How to create an online money pool in just 7 steps?

In today’s increasingly digital society, online fundraising has become an essential means of raising funds for a project, a cause, an event or an association. Whether you’re an individual looking to finance a personal or group project, an association in need of support, or a company looking to test the market’s interest in a product, creating an online money pool is an effective, modern solution for achieving your financial goal. So, how do you create a money pool? Here’s a step-by-step guide to help you along the way.

Before reading our article, if you want to start creating a money pool it’s here!

What to remember from this article
To create an online money pool, you need to find the right platform, but also be fully aware of your financial goal. You will also learn how to present your project, the means of payment, how to communicate and follow your fundraiser!

1. Choose the right online fundraiser platform

Each has its own specific features, strengths and weaknesses. Some specialize in funding creative projects, others in supporting humanitarian or social causes. There are also platforms that offer financing for personal events, such as birthdays, weddings or travel: like Tiing!

But discover the offer that exists today, as well as the different specificities of each player in the online fundraiser:

Among the best known, you can find Tiing, a 100% Canadian online fundraising platform, as well as international players such as GoFundMe, Kickstarter, Ulule. It is important to compare the different options, taking into account the amount of commission charged by the platform on the donations collected.

2. Clearly identify the purpose of your online fundraiser

Once you’ve chosen your platform, it’s time to prepare your fundraiser presentation.

The first element to define is the purpose of your collection. Whether it’s to finance a project, help an association or raise money for an event, it’s crucial to define precisely what you want to accomplish with the money raised. This will allow people who view your fundraiser to understand exactly what their donation will be used for.

It is also important to set a realistic financial goal . $1000, 2000, 5000, 10,000… At Tiing we see everything: it’s up to you to set this ceiling to achieve your projects.

3. Take care of the presentation of your money pool

For amateurs or sales professionals, you know as well as we do that this is a crucial step: how to “sell” your online pot to others?

In the field of marketing, we even talk about “copywriting”, the art of selling through writing.

A good presentation is essential to attract donors and encourage them to participate in your fundraiser. Don’t hesitate to use photos or videos to illustrate your project and make people want to support it.

Explain clearly and in detail what you plan to do with the money raised. Don’t forget to share your fundraiser on your social media and by email to reach as many people as possible.

To achieve your goals, don’t hesitate to be offbeat, even funny. Or simply to show total sincerity. It has to be personal to bring people together!

4. Set up payment terms

Most online fundraising platforms offer several payment methods to make it easier for donors to participate. Whether by:

• bank card
• PayPal,
• Master Card
• or others

Make sure you have options that work for everyone! The bank card is obviously the most universal option in general.

5. Monitor and communicate on the evolution of the fundraiser

Once your money pool has been put online, it is important to regularly monitor its progress and communicate about it. Don’t abandon it on the way!

For example, you can:

• publicly thank donors on social media,
• provide updates on the progress of the project,
• or offer rewards to people who contribute to your money pool.

This will keep interest in your project and encourage more people to contribute to your fundraiser.

Now you know how to create an online fundraiser. It’s up to you!

6. Security and privacy: aspects that should not be neglected

When talking about online fundraisers, a crucial aspect not to be forgotten is security and confidentiality: in fact, collecting money online requires the management of sensitive data for both the organizer and the contributors.

Most online fundraising platforms, such as Tiing, Leetchi, GoFundMe, Kickstarter, Ulule, or Lydia, have robust security measures to protect your personal and financial information. They use advanced encryption protocols to secure transactions and bank details.

In addition, they comply with the regulations in force regarding the protection of data or personal information.

It is important to check these elements before choosing a platform for your fundraiser. By carefully reading the terms and conditions of use, you can ensure that your data will be properly protected and that you will not be a victim of fraud or abuse.

Similarly, the confidentiality of your money pool is an important issue. Some platforms allow you to make your fundraiser public, while others offer you the option to keep it private. In the latter case, only people who have the link to the fundraiser will be able to access and contribute to it. This is an interesting option if you want to restrict the collection to a small circle of people, such as for a farewell party or a solidarity fundraiser.

7. Avoid common mistakes when creating the fundraiser

While creating an online fundraiser is generally a simple and intuitive process, there are some common mistakes that can be avoided to optimize fundraising.

• First of all, it is crucial to set a realistic financial goal. It can be tempting to set an ambitious goal, but this could discourage potential contributors if they feel that the goal is too high compared to the importance of the project.
• Then, you must be careful not to neglect the communication around the fundraiser. Regularly sharing your fundraiser on your social networks and by email is essential to reach the largest number of people. Good communication is the key to the success of an online fundraiser.
• Finally, it is important to manage the funds well once the pot is over. Some platforms, such as Lydia, allow you to spend the money directly from the money pool, while others require a transfer to a bank account. In any case, good financial management is necessary to ensure that the money collected is used efficiently and transparently.

What types of events can I fund with an online fundraiser?

An online fundraiser can be used to fund a wide variety of events and projects. This includes:

• joint gifts (birthdays, weddings, births),
• associative or charitable events,
• personal projects (travel, training),
• medical expenses,
• Commemorations
• or support for a loved one in need.

The flexibility offered by these platforms makes it possible to adapt to almost any crowdfunding need.

How can I share my online fundraiser with potential backers?

You can share your fundraiser online using various communication channels. The most common include:

• social networks (Facebook, Twitter, Instagram),
• sending links by email,
• instant messaging (WhatsApp, Messenger),
• or embedding the link on your website or blog, if you have one.

It’s important to share your fundraiser with a clear message explaining the purpose of the fundraiser to encourage people to contribute.