5 Terms To Understand Before You Start Crowdfunding

By: Taqdees, Chiara

Published On: November 16, 2020

Crowdfunding is a newly introduced idea in India. To understand and take full benefits from the idea of crowdfunding, one must understand what it is. Here are 5 simple terms that you should know when you think of crowdfunding.

 

Definition Of Crowdfunding

If you are planning to start crowdfunding, you already know what it is. but it’s crucial to understand crowdfunding clearly. Most simply, crowdfunding implies Crowd and funding. It is raising funds from the crowd. It is a simple process of gathering funds from people for social or personal causes. It takes place online via crowdfunding platforms. Crowdfunding in India is still a developing concept, know more about Crowdfunding in India

 

A crowdfunding platform

Crowdfunding is a process. This process takes place on a platform, mostly an online platform. ImpactGuru is one of the top fundraising websites in India that help you start a fundraiser in a few simple steps.  There are various types of platforms that support different types of crowdfunding. For example, some websites support only medical fundraising. So if you are planning a medical fundraiser, then You can choose your platform accordingly. Only a few platforms like ImpactGuru supports all types of crowdfunding.

 

A fundraising campaign

To raise funds for your cause, you need to be organized. This is where the word ‘campaign’ comes. A fundraising campaign, in simple words, is presenting your campaign to the crowd. This presentation will include your story, pictures, and appeal. It will be the only connection you have with the crowd. A well-crafted story of what is your fundraiser about and why you need to raise money is the key to a successful fundraising campaign. Only a good story can convince the crowd to donate voluntarily for your cause. Pictures related to your fundraiser will add a visual aid to your campaign. After your story and an appropriate picture can you appeal to the crowd to donate to your cause. Remember, not everyone may be in favor of supporting your fundraiser, but a strong campaign can persuade donors. Here are a few compelling fundraising ideas!

 

Donors

When we say Crowdfunding, the crowd in this word are the donors. The crowd which believes in your cause and chooses to donate. You will be surprised to see the number of people that turn into donors. In the end, if you have enough donors, your fundraising campaign is a success.

 

Crowdfunding fee

Different Crowdfunding platforms charge different crowdfunding fees. These fees include bank transfer charges, minimal service charges, etc. you can learn more about prices and fees here. ImpactGuru lets you start your fundraiser at 0-cost, learn more.

 

After going through these 5 basics yet very important terms about crowdfunding. You are all set to take it to another level. Start your fundraiser now. 

Have more questions about Crowdfunding? Ask your QBC: Questions Before Crowdfunding.