We are really excited that you want to create a campaign on Vemagnet. To make this as easy as possible for you, we have created a detailed step-by-step guideline for creating your campaign.
There are 9 steps to start your campaign which are summarised below.
1. Before starting a campaign
There are some steps need to be taken before you start a crowdfunding campaign.
Incorporation: Vemagnet accepts only incorporated businesses and that means that your company should be incorporated and hold a registration Number before you submit your campaign to us.
Need of fundraising: It is essential to understand what raising finance means and it is more than valuable to determine how much money you need to raise.Consider the pros and cons and have a clear idea of what are you going to do with this money.
Business Plan: Having a clear business plan is the basis for every company. Before you raise finance create your business canvas and clarify your concept, the market, the competition, the company valuation. That way you are able to determine the needs of your business.
2. Create a campaign
To start a campaign you need to fill some basic information.
Company Name: The official Name of your Company.
Company registration Number and date of Incorporation: Add your company’s registration number and the date of incorporation. Do not forget that only incorporated companies can raise finance on Vemagnet.
Company Stage: Select in which stage your company is. The available options are the following; Setup, Early, Growth.As a Setup stage is the very beginning of a start-up; a phase of developing its MVP and presenting a visible business and marketing plan. As an Early stage is the company stage when the business generates revenues, the product or service has already launched to the market and the company may have already received one or more prior rounds of funding. A Growth company is characterized by high growth rates, opting to put most or all of its profits back into its expanding business. It usually has a wide client base and targets to expand to new markets or develop a new product or service.
Sector:Select your sector from the drop-down menu. Your campaign will then be tagged with that sector and it will also ensure that your campaign appears on the search results page for that sector. In case that your sector isn’t listed in the drop-down menu, send us an email at firstname.lastname@example.org and we will add it for you.
Customer Type:Select your customer type from the drop-down menu. Your company can be B2B (Business-to-Business), B2C (Business-to-Consumer) or mixed.
3. Campaign Details
This is where you give some extra details about your company image, your funding goal, and the duration of your campaign.
You will need to enter the following details:
Logo: Add your company logo. The ideal image size is2MB, and in no case more than 6MB.
Cover Picture: Add an image from your computer to use as your Campaign image. The ideal image size is 1170px x 400px.
Address Info: Select the country and state where your company is located. The area you select will appear as the location for the campaign on your campaign homepage and will also ensure that your campaign appears on the search results page for that location.
Social Info: You can add links to your Facebook, LinkedIn, Twitter and company web page here and these links will then appear on your campaign homepage. Users will then able to click these links which will take them directly to your social media pages. This helps to engage people further with your company and encourage them to sponsor and share your campaign.
Funding Goal: Set a goal on how much you are looking to raise. You need to reach your funding goal in order to receive the funds. In case of raising less than your funding goal, all the funds are returned to the backers. The amount you raise against your goal is tracked and displayed on your campaign homepage in terms of a progress bar and a percentage (%).
Overfunding: You have the option to choose if you are willing to receive overfunding or not. Once the campaign has reached its funding goal, it is possible to continue to receive more funds in exchange for additional rewards.
Currency: There are two options of currency you can choose. You can run your campaign either in euro (€) or in British pounds (£).
Campaign Duration: The campaign duration is 45 days. According to experts campaigns running for up to 45 days maximize the possibility of getting funded.
A reward is a way to give something back to a backer in return for investing in your campaign. Adding rewards is obligatory, and bear in mind that being imaginative and offering interesting rewards can help you attract more investments.
To add rewards, you will need to enter the following details:
Picture: Add an image of your reward to better explain what you offer.
Title: Give your reward a title that grabs the backers attention
Pledge Amount: This is how much a backer will need to pay you in order to pick that reward
Description: Describe your reward in detail so that backers know exactly what they are getting when choosing this reward
Reward Limit Items: Enter how many of that reward will be available. If you want the quantity to be unlimited then you need to choose “No” Reward Limit
Estimated Delivery: Enter the date when you think your reward will be delivered. Even if you aren’t delivering a reward or the reward isn’t a physical product (e.g. a thank you on your website, a service, an e-book) you still need to say when it will be available.
