until you reach your goal.
- Is my information safe? We take your privacy very seriously here at Move Your Mountain. We actually have a fire breathing dragon that we keep locked in with the computer servers to guard your private information. And…in the event that the dragon falls asleep on the job, you have our assurance, that your name and email address will not be sold to telemarketing companies. What goes on at the Mountain STAYS at the Mountain.
- Do I have to pay taxes on my donations? Let me just tell you this, the IRS knows all. But, speak with your accountant. We have developers, mentors, writers, and customer service associates on staff…but, no tax advisers.
- Who can set up a fundraiser? Anyone can start raising money online (if you’re under 18, get your parents permission first, please). You can be the person who needs the money, part of the family, a friend, or just someone that’s inspired to raise money for a certain cause. Individuals can raise money as well as groups, teams, and organizations.
- What happens if I don’t reach my goal? Not a thing. If you don’t reach your fundraising goal, we’d love to work with you on what the problem may have been and try starting your campaign again with a different angle, focus, goal, or timeline. We have a team of mentors that will help solve the problem and point you in the right direction.
- How much do your mentors charge? Those coaches are SO expensive, I blush every time I have to tell people what they charge. (shhh…it’s actually a FREE service that we provide for all of your fundraising campaigns). As soon as you publish a campaign , you’ll be assigned a personal mentor that will help you through all the aspects of creating and running a successful fundraising campaign.
- Does your blog writer work nights at a comedy club? Thanks for asking…but, no…sadly, my witty words are only heard in my own head. My kids don’t think I’m half as funny as I think I am. (but, you did make my day by asking).
There you have it!
The top TEN questions about crowdfunding…and my brilliant corresponding answers.