(4) Give investors their money's worth

Most crowdfunding sites let you reward donors with products and services in exchange for donating different amounts of money. Make those gifts count -- no one wants a coupon for one of your "famous moist hand massages." Remember, you're courting future customers and fans here.

If you take a look at Ben Folds Five's campaign, the whole deal is more of a pre-order situation than a wild, pleading call for cash -- a pledge of $10 gets you the digital album (pretty standard for an album), $15 gets you a CD, and bigger pledges score you signed records and discs. Not a mention of "the free 3-D glasses I stole when I went to go see Titanic" anywhere.

(5) Be prepared to do it anyway

If Palmer and Folds had somehow failed to reach their monetary goals, do you think they would have thrown up their hands and said, "Eh, forget this new band. I'm gonna take a nap," or, "What's 13 more years?" Nope. You're asking for cash because you supposedly are passionate about doing something. If you fail, find a way not to.