You've reached your crowdfunding target - now what?

Posted: Fri, 01 February 2013 by Cara

Bloom intern Cara Pleym explains "what next? ... "

Congratulations on reaching your target!

This is an exciting moment, when all your hard work and dedication has finally paid off. In fact, you’ve probably been working so hard on reaching your target that you’re unsure of what to do next. You’ve reached an important milestone, but there’s work to be done yet!

First of all, you may have reached your target with time to spare, which means you still have time to get extra funding. Don’t be afraid to ask for more promises, if you’ve reached target you clearly have high interest and a little bit of encouragement could mean more cash for you. Be clear about what the extra funding could achieve, perhaps buying a better quality item or making a bigger batch of products? The sky is the limit, or at least it is until your project closes!

When your project closes successfully, you can breathe a huge sigh of relief and start celebrating – remember to include your backers and thank them all! Best of all, the money is immediately transferred into your PayPal account so you can start funding your goal.

What’s really important now is getting those rewards delivered to your backers and keeping them updated on your progress.

It may take a long time for the rewards to actually be created in order to deliver them, but as long as you are letting everyone know what’s happening, they’ll be supportive!

It’s a good idea to send out a regular newsletter or email to all your backers, especially if it’s going to take a while to organise rewards. Once you’ve sent the rewards, make sure you double check that all your backers have received them and no one has been left out.

Apart from the rewards, you’ll be busy getting started with actually realising your goal but don’t forget about your Bloom community.

You have built personal relationships with your backers and supporters - an invaluable resource which could be utilised for many opportunities further down the road (perhaps even a second crowdfunding campaign). You could find mentors, partners, employees, customers, suppliers amidst your community at some point, who would already be engaged with your business or project. With that in mind, it’s worth your while keeping in touch and letting everyone know how you’re getting on.