Crowdfunding is a very useful way to finance any goal that one has. While there may be many ways to finance some goals you may have, crowdfunding offers a straightforward way to do so. Crowdfunding is a way in which one can raise money to finance projects, businesses, or any other goal that they may have. Medical crowdfunding is a method of funding medical treatments that one may have to go for, and it has become incredibly important and popular in the last few years. Yo u must be aware about myths about crowdfunding you should know.

Myths About Crowdfunding

myths about crowdfunding you should know

One should be aware of the different myths about crowdfunding. These misconceptions should be adequately addressed to avoid confusion or unwanted circumstances.  

Some myths about crowdfunding are:

  • Starting a crowdfunding campaign is time-consuming. 
  • Crowdfunding involves lots of hidden costs.
  • Most people are not able to raise funds through crowdfunding.
  • I will only be given small donations through crowdfunding, which will not be enough to cover my costs.
  • One can only crowdfund for severe issues. 
  • There are a lot of safety concerns about crowdfunding.

People may have some more misconceptions about crowdfunding, but the ones mentioned above are some of the most popular. 

Also Read: How To Learn From Your Crowdfunding Mistakes

Why Are There So Many Myths About Crowdfunding?

In the modern era, there are many myths and misconceptions about several things, including crowdfunding. You should be aware of these myths to address them and know what is true and what is not. There are myths about crowdfunding you should know.

Some reasons why there are misconceptions about crowdfunding are: 

  • Lack of knowledge 
  • Fear of trying new things 
  • Already comfortable and more familiar with other ways of financing
  • Not having access to good platforms for crowdfunding  

There may be more reasons why there are myths about crowdfunding, but the above-listed reasons are some of the most common ones. You can contact a crowdfunding platform and ask for more information if you want to address any myths and misconceptions you may feel are influencing your opinion about crowdfunding. You can also read about the same online and get ample information about crowdfunding. You can also google myths about crowdfunding you should know to know more about this.

Why Should You Go For Crowdfunding Despite The Myths About It?

Some reasons why you should still go for crowdfunding despite the different kinds of myths that go around about it are: 

  • You do not have to pay back the money raised through crowdfunding campaigns to anyone as you may have to do when you take out a loan or other forms of financing. 
  • Crowdfunding is a transparent way of raising funds.
  • You do not have to request any authority for money for your crowdfunding campaign to give you the entire amount required; people will come forward themselves and give you this money. 
  • If you have a touching story and a goal for which you have set up your crowdfunding campaign, you can raise funds quickly and without much worry. 

There are some more reasons why crowdfunding can be a good option for raising funds. However, the above reasons are the most vital.

What Purposes Can Crowdfunding Be Used For?

Crowdfunding is a very useful option for financing for many causes. It can be used for many things. People must be aware of why and how crowdfunding can help them. This will help them make the appropriate financing decisions, which will be beneficial for them. 

Crowdfunding can be used for the following purposes:

  • Raising money to cover medical costs. 
  • Raising money for education-related expenditures. 
  • Crowdfunding can be done to collect money for a charity of some kind. 
  • Crowdfunding can be done to raise money for disaster relief work.
  • To help support a non-profit or some kind of social cause that can benefit groups like the underprivileged and minorities.
  • Raising funds for personal needs.
  • Collecting money to fund a business.

There may be more reasons why crowdfunding is done, but the reasons mentioned above are some of the most common. You just think about whether crowdfunding is truly useful for you. If there are people who you feel will be interested in donating to your cause, you will be able to raise the necessary amount for your campaign and should go for this financing option.

Platforms For Crowdfunding In India

Crowdfunding has become increasingly popular in the past few years and has also become quite popular in India. Several platforms are available for crowdfunding, and it can be good to be aware of the different options and platforms that are available in case you decide to use this method of financing. 

Some platforms for crowdfunding in India are the following:

  • ImpactGuru
  • Ketto
  • Milaap 
  • Kickstarter
  • Donatekart 
  • Indiegogo
  • Fundable 
  • Fueladream

If you contact any of these crowdfunding platforms, they can also give you more information about myths about crowdfunding you should know.

Medical Services That One Can Avail Through Crowdfunding

Crowdfunding can help raise funds for varying causes and can be greatly useful for financing different goals. Medical financing can help save lives by enabling people to afford often costly treatments that can make a huge difference in their health.  

Some medical services that a person can afford through medical crowdfunding are the following:

  • Liver transplant
  • Brain surgery 
  • Kidney transplant 
  • Heart transplant 
  • Cancer crowdfunding
  • Spinal Muscular Atrophy (SMA)
  • Bone marrow transplant 
  • Covid-19 support
  • Preterm baby care 

Medical crowdfunding may offer more medical services. You can find out about this on the website of the crowdfunding platform you are using or by contacting its staff directly.

Is Crowdfunding Legal In India?

