There are lots of tips online on how to increase income for your organization. The principal ones among them are sponsorships, events, grants and peer-to-peer fundraising. Read our article to explore how each of these methods can help increase your income.
Keep in mind that these are all just options for you to explore. If you have different sources of income, you can turn to other options when one of them doesn’t work. For example, when the amount or frequency of your donations decreases; you can get a recovery via employing other methods similar to fundraising.
Sponsorships
Sponsorships allow to collaborating with reputable enterprises for getting some financial or in-kind aids. These sponsorships could be in the form of a long-term partnership or they could be in the frame of an event or campaign. By supporting you, these enterprises aim to increase their visibility and prestige in the market.
If you decide to use this method for increasing your income, the first step could be asking your board members to spread the word that you are looking for a sponsorship. Also, you can ask local enterprises related to your cause.
Events
Besides fundraising campaigns, events are the most efficient ways of increasing your income. Direct ticket sells or donations not only allow to increase your income but also give the opportunity to mobilize your community. You can also strengthen the bonds among your supporters.
Grants
Grants are financial aids provided by the State or some institutions for helping NGOs to execute their projects. Usually, they are special to a sector, a project or an accommodation and the application process might be long and complicated. That’s why it is important to choose the best grant programs and spend your time and energy for these ones.
Individual donations
Donations are one of the most important income resources for associations. They can be small or big, and you can get them via different methods. Some of these methods are:
Online donations
While in the past, you had to deliver by hand or mail your donations; today, it’s enough to enter your bank account information and click. It is even more effortless with Raklet.
Regular donations
Transferring donation process to the online platforms has another benefit. Thanks to the recurring payment feature; it makes easy to donate. Monthly donations provide you the opportunity of extending your incomes all year round and see the future with a more sound insight.
Peer-to-peer fundraising
Using this method of fundraising can expand the limits of your audience. Your supporters can find the opportunity of making more than a modest contribution. In this way, they can define their own goals and engage their friends and family networks to reach them.
You can put in place different methods according to your capabilities and opportunities. For example; while getting some income from your ticket sells of your end-of-year event, you can find a sponsor which can finance the organization.
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To read more about nonprofit organizations and how to reach your utmost potential, check out our pillar content where we have created an ultimate guide. You can also check out our other nonprofit articles below:
