Businesses know how important fundraising can be for the community and overall image of the company. The key obstacle is to do this effectively to have the biggest impact, and the following guide will help you get this right.
Focus and Expectations
One of the most important steps a business needs to take when entering the fundraising world is to set expectations. These expectations need to be long term and thought out.
Keep in mind that you are attempting to get money from a small batch of people who are willing to donate to a specific charity. This small batch of people are being courted by a number of companies like yours, so knowing every step of your plans and being transparent is vital from the start. They want to know what your charity is attempting to do and how it is going to accomplish those goals. You need clear answers to these types of questions.
Know Your IRR
The next thing you have to work on is figuring out your IRR. The IRR refers to the charity’s internal rate of return. The people donating want to know they are donating to a company with a true vision that is going to start taking care of itself without returning to them for more money.
In essence, donors want to know they are helping you lift the organization off the ground at which point it’s going to be able to sustain itself. You are going to discuss things like how you may use an online donation platform to make donations easier for small dollar donors or how the organization is going to use resources to generate more revenue.
Work Hard to Make a Visual Case
Okay, you’ve got your story and overall goal, but what you may not have ready just yet is a map that can help donors understand how their money will be used. Donors, especially those larger donations, want to know how their money is going to impact the charity.
If you aren’t able to succinctly explain how the money is going to be used, then donors are likely going to have a hard time believing your company is going to be able to manage the money they’ll be donating to your cause. Develop a map or some kind of visual aid where you’ve mapped out how various donation amounts are going to impact the charity, which is going to make this part easier for you and your team.
Specialize That Team of Yours
The next step your company has to take is to make sure the team that is going to help get this organization off the ground is ready. There are a number of roles that need to be filled by people who show promise. Now, it is up to you to make sure these folks are trained and given the tools to pull off what will likely be a difficult endeavor.
If you want your charity to be a success, this is the kind of investment you’ll have to make because a charity’s foundation is the people behind it. You have to find people who you know can interact and form natural relationships with everyone that could be associated with the charity. This group of people are sometimes called engagers.
You also have to find a group of people who have formed networks or are very good at making connections with valuable people. These types of individuals are usually called connectors. Your company is also going to contract askers or people who are quite skilled at asking people for a donation. You may have to hire a professional charity consultant to help identify these people and help refine their skills.
These are just some things you’ll have to consider if you are launching a charity, but there is so much more to consider. If you do decide to hire a consultant, then make sure you ask him or her for additional suggestions because launching one of these is not going to be easy though it is quite rewarding.