To crowd fund or not crowd fund, that is the question.
Crowdfunding. You hear all the time “just go raise your money online, people are just out there giving away their cash.”
I hate to burst anyone’s bubble but that is a lie. Well, not an all out lie, but a harsh exaggeration. I’m speaking in terms of feature films, just to be clear.
It seems to me that if everyone could just raise money online, we would all be making our feature films and not working other jobs or gigging. So let that go. It’s a fantasy.
Most people who shout out “I raised my money, crowdfunding.” are misleading you. I’m not saying they are intentionally lying. I’m saying they are not telling you the whole story. I’m sure there is the Cinderella story here or there that contradicts what I’ve written below) but mostly it works like this:
Filmmaker needs to raise $500K to make their film.
That filmmakers previous to crowdfunding secures private funding from someone from a few people with a lot of money that doesn’t cover their full budget but maybe $400K of the way to their whole budget (i.e., they either come from wealth or somehow connected themselves to people with money already)
So the filmmaker lists their budget as let’s say $450K knowing that will get them through production but not post. (The key with crowdfunding is that you only get the money if you reach your goal. So it’s better to aim lower and hope for higher.)
Generally, people raise between $15K and $75K online depending on who their fan base is, how much spare money their friends and family have, etc.
The patrons that have already promised money, give it online. This spurs on other people who see that this filmmaker is only $50K shy of their goal and start to pitch in. No one wants to see someone fail when they are so close to the finish line. Go underdog!
Then suddenly, the filmmaker has their full budget and miraculously has done it all through crowdfunding!
So if you need to raise, let’s say $30K to get you through post, crowd-funding can help. Maybe you have $5K to start that pot going, you lock in some friends and family that together can get you another $10K and then you beg and plead online for the rest. (No shame in begging, just mentioning, you will need to swallow your pride.)
The main point, I’m trying to make here is that the concept of people just coming online, magically finding your film and donating $500K, getting your budget all through the kindness of strangers, is terribly unlikely to happen. You will have spent time and money on the campaign and just get heartbreak.
You have to be realistic.
Also, you need to think, do you really need to do this? Is it worth it? It’s not polite to constantly ask fans for money over and over again (though MST seems to do this with great success which boggles my mind but I digress) so you need to pick and choose when you are going to crowdfund.
Also, crowdfunding takes time and effort. You have to line some people up in advance and you have to constantly be posting on social media and sending out email blasts on a regular basis. It’s really a full time job.
So think to yourself, is there a way I can raise some of this money offline by approaching a few people? Can I pick up extra freelance work once I’m done shooting and hold on a post for a few months until I raise enough for picture editing? And then do the same again to raise enough for sound design and color correction?
I’ve never done a crowdfunding campaign. I’ve always done the above, work my ass off method to save money. This is because I see how desperate people can come trying to meet their goals; it’s heartbreaking. That said, if you feel you have a realistic amount that you can raise through your own network of people and then hope for extra from others who might find you through these people, go for it and just be braced for all outcomes.