Crowdfunding, also called P2P funding has recently gained popularity among people. There are many p2p lending investment websites available. One of the keys to an effective crowdfunding setup is to choose the site of your funds carefully.
Given the fact that each of the major sites of funding has its own set of rules and fee structures, there are five basic steps to set up your project.
5 Steps to Setting Up a Campaign
The first step in setting up your project is to include detailed information about yourself, what your project is all about and how much capital you will need to complete your project. Another tip is that it is a good idea to include detailed information about what you are going to use the money for.
You should set a time limit for your project. This limit can be anything from 1 to 90 days. Keep in mind that the longer your project will run, the more money you are likely to receive.
It is always good to start to promote your crowdfunding project in advance to get as much support as possible.
As a supporter of donated funds, your money will be placed into an escrow account until the end date of your project.
Once your project has reached the target date, the funds will be released to you. The exception to this is that, if you do not hit your target then you will not receive the funds.