Crowdfunding for writers is a growing trend among novelists. It allows you to sell copies of your new novel long before you complete and publish it. In a way, crowdfunding takes the guesswork out of publishing: you can tell how much demand your novel will have–ahead of time.<\/p>\n
It\u2019s also a lot of hard work rather than a get-rich-quick scheme, so if you\u2019re considering it, read through this article first.<\/p>\n
When you crowdfund a novel, you ask people to pledge payment long before they receive the final product. You then use this funding to offset your writing and publishing costs.<\/p>\n
It\u2019s a simple process: you set a monetary goal (such as $15,000), you tell people what your novel is about and what they\u2019ll get in return for their money, and you start running your campaign. People visit your campaign page and choose how much to pledge. When you reach your goal, the money is released into your account, and it\u2019s up to you to provide the rewards you have promised.<\/p>\n
Publishing a book on your own costs money. You have to pay for the ISBN numbers. The printing and binding. The shipping. And in typical self-publishing, you spend all this money possibly without selling many books to cover your own overhead, not to mention the cost of the work you\u2019ve put into the actual writing.<\/p>\n
Crowdfunding fixes this problem. Instead of hoping people will like your book when it comes out, you can use the crowdfunding platform to get people excited about your book while you\u2019re working on it. You ask people to pledge funds toward the creation and publication of your project, and in return, you offer various levels (tiers) of rewards.<\/p>\n
It\u2019s important to note that most crowdfunding sites won\u2019t let pledges become donations until the minimum fundraising amount is pledged during the campaign. You won\u2019t send out the rewards until this goal is met, either.<\/p>\n
Basically, before the minimum amount is met, your project is running on promises and trust.<\/p>\n
1. Start your project if you haven\u2019t already. You want to be outlining and drafting your book as you get ready to launch your crowdfunding campaign. Your supporters, or backers, will want to see proof that you can deliver on your promised project.<\/p>\n
2. Choose a crowdfunding platform. Kickstarter, Indiegogo, and Unbound are all popular options for writers, and each one offers slightly different features. Make sure to do your research before committing to one.<\/p>\n
3. Once you create an account with a platform, begin building your campaign page. Whatever you do, DO NOT RUSH THIS PROCESS. Many campaigns fail because authors get too excited about the potential to actually earn money from their book–and don\u2019t spend time crafting a compelling campaign. Your campaign page will need:<\/p>\n
4. On your set launch day, launch your campaign! Over the next two weeks, or a month, or however long you set your campaign to run, you\u2019ll keep working on your book. You\u2019ll also get rewards ready for your backers for when your campaign meets its minimum goal.<\/p>\n
5. Speaking of rewards, here\u2019s how they work: you list different pledge amounts along with accompanying rewards. For a novel, you could create reward tiers that look like this:<\/p>\n
6. Once you hit your minimum funding goal (even if it\u2019s before your campaign ends), pledges will turn into payments. Most crowdfunding platforms require credit card information from backers–and will charge backers automatically once the fundraising goal is met.<\/p>\n
Now you\u2019ll need to start sending out rewards, or at least getting all the materials you\u2019ll need together, so that when your book is published, you can send the rewards easily.<\/p>\n
Crowdfunding takes a ton of work. But if you don\u2019t want to rely on the sloth\u2019s pace of traditional publishing, or you like the idea of building a paying fan-base before you even finish writing a book, crowdfunding might be for you.<\/p>\n
The steps listed above might sound straightforward enough, but there\u2019s a lot more you need to know to create a great crowdfunding campaign. Read on about avoiding common pitfalls and about creating enough exposure for your campaign to meet its funding goal.<\/p>\n
Make sure you do as much preparation as possible BEFORE the launch date of your campaign. If you just launch with no prior marketing and hope for the best, you’ll be throwing your campaign into the void.<\/p>\n
According to one author who ran\u00a0a successful crowdfunding campaign<\/a>\u00a0for his debut novel,\u00a080% of campaign work happens before launch day<\/strong>. That\u2019s a powerful statistic!<\/p>\n Make sure your campaign page looks professional and that your video is, at the very least, watchable (and preferably short). The video could simply recap the synopsis of the project and detail the reward breakdowns. Or it could be a well-edited trailer that reaches people on a more visual, emotional level.<\/p>\n Also include your book\u2019s preview and any other completed material, as you want to load the page with as much information as possible. This will give backers confidence that you’re well on your way to finishing the book and that they’re not risking their money by backing you.<\/p>\n To easily show backers what they get in exchange for supporting you, use a simple design website like\u00a0Canva<\/a>\u00a0to help you present your pledge rewards in an enticing way.<\/p>\n A great way to get exposure is to contact relevant websites and podcasts to enquire if they are interested in spotlighting your campaign.<\/p>\nPrepare a Great Campaign Page and Video<\/h4>\n
Reach Out to Relevant Websites and Podcasts<\/h4>\n