Academy progress
Turning an Idea into a Project
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Every successful campaign begins with an idea. Every successful project, however, begins with a plan.
The distinction is an important one. Ideas are exciting, inspiring and often ambitious, but they are also fluid. They change as new possibilities emerge, collaborators become involved or practical realities intervene. A project is different. It has defined objectives, identifiable stages and a realistic route from conception to completion.
Before inviting others to support your work, take time to transform your idea into a project.
One of the most useful exercises is to imagine that your campaign has been successfully funded and your project is complete. What has actually been achieved? Can you point to a finished recording, a published edition, a series of concerts, an educational resource or a restored instrument? What will your supporters see, hear or experience as a result of their contribution?
Beginning with the finished outcome helps define everything that comes before it.
Once you know exactly where you are going, you can begin to identify the individual steps needed to get there. These will vary from project to project, but every campaign involves a sequence of practical tasks that must be completed before the work can be considered finished.
A recording project, for example, may require repertoire to be finalised, musicians engaged, rehearsal schedules agreed, recording sessions booked, editing completed, artwork designed and distribution arranged. A publication may involve copyright clearance, editorial work, typesetting, proofreading, printing and marketing. A festival or concert series introduces a different set of challenges, including venue contracts, artist availability, publicity, ticketing and technical support.
Thinking in terms of stages rather than one large undertaking has several advantages. It makes the project easier to manage, highlights dependencies between different tasks and helps identify potential problems before they become serious. It also provides the foundation for a realistic budget and timetable, both of which will be explored in later chapters.
This is also the stage at which assumptions should be tested.
Have key participants confirmed that they are available? Have you spoken to suppliers or obtained quotations? Are specialist services available within your proposed timescale? If your project depends upon permissions, licences or copyright agreements, are these likely to be in place when required? The earlier such questions are addressed, the less likely they are to disrupt your plans after your campaign has begun.
It is equally important to distinguish between what is essential and what would simply be desirable.
Every project contains elements that are fundamental to its success and others that would be welcome additions if circumstances permit. Recognising the difference allows you to focus your resources where they matter most and gives you greater flexibility if costs change or unexpected opportunities arise. It also makes it easier to decide whether additional funding should be directed towards expanding the project or improving its quality.
Finally, remember that no project exists in isolation.
A recording may lead to a concert tour. A scholarly edition may become the foundation of future publications. An educational initiative may continue long after the initial workshops have finished. Thinking beyond the immediate campaign often reveals opportunities that would otherwise be overlooked and helps ensure that the effort invested today continues to generate benefits long after the crowdfunding campaign has ended.
By the end of this planning process, your project should no longer exist simply as an idea in your mind. It should have a clear objective, a logical sequence of activities and a realistic path to completion. Only then is it time to begin asking the next question: what will it cost?
Planning your budget
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One of the most common reasons why crowdfunding campaigns fail to reach their target is not a lack of enthusiasm from supporters, but an unrealistic budget.
Sometimes the target is simply too high. More often, however, it is too low.
Inexperienced creators frequently calculate only the most obvious costs. A recording budget might include the recording venue, musicians and sound engineer, but overlook editing, mastering, artwork, manufacturing, distribution and promotion. A publication may account for printing while forgetting proofreading, ISBN registration, shipping materials or storage. The result is a campaign that appears successful until the creator discovers that the money raised is insufficient to complete the project.
Your budget should therefore answer one simple question:
How much money is required to complete this project exactly as described?
Nothing more.
Nothing less.
It is tempting to reduce costs in the hope that a lower funding target will appear more attractive. In reality, an artificially low target merely transfers the financial risk from your supporters to yourself. If the campaign succeeds but the budget proves inadequate, you will be forced either to reduce the quality of the finished project, seek additional funding elsewhere or finance the shortfall personally.
A realistic budget is therefore an act of honesty rather than optimism.
Whenever possible, base your figures upon quotations rather than estimates. If you intend to hire a recording venue, ask for the current hire charge. If you will be printing books or manufacturing CDs or vinyl records, obtain written quotations. If professional designers, editors, engineers or translators are involved, ask them to provide realistic prices before you launch your campaign.
No one expects every figure to be exact. Prices change, exchange rates fluctuate and unexpected costs arise. Nevertheless, a budget based upon genuine quotations inspires far greater confidence than one assembled from guesswork.
It is also worth remembering that your supporters are not simply funding today’s invoices. They are funding a project that may continue for many months after the campaign has ended. Ask yourself whether every stage of the work has been accounted for, including the final delivery of whatever you have promised to produce.
Some creators find it helpful to work backwards.
Begin with the finished project and list every stage required to reach that point. Then assign a realistic cost to each stage. This approach reduces the likelihood of overlooking important items and often reveals costs that would otherwise have been forgotten.
