Project creators must set a funding goal and a duration to reach this goal. No money will ever exchange hands if projects are not fully funded.
In order to determine your goal, make sure you ask yourself:
Am I trying to raise the whole budget or merely a piece of it? Have I taken into consideration the cost of producing and delivering rewards to backers?
As always, communicating is a good idea: backers will appreciate all information you share about your costs.
Remember! Funding is all-or-nothing. This means that you can raise more than your goal but never less. So once you know how much money you need to complete the project, set your funding goal close to that amount.
And remember one thing: the quality of your rewards can make a huge difference on how much money your project will raise. (See more about rewards in the next section).