Welcome to another post in our educational series. If you have been following us in a while and regularly reading these, you are on your way to becoming a real crowdfunding expert. Today we have a very important topic, one of those that make a difference between keeping a supporter and losing it, the transparency of how you spend your budget.
CC0 image, Pixabay, author: geralt, adapted
There was a battle going on inside our mind when we were deciding on the title for this post. You see, you can always take one of two approaches, the positive or the negative one. The negative one would be making the title reflect how not being transparent is a bad thing, which it is and we will touch on that. We chose the positive one instead because we know that your projects are important to you and you want them to succeed. That is why making a title that is saying how transparency has benefits will make more of you read the post and we would very much like you to read this post carefully.
As you know by now, you can have two types of donators to your projects; Backers and Supporters. Supporters will upvote your projects and news about it while Backer will donate money from their steem wallets or using PayPal and other methods. Both of those groups of people are giving you money that they could have used to buy something for themselves. They could have gotten a new haircut, pay their bills, have dinner in a nice restaurant or give a present to their child. Instead, they have decided to spend that money on you and your project. Don't you think they deserve some respect for that?
Respect your Backers and they will invest more
Backers want to know where and how their money is being used. Keep in mind that if they as much as have a single thought you are scamming them, they will not return and will probably give you some pretty bad marketing and you do not want that. When Backers see that their money has been spent on the right things, they will appreciate your project even more and often come back to support it again. Many of them will talk about it and bring you more Backers so the story is pretty simple really. Honesty is very important in the world of crowdfunding and it is what makes your project a success or a failure.
You have probably heard about our Fundition Fund Program. We mention it often and have even written a post about it that you can find in our crowdfunding-tips channel of our discord server. That program allows us to support some of your projects that follow the set guidelines and are eligible for our support. Since there are a lot of quality projects, you do understand how it is very important to us that the funds go to the right people, right?
CC0 image, Pixabay, author: TeroVesalainen, adapted
The transparency of your spending will be the deciding key if you will continue to receive our support or not. We are constantly doing everything in our power to check up on you and yes, that means that if we can contact the people you said you would help, we will. Fundition is checking everything you do with your project and keep in mind that your every project update is read carefully and checked for transparency and proof of payment. We take our work seriously and are proud of it. The only thing we ask in return is for you to be transparent and honest with us.
It does not matter if you have spent a penny or a 1000$, we want to know where the money has gone. Some of you have already noticed how people from Fundition have contacted you privately to ask you for some receipts and proof of payment. That is our normal procedure. Whenever you can, include the photos of your bills and the things you have bought in your project updates. It will make things easier for everyone. Receipts are important. For example, if you said that you will buy 10 doors for a house, a picture of one door is not proof. A picture of ten doors and a receipt for ten doors is. Do you get what we mean? Transparency goes a long way. You will learn that sooner or later and we do hope that it is sooner :)
We did say that title about benefits, didnt we? Here are the benefits of budget transparency:
- Your Backers will continue to support you and possibly promote your project and bring you more Backers
- Your project will become or remain eligible for Fundition Fund Program.
Those two benefits will help your project to collect the funds you need and in less time. If you want your project to be a success, be transparent with it.
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