- We need tangible evidence if we're going to take legal action.
- Other tangible benefits include an increase in salary and shorter working hours.
In the context of Spacehive and creating your project for crowdfunding, you are advised to include as many 'tangible' cost items as possible. This means items that are easy for backers to understand in terms of what they are, and how they fit with your project.
A good example is Chipping Campden Amphitheatre. It has four cost items:
- Dry Stone Wall for perimeter - £6,500
- Electrical installation and lighting - £5,300
- Stage area paving - £4,500
- Gabion seating - £3,886
Each of these four cost items are easily visualised, and when the project is completed, they will be identifiable when someone visits the ampitheatre.
'Intangible' cost items are not recommended, as they may be harder to evidence, which can create issues when it comes to verifying your project. They can also cause your project costs to spiral, meaning that you have a higher target to hit.
By focusing on the tangible cost items, you are creating a lean project that gets you the things you need to be able to deliver it. It also means you have a budget that is easy for backers to get their heads around, which should make them more likely to pledge to you.