Shipping Details: If you would like to ship this reward to your country, choose “My country” and enter the cost of shipping. This shipping fee will then be added to the reward cost when a backer chooses it. If you would like to ship this reward Worldwide, check the option “Everywhere” and enter the cost of shipping. If you aren’t shipping a reward in a specific area, this will be clearly stated on the reward on your campaign page.
In case that a reward is not a physical product or you just do not want to charge any extra cost to your backers, you have the option to add zero shipping cost (0).Bear in mind that the shipping cost is applied on the total pledge and not on every item. That means if a backer selects 10 items of the same reward, the total cost is applied once on the total amount.
You can add as many rewards as you like. When your campaign goes live, your rewards will be listed in order of cost (starting with the cheapest) on your campaign page.
5. Some words about your business
This is where you explain your campaign in detail so that people know what your campaign is about, what you are raising funds for and how those funds will be used.
You will need to enter the following details:
Video: Adding a video really helps to bring your campaign to life and can show what the money you raise will be going towards. Your video has to be uploaded on YouTube and you simply need to copy the full URL for your video and paste it here.
Elevator Pitch: This is the mean information that will appear on your campaign page so use it to explain and promote your campaign. It is a place where you can briefly explain the reason for this campaign and how this project will come to life.
Project Description / Use of Funds: Describe your business product or service (maybe an MVP pilot version), your competitive advantage and your revenue model. Give also information about your target market, the challenges you are facing and how you are planning to use the funds.
Team members: Use this section to give details about your team. Add the members of your company (or your personal data if you are a sole trader) and let backers know about your background and what your role within the team is.
6. Submit your campaign
Once you have completed the steps above, you can submit your campaign and see a preview of how your campaign will look on our platform before the launch. If you want to change any part of your campaign, this is the time to do so.
Once you have submitted your campaign no changes are available. We will evaluate your campaign and you will receive within 3-5 working days our response about its validity. After performing the appropriate due diligence, you will be informed about the exact launch date.
Get some TIPS on how to launch a successful crowdfunding campaign
7. Fundraising Period
During the fundraising period keep your audience interested and informed about the process. Do not forget to thank your backers for the contribution and most important: promote your campaign on social media. It is the time to spread the word and make your project reality.
Your goal is to get your message out to your audience, wherever they are and motivate them to take action.Social media, website updates, emails, and even real-life events should all flow in concert to create a huge whirl of excitement around your campaign.
8. Payment Details
We use Stripe as a payment intermediator to securely manage all of our payments. So, in order to receive the funds you raise on Vemagnet, you need to complete the following steps to set up or connect your Stripe Account:
- Connect an existing Stripe account; or,
- Set up a new Stripe account
- Verify your Stripe account and set up your bank details
- Change your payment frequency (or keep it as is if you like)
It is extremely important that you complete these steps otherwise we cannot release the funds to your account! See our step-by-step guide on how to do this.
Once your campaign is successful, the money from your backers will be released to your Stripe account. There is a 7-day window following your campaign’s deadline for collecting and processing pledges. Once the 7-day period has passed, funds will automatically be transferred directly to your account. We will apply a 5% success fee to the total amount of funds raised plus 3% payment processing fees. If the campaign is no successful, there are no fees.
Vemagnet fee: 5% of total funds raised
Payment processing fees: 3%
9. Post-funding Period
You have already created a community around your company and post-funding period can help you stay engaged with your audience. Keep your backers updated about the project development, rewards production and distribution, or even any news or updates about your company.
It is very important to respond to backers’ questions, give them regular updates and provide transparency to the progress of your project.
Last but not least, let your backers know that you’re still there and working hard to make the best product you can for them. Share the product iterations, highlights and difficulties. Backers want to be a part of the journey with you.