One may face misconceptions that crowdfunding is not legal in India. However, online crowdfunding is legal and is a useful way to raise and accumulate funds for any cause in India. This is provided you choose the appropriate category that aligns with your cause or project and fundraise following the proper rules and in a proper manner. Your crowdfunding platform may provide these rules and directions, and you may also be able to contact the platform staff or visit their website to learn more about the same.

What Is A Crowdfunding Campaign? 

A person may want to know what a crowdfunding campaign is and what this campaign will be used for. When crowdfunding, the person will raise funds through specific means. This can be useful for them, allowing them to raise funds for some cause. When a crowdfunding campaign is initiated, many people can help collect financial resources for vital purposes, which will help you get the necessary funds for any cause for which you raise the amount.  

Different kinds of people will be contacted and targeted through various sources for the crowdfunding campaign. This will be done so they can join in and donate towards the cause, like any treatment for a patient, education, and more. The crowdfunding campaign will reach people using social media, television, radio, and word of mouth. This will be useful for people and help them achieve goals and targets that a single person may have yet to be able to reach to collect funds. An example is medical costs that people may not have the funds to pay for, and they may crowdfund for the same. Medical expenses can rise by massive amounts, and people may be stressed about how to afford them. When money is donated in small quantities through crowdfunding, it can be easier to raise amounts that may rise to multiple crores of rupees.

How Will I Be Able To Use The Crowdfunded Money?

You can use the money that has been raised in some ways. Usually, when you start a crowdfunding campaign, some rules related to how you crowdfund on any platform will be discussed with you. If you are doing medical crowdfunding through ImpactGuru, you can raise the necessary amount, and once the crowdfunding campaign you have set up and are using to raise funds ends, you can withdraw the amount you have raised. The information associated with the platform fees will be available to you through the platform itself when you start the campaign on the website. ImpactGuru even offers to raise funds at a 0% platform fee. You can also discuss this with the service contact available through some platforms that can help and assist the campaigners.

What Amount Can Be Raised Through Crowdfunding?

You may have a misconception that very small amounts of money or not enough funds can be raised through crowdfunding. This is not true; crowdfunding can also be done for massive amounts. Crowdfunding campaigns have been done for all purposes and to raise massive and smaller quantities. Through ImpactGuru, you can even raise crores for treatments and procedures, which could be life-saving for you or your loved ones.

What Should I Do Before Setting Up My Crowdfunding Campaign?

Some things are important to keep in mind and do before you start your crowdfunding campaign. This will help you set up the necessary campaign and face fewer issues while you are crowdfunding.  

  • Decide your crowdfunding campaign goal. You should have some money saved up or coming from other sources that could help cover any costs that you would be incurring, so you can decide how much money will be raised through your crowdfunding campaign to fund your goal. 
  • Your story: you should decide what your campaign story for your crowdfunding campaign will be and how you will tell this story. 
  • Decide your target group. You can decide what kinds of people you will tell your story to and who your target demographic will be for your crowdfunding campaign. 
  • Read up on all the necessary information about crowdfunding. The platform you choose to set up your crowdfunding campaign on will provide you with information about starting a crowdfunding campaign, crowdfunding, and more. You should read this and gather as much information as possible about crowdfunding so that you can find other sources that can be useful for you and help you out during your crowdfunding journey. 

There may be more things that you could do before setting up your crowdfunding campaign. However, doing the above is crucial and can benefit you or someone else interested in crowdfunding.

What Questions Can I Ask About Myths About Crowdfunding You Should Know?

If you are considering using crowdfunding for any purpose, you can contact the service number of the platform you plan to use and find out more information about it. This information may be useful to you. 

Some things that you can ask about crowdfunding are the following: 

  • What are myths about crowdfunding you should know?
  • Why will crowdfunding be a good option for me?
  • Will people donate towards the cause that I am crowdfunding for?
  • For what purposes do people usually use the crowdfunding platform I am looking at to raise money?
  • What are some costs that I will incur when crowdfunding using a particular platform?
  • What are the methods for raising awareness about campaigns?
  • Can I crowdfund in different currencies?
  • Are there alternatives that would suit my cause more than crowdfunding?
  • In what ways can crowdfunding benefit me?
  • Are there any risks to crowdfunding?
  • What are the hidden costs when I crowdfund?
  • Has crowdfunding helped people with my cause before?
  • How has online crowdfunding developed over the past few years?

There may be more questions you can ask and inquire about when it comes to crowdfunding, but the above-mentioned questions are some useful suggestions that may help you out while you are choosing a platform to crowdfund or are still considering whether to go for crowdfunding.

Conclusion 

Crowdfunding is a convenient way of raising money for any cause. Things are becoming more and more expensive and it is a good idea to choose a means of financing that is suitable for us. If used in the right way, crowdfunding can make a big difference for many people. It allows people in the community to help others and create a positive movement and environment where people can rely on each other if they ever need to do so. ImpactGuru is also a widely popular and reliable crowdfunding platform. Using this platform, you can raise funds for various goals and purposes. Start your crowdfunding campaign today. This is why it is important to be aware of myths about crowdfunding you should know, so that you can make the appropriate decision.