Finally, remember that a budget is a working document.
It should evolve as better information becomes available. Obtaining a lower quotation from one supplier or discovering a more economical method of production is not a sign that your original budget was wrong. It is simply part of good project management. Review your figures regularly, question your assumptions and update your calculations whenever circumstances change.
The next section examines each of the principal categories of expenditure that should be considered when preparing a crowdfunding budget. Some will apply to every project, while others will be relevant only to particular types of campaign. The important thing is not to include every possible cost, but to ensure that every cost relevant to your project has been identified before you ask others to support it.
Identifying your costs
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No two musical projects are identical, and neither are their budgets. A recording, a concert tour, a publication and an educational initiative each have their own financial requirements. Nevertheless, most projects draw upon the same broad categories of expenditure. Thinking in these terms makes it less likely that important costs will be overlooked.
The first category is usually the people involved in bringing the project to life.
Musicians, conductors, arrangers, copyists, producers, recording engineers, editors, designers, photographers, translators and countless other professionals contribute their knowledge and experience to successful projects. Some may volunteer their time, others may work at reduced rates, while many quite rightly expect to be paid at commercial rates. However your project is organised, it is important to recognise the true value of the work being undertaken. Even if someone has generously offered their services without charge, knowing what that contribution would normally cost provides a clearer understanding of the project’s real value.
Next come the physical resources required to complete the work.
These may include rehearsal rooms, recording venues, concert halls, equipment hire, printing, manufacturing, software licences, web hosting or specialist materials. Some costs will be incurred only once, while others may continue throughout the life of the project. Distinguishing between one-off expenditure and continuing costs makes it easier to understand where your funding is being used.
Many creators concentrate on producing the finished work and devote comparatively little attention to making sure people discover it.
Promotion deserves to be considered as an integral part of the project rather than an optional extra. Professional photography, graphic design, advertising, publicity, video production or printed promotional material may all represent worthwhile investments if they help your project reach the audience for whom it has been created. An outstanding recording that nobody hears or an important publication that nobody discovers has not fulfilled its potential.
Finally, consider what happens after the project itself has been completed.
Finished products still need to be delivered. Books must be packed and shipped, recordings distributed, rewards fulfilled and supporters kept informed. Depending upon the nature of your campaign, there may also be payment processing fees, taxes or other administrative costs that continue after the fundraising has ended. These should form part of your original budget rather than being treated as unexpected expenses later.
As you work through your own project, try to account for every stage from beginning to end. The objective is not to create the largest possible budget, nor the smallest, but the most accurate one. A carefully prepared budget demonstrates that you understand the practical realities of your project and reassures supporters that their contributions will be used responsibly.
Setting the funding target
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Once you have identified your costs, you can begin to decide how much funding your campaign should seek. Although this appears to be a straightforward calculation, it is often one of the most difficult decisions a creator has to make.
Many people instinctively choose the lowest possible figure, believing that a modest target will be easier to achieve. Others are tempted to include every conceivable ambition, producing a target so high that it discourages potential supporters before the campaign has even begun.
Neither approach is ideal.
Your funding target should represent the amount genuinely required to deliver the project you have promised. It should neither exaggerate your needs nor underestimate them. A carefully considered figure demonstrates that you understand the financial realities of your project and have planned accordingly.
It is also worth distinguishing between essential expenditure and desirable enhancements.
The essential budget covers the costs without which the project simply cannot proceed. These are the expenses that allow you to deliver exactly what you have promised your supporters. Additional features, improvements or future developments may well be worthwhile, but they should not obscure the central purpose of the campaign.
Some creators find it helpful to think in terms of phases. The first phase is the successful completion of the project exactly as described. If additional funding becomes available, it may allow improvements that enhance the finished result without altering its fundamental purpose. This approach enables you to remain realistic while still leaving room for ambition.
Avoid the temptation to include a margin simply because it feels safer.
Supporters understand that prices change and unexpected costs arise, but they also expect the funding target to reflect genuine financial need. If you have planned your project carefully and allowed for reasonable contingencies, there should be no need to inflate your target in the hope of creating a financial cushion.
Equally, do not feel obliged to ask your supporters to finance every aspect of the project.
As discussed in the previous chapter, crowdfunding is often one element of a wider funding strategy. You may already have secured sponsorship, a grant or your own financial contribution towards part of the work. In those circumstances, your campaign should seek only the amount that remains to be raised. Supporters generally appreciate knowing that others have already invested in the project and that their own contributions form part of a carefully considered financial plan.
Finally, remember that your funding target is not a measure of your ambition or your worth as a musician. It is simply a financial calculation based upon the work you intend to undertake. Whether your campaign seeks €1,000 or €100,000, the same principles apply. What matters is that the amount requested is both realistic and capable of delivering the project you have promised.