For all non-profit organizations, there is a need to come up with innovative ways of raising revenue every year since you require the financial resources to fulfill your mission. As you read through the ideas provided, please remember one clause; these revenue sources as they are correctly called MUST align with your organization’s mission.
They are usually classified as related income in your accounting book and you need it to fuel your mission before the grants come.
You need it to deepen your impact and sadly, If you don’t get earned income soon, you will be left behind.
So, here are some ideas;
- Fees for Service
Did you know that 48% of funds raised by nonprofits come from fees for service? How?
Facilitate training, leverage what you know. Sell information to a school-one they would need. Plan conferences and training programs. Push past your fears and be creative.
I have been asked quite often, what happens when I receive a commission for referring people or businesses to purchase a product and I get a commission, can I accept it?
Yes, you can. However, you must advise the organization or individual paying you to note it as ‘referral donation’ rather than use the word commission.
- Corporate Sponsorships
Corporate sponsorships remain a crucial part of our income generation funnel. It is when a company commits money or resources to a nonprofit event or program in exchange for specific promotional benefits and many businesses striving to balance profit with purpose through sponsorship, get to achieve that.
Your responsibility is to show them the value of working or collaborating with your organization to solve a social problem. The question is after varied attempts, how do you write a winning proposal or engage the right strategy to continue to access these funds? Do check out several DFA programs that teach the how.
Most nonprofit organizations get funding through diverse grant programs. Although a longer strategy that takes time, it does help fund your activities especially if your cause is genuine.
So how do you access grants? First, be clear about what types of grants you need and then the duration. How long are you willing to wait. Find the right opportunity and then put forward a strong application. As much as I would love to say ‘that’s it, the truth is you have absolutely no control over grants this is why I encourage you to learn how to write winning grants.
Briefly, nonprofit organizations require funding sources in order to run their day-to-day operations. The contributions made act as the organization’s revenue and must be reported financially.
This is why you should REGISTER FOR OUR COURSE HERE so we can share more ideas and tell you what you need to know.
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