Crowdsourcing is an innovative concept wherein an individual reaches a goal by receiving and leveraging small contributions from many parties. Similarly, Crowdfunding or Online Fundraising is the collective effort of individuals who network and pool their money, usually via the internet, to support efforts initiated by other people or organisations.
What can Crowdfunding do for you?
The process of crowdfunding easily permits for up to 1 million dollars to be raised without the hassles of paperwork and regulatory sanctions.
Many of us are familiar with collective funding of a creative project or idea, thanks to the likes of Kickstarter, which is the biggest website for funding creative projects. To date, it has raised about $100 million and seen many creative projects to fruition. Similar crowdfunding projects could easily be extrapolated to other areas like funding educational expenses, missionary exploits, projects for children, adventurous ventures, etc. However, an area that continues to grow, albeit sometimes under the radar, is crowdfunding for medical bills and expenses.
Is Crowdfunding for Medical Bills and Expenses possible?
Like any crowdfunding venture, medical bills and expenses can be met by crowdfunding. Websites such as CauseWish specialize in crowdfunding pages for medical bills and if you or a loved one is facing a medical challenge, it's another option to help overcome financial obstacles.
Does it make sense for an insured person to request funds through crowdfunding? Many think that only the un-insured would resort to fundraising for medical bills whereas the truth is that many people who do have cover still have significant out-of-pocket expenses. These can quickly rack-up and become too much to bear. Thanks to social media networks however, it has never been easier to rally friends and family together for a common cause.
Benefits of Crowdfunding
Besides financial benefits, crowdfunding provides the individual the benefits of meeting new people, reputation management, discovering new markets for various projects, instilling a sense of belongingness, and receiving feedback for various projects.
How do you set up your Crowdfunding Page?
When creating a medical crowdfunding page, the same rules apply as if you were creating a crowdfunding page on Kickstarter. You need to include a thorough description which covers what you're raising money for and how exactly the funds will be used. You're also encouraged to add a personal video which is proven to increase donations. Rewards are optional and depend on the specific nature of your campaign.
Medical campaigns are often run on behalf of a loved one. In this case, make sure your description explains how you're related to the beneficiary and when the money will be transferred over. If possible, simply add the account / PayPal details of the beneficiary to the page so that they receive all funds straight away and alleviate any donor security concerns.
Once ready, you should get the momentum going by sharing your page with your ‘inner-circle' of friends and family. Then connect with your whole network via social networks.
If you really want to go the extra mile and you think your cause is worthy enough, contact local newspapers and radio stations. They might just cover your story which will often result in donations from people way outside your personal network.
[box type=”note”]Do you have any other tips to raise the money you need? Leave your thoughts in the comments section below.[/box]