So, you’ve got an idea, but you’re a little short on money. Fortunately, there are many ways for you to get that capital, and one of the ways is by crowdfunding.
However, with so many different platforms available out there, it can get a bit frustrating and challenging to pick the right one.
That’s why we’ll be taking a look at the two most popular platforms for crowdsourcing your creative ideas: Kickstarter and Patreon. We’ll go over the pros and cons of each platform and then decide which one is right for you.
So, without further ado, let’s get into it!
Understanding the platforms
Before we discuss the strengths and weaknesses of each platform, let’s get to know each one.
What is Kickstarter?
Kickstarter is a crowdfunding platform that was founded in 2009. Since then, the platform has successfully funded over 200,000 projects, totaling $6.1 billion raised.
You can work on any creative project! These include simple things like a pack of cards or a power bank, but you can also create more advanced ones like video games, tech products, or films.
Wondering how a project gets funded?
Well, the creator creates a campaign with an initial funding goal and a date. Once it’s launched, people can start pledging money for the project.
If the funding goal is achieved within the timeframe, the creator gets the money and starts working on the project.
In return, the creator has to fulfill their backers’ orders and ship the product to their doorstep.
(To get your project funded, you’ll have to have a Kickstarter Launch Formula! You can read it in my ebook.)
What is Patreon?
This platform is quite different from Kickstarter. Instead of traditional crowdfunding, Patreon is a membership program that was founded in 2014.
Since then, it has allowed creative people like filmmakers, artists, and musicians to get more money to do the things they are best at.
So, how does it work? Well, in Patreon, a fan of yours can pick either a subscription (which usually ranges between $5 to $25 per month) or pay per post.
In return, they get something exclusive back. This can be anything from a patrons’ private forum, early access to content, Patreon exclusive content, and even physical products (mainly recommended for higher-tier patrons).
Actually, I discovered a ton of tricks that can help you earn recurring income from Patreon using subscription crowdfunding. This is dependable, repeat income to fuel your craft. You can really turn your passion into profit. You can learn more about the Patreon tricks I’ve discovered here.
Pros and cons of Kickstarter
Kickstarter has many benefits for any creative project.
- Biggest crowdfunding platform: The platform is the most well-known crowdfunding website there is! That gives you two significant benefits. First, it’s easy for people to back your project, as many have a Kickstarter account. Second, you can get some free PR if your campaign goes viral.
- Great integrations: Another great thing about Kickstarter is that you get many integrations with sites like Google Analytics. Also, if you’re lucky, you can start working with Amazon’s Launchpad service. With it, you’ll be able to get sales after your Kickstarter launch. However, it’s not available for every successful campaign.
- Great way to get rapid money: There are so many people who have reached their funding goals in a matter of hours or even minutes. If you’d like to learn from them, then you can listen to my podcast here.
- Possibility to get backers without an audience: For Kickstarter, it’s not necessary to launch your campaign with an audience. Instead, you can get your funding backed only by strangers.
- Easy-to-use interface: Kickstarter has made it very easy for any starting creator to use their dashboard. You’ll be able to analyze your campaign’s progress with its real-time statistics. That also applies to the communication channel with your backers and promotions.
However, there are a few cons to remember as well.
- Money for one project: One of the shortcomings of Kickstarter is that the money isn’t constant. Once you get your funding money, that’s it! The only thing you can do is start another campaign.
- Only a few projects a year: The process takes quite a long time on Kickstarter, which means you cannot fund many projects at the same time. The best you can do is three to four campaigns a year. But realistically, you’ll only be able to do one or two annually.
- Difficult to fulfill: Another thing to keep in mind is that fulfillment can get quite hard quickly. While it feels good to get overfunded, it adds a lot more work to your table if you haven’t planned for it. Plus, you’ll have to fulfill the stretch goals as well.
- A backer might forget they pledged: When you’ve raised enough money, know that not all the capital from the campaign goes into your pocket. After the 5% tax from Kickstarter, some people might want to dispute their pledge if they forgot about it in the past 90 days.
