By Jim Thompson
In their never-ending pursuit of money, community groups are often tempted to use one method to raise all their funds. However, if your group fails to diversify its base of funding, it might be ignoring the fundamental parts of sustainability.
Diversifying your funding sources means that the damage suffered when one of them dries up reduces.
Here are the top 6 fundraising ideas that you should consider:
Grants: If you have a project that needs funding, grants are ideal. However, you need to be clear about how the grant process operates and what you want to ensure that your organization gets enough funding. You should not assume that you would be given a grant just because you need a new piece of technology or want to install a rectangle vessel sink.
Grants are not usually given for objects. Instead, they are awarded to groups that agree to do a particular program or project. Therefore, you need to remember this when applying for grants.
Online donations: In this technological age, you should not ignorecrowdfunding. If you do, you would be ruling yourself out of a funding pie that is always increasing. The good news is that it only takes a little time and effort on your part to raise funds online.
You should look for platforms that allow you to raise money and keep 100 percent of the proceeds. You only need to come up with the target amount that you wish to raise and set a time within which you wish to achieve your monetary target.
Membership: Do you charge a monetary fee to join your group? The most regular source of income for your group needs to come from within to ensure its survival. The members of your group can also create a database of individuals who will support your organization.
If you increase your membership by 33 percent every year, you might earn more income.
An annual membership drive is a good idea for encouraging lapsed or new members to join your group.
Sponsorship: Getting a sponsorship is a win-win situation for the organization that is sponsoring you as well as your group. A sponsor can give your group enough money to put on your event while you give them an opportunity to advertise their merchandise.
To secure a sponsor, you should look amongst the local businesses with which you already have a good relationship.
However, you need to remember that there is no such thing as free money. The sponsorship should cater to your needs and those of the sponsor: otherwise, the relationship will not work.
Wills and bequests: Although people do not like to talk about money and death, this funding option addresses both. It could be the reason why many non-profit groups avoid getting money in this way.
However, it is a great way for leaving a legacy to groups to which the deceased dedicated their lives.
When broaching this topic, make sure that you do it in a sensitive manner. Make your bequest case compellingly by demonstrating how it will benefit your organization and how you plan to spend the money.
Tenders: In this age of increasing privatization, the government is likely to outsource community service. This makes it easier for non-profit groups to earn money for doing things that they were already doing. You should be careful to avoid taking on numerous tender opportunities, which can lead to overstretching of resources.
Are you still looking for the best source of income for your community group? You should really consider the above funding sources before looking elsewhere.
However, if you have already tried them, it will not hurt to try something different.
Author Bio: Jim Thompson, Title: Super-Connector at OutreachMama
Jim is a super-connector with Towering SEO and OutreachMama who helps businesses find their audience online through outreach, partnerships, and networking. He is a professional writer who has been in the business for 5 years.
He has hands on experience with cars, tech, and relationship advice, among other things. Because of how quickly he can turn articles around, he is able to take on multiple projects at once. His writing experience spans from SEO articles to technical guides and everything in between.