Fundraising for Start-Up Not-for-Profits
Not-for-profit organizations (“NPOs”) face many day-to-day issues that they must plan and account for, fundraising is a major one. There are many fundraising options for NPOs but sometimes it is hard to narrow down these options or choose the most effective one. So, what are some fundraising options for start-up not-for-profit organizations?
Crowdfunding
Crowdfunding is a simple way for not-for-profits to raise money through multiple funders and is a great way to use online media as a business tool. While raising funds, crowdfunding also allows businesses to promote their brand, company, cause, and product/service to the massive online world all with a quick link to the organizations’ fundraising page.
There are many online platforms businesses can use to crowdfund, some popular ones include GoFundMe, Crowdfunder, Fundly, and Kickstarter. It is important to note that these platforms will charge a fee for the usage of their platform.
Virtual Fundraising
Other than crowdfunding there are many virtual fundraising options that NPOs could potentially use. They can pair these strategies with crowdfunding or use them individually.
Online events are a great way to engage supporters and donors. Whether it be an online concert featuring different artists, an auction, movie night, game night, or dinner party; there are loads of unique fundraising events that organizations can hold to engage donors while raising awareness and funds for their cause. Additionally, many of these events can be held in-person.
Social Media Campaigns are another great way to reach and attract donors. Organizations can use several social media platforms such as Facebook, Instagram, Twitter, or YouTube to reach a wide online audience. On these platforms, they can use visual media such or text to deliver their message and reach potential donors.
Bonus: these social media accounts can be linked to their crowdfunding page.
Rewards and Incentives
Rewards such as merchandise or exclusive video content are great ways to attract and retain donors. Organizations may choose to provide donors with merchandise such as a t-shirt, bracelet, or sticker for their laptops. Another option could be exclusive brand content only accessible to donors, this could include videos, newsletters, or brand updates. One last simple way for organizations to reward and recognize their supporters could be through a page on their website listing all their donors.
It is important for organizations to express their gratitude to their supporters. As mentioned above there are many ways for organizations to recognize and incentivize their supporters. These incentives are a great way to retain current supporters and donors but also attract new supporters.
Conclusion
Starting an NPO is never easy and fundraising is only one of many problems these organizations must address. This article highlighted some basic fundraising options that any NPO can consider, however, the most effective fundraising strategy will be different for each NPO and will depend on the organization’s goals and growth trajectory.
Contact NPOC today to connect with our consultants to help develop an effective fundraising plan for your organization!
Interested in learning more about how our services can assist your NPO? Reach out to us at npo.consulting@uwaterloo.ca.