In Part I, I described three ways in which you can succeed in fundraising for your nonprofit organization. Since fundraising is such a crucial aspect in determining the success of a nonprofit, it deserves more than just one article. Here are three more fundraising strategies for nonprofits you should take advantage of to get the most out of your fundraising efforts.
4. Finding Initial Capital
This fourth strategy focuses on organizations that are just starting out. Funding your organization can be tough in the beginning. With little recognition, here are three must-have groups:
–Yourself.. If you won’t invest in your own nonprofit, why should anyone else? Don’t put yourself in deep debt, but spend enough money to show to others that you are invested in your organization’s success.
–Friends and Family.. Chances are your family and friends will be supportive and want to help you out if they see how much you care about your cause. Seek them out for donations
–First Investors.. These are your core people who see the same social benefit that your nonprofit strives to achieve. They think you have a good idea with a real chance at succeeding. Find out who these people are by marketing your organization
The key is to target a small number of potential donors as a way to focus your efforts.
5. Put Together an Event
It doesn’t matter what size your organization is, everyone has the ability to run a successful fundraising event. The possibilities are endless. Some cool ideas are having a cocktail party, a golf outing, hosting a famous speaker, or putting on an auction. You should start with calculating how much money you hope to make after all the costs of hosting the event, and plan your event accordingly.
Be sure to market to your target audience. Also, do more than just ask for donations. Recruit new board members and ask for referrals. Talk to the people in attendance and get to know them. You can never have too many friends for your nonprofit.
6. Research Foundations and Other Funding Sources
There are over 30,000 charitable foundations. They represent a large pool of funds for nonprofits. Get funded by one of these foundations the same way you would with individuals. Find out which foundations might be interested in what you are doing, and establish a relationship with them.
Local charitable foundations are a great start, as they are very approachable and are likely to want to help you succeed. The big ones like the Gates and Rockefeller foundations will have to wait most likely until you grow as an organization.
In closing, if you implement all six strategies, you will find that fundraising for your organization really isn’t all that complicated. As the number of donations your organization receives continues to increase, you will soon have the resources needed to achieve your goals. After all, fundraising is the best way to grow your nonprofit!