- All or nothing: Unfortunately, if you don’t reach your goal, you cannot take the raised money and produce the product with it. Kickstarter is an all-or-nothing platform! If this is not what you’re looking for, you might want to go to Indiegogo, which you can read more about here.
Pros and cons of Patreon
- Flexibility: One of Patreon’s biggest strengths is having more flexibility with the rewards. You don’t need to sell the exact same service every time; if you want to offer something else, you can!
- Great integrations: Just like with Kickstarter, Patreon comes with many great integrations. These include ways to promote yourself like a button on your WordPress site or new rewards like building private forums and message groups.
- Reliable income: With a Patreon subscription, your fans will pay you to produce content and exclusive rewards each month. So, you can basically earn a predictable income as long as you fulfill your promises.
- More relaxed content restrictions: And lastly, if you’re going with Patreon, you’ll have less restrictive guidelines than with any other crowdsourcing platform. That is a significant benefit for numerous creators as it helps them to express themselves better.
But just like with Kickstarter, there are a few weaknesses to consider.
- An audience is required: Unfortunately, there isn’t an excellent way to consistently get new patrons on the platform without a following. That means if you want to start getting paid with Patreon, you must have fans on your other platforms like a blog, YouTube, podcast, etc.
- Harder to receive funds: Another problem you should be aware of is that it’s harder to get someone to pay you on Patreon! Not only will most people have to create new Patreon accounts, but it’s also riskier for them to fund you as they’ll pay you every month instead of with a one-time payment.
- Not ideal for big projects: If you’re looking to get start-up money for your big projects, you’re in the wrong place! This site isn’t meant to give you a considerable sum of money for your projects. Instead, it helps you make more money every month.
- No built-in promotional tools: Unlike Kickstarter, Patreon does not have any promotional tools built in, so you’ll be relying on other traffic sources like your blog and social media accounts.
Which platform should I pick?
Unfortunately, there is no definitive answer for that. Each of you has different needs, so it all depends on the size of your funding and the frequency of creation.
I recommend Patreon for creative people working on smaller and more frequent projects like videos and articles. These can include bloggers, YouTubers, and other influencers.
But do remember, you’re going to need an audience before starting!
If you’re a creator looking to work on big projects or starting a business, then Kickstarter is the way to go. With it, you’ll get the necessary funding and more, depending on the success of your campaign.
But there’s another way…
Why not try both of them? With the method I’m about to tell you, you can profit from both platforms.
#1 – Grow an audience
The first step is to build a following. Try to keep your end goal in mind, which is to get funding for your project and followers around your niche.
#2 – Create your Patreon page
Once you have built up a following, the best thing to do is create a Patreon page. This way, your superfans can help fund you to keep coming up with more quality content!
#3 – Announce your Kickstarter
Once you’ve got a quite decently sized following (10k YouTube subscribers, for example), announce your crowdfunding campaign. This way, you’ll be able to get fully funded faster and easier.
While this method takes longer to implement and requires more work to achieve than with just a Kickstarter campaign, it’s the best way to do it for a couple of reasons:
- You’ve built trust and authority: By creating your audience, you’ve made fans that not only like you but trust you. That means it’s easier to sell to them.
- Able to set a smaller funding goal: Another benefit of using both platforms is that you’ll be able to set a smaller budget, thanks to your loyal patrons! The money from Patreon could cover your marketing costs and others.
- Platforms complement each other: One of the best things about the method is how the platforms work together. With Patreon, you can build an audience interested in what you have to offer, making them want to support your Kickstarter. And with the Kickstarter, you might get new patrons for your campaign!
So if you have the time and money, use this method! It’s the most profitable way by far.
But at the end of the day, you’ll have to choose the platforms that work for your business goals. Maybe you don’t have time to manage both platforms, so either a Patreon page or a Kickstarter campaign might make more sense.
Actually, I discovered a ton of tricks that can help you earn recurring income from Patreon using subscription crowdfunding. This is dependable, repeat income to fuel your craft. You can really turn your passion into profit. You can learn more about the Patreon tricks I’ve discovered here.
Whatever you choose, you must keep educating yourself. Without the knowledge, you won’t be able to fund your dream project at a record pace.
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