The success of any nonprofit organization (NGO) depends on fundraising. There are numerous methods for raising money to promote humanitarian campaigns. The key to successfully raise money is adopting the appropriate strategies and tactics. The issue is that there are few interested fund-raisers.
Previously, most NGOs used to get their funding from foreign countries. However, there has been a sharp decrease in the amount and frequency of foreign funding due to more stringent monitoring, FCRA regulations (Foreign Contribution Regulation Act), the western economic recession, and a change in India’s international perspective regarding foreign funding agencies. On the other hand, “The Internet and Social Media,” the most beneficial and active fundraising tool, is seizing the spotlight.
How to Raise Funds for NGOs?
This article lists a few methodologies you and your NGO can apply to succeed in your fundraising campaigns. They are as follows-
Events– Hosting agenda-specific events is a tried-and-tested way to raise money and enthusiasm for a campaign. A well-planned event can raise a lot of money, but one should weigh the resources used against the potential gains. Choose an activity that can be held again (e.g., annually) rather than picking a one-time event. As a result, the organizers’ experience and public awareness can grow, and earnings increase.
Personal approach– Meeting potential donors in person is an excellent way to raise support and money. Personal interaction has a more significant influence than any other type of communication. Personal solicitation is a time-consuming method of raising capital that may take some effort before the relationship and trust have reached the point where you can make the request.
Network Fundraising– It refers to approaching potential donors through your connections and relationships. A “friend-for-friend” strategy is effective in every corner of the globe. This approach is particularly successful if you engage with the so-called “connectors,” people who have an extensive network, are well-known in their community and are willing to spread the word about your project within their network. Any previous donor can also be a reliable source to attract new donors. Network fundraising is carried out via email, personal contact, or social media sites like Facebook, Instagram, Twitter, etc. to connect to various people and later fix an appointment to meet them in person.
Online Fundraising– Online fundraising has surged in popularity over the last decade, thanks to the social media and communication boom. This technical development opens up a massive possibility for fundraising through social networks (Facebook, Instagram, Twitter), mobile phones, and online giving platforms. The speed, adaptability, affordability, extensive reach, and online assistance that this sort of fundraising offers are the benefits of e-giving. Online fundraising is frequently linked with other offline, live activities like events.
Volunteering– Volunteers can contribute significantly to the campaign’s success by adding extra time and knowledge at a much lesser cost than hiring a full-time employee. Volunteers can also support fundraising activities. However, specific requirements are associated with using volunteers as they require monitoring and payment for related expenses, such as travel.
Donation in kind– It is a very effective method to raise money for an NGO and its campaign. Donations in kind are much more frequently accepted than monetary contributions by the public. You can also raise money with the help of netizens and public organizations.
Corporate partnership– For nonprofit organizations, forming business relationships can be a significant funding source. You might discover that corporations are willing to sponsor or fund your organization’s programs or events, given the emphasis that many enterprises place on social responsibility, particularly if your group’s efforts align with the company’s goal or values. Corporate collaborations frequently also involve matching gift policies, under which the corporation will donate an amount equal to any contributions made by its employees. In addition, businesses that collaborate with nonprofits occasionally contribute their personnel or executives to the latter to assist in fundraising efforts or as volunteers.
Crowdfunding– Using crowdfunding sites can be an excellent choice if you’re looking for a quick way to generate money. This choice allows you to reach out to potential donors quickly and conveniently. In addition, it can generate funds for an unexpected need that has to be addressed immediately—for example, collecting donations to aid those affected by a tragedy or unplanned repairs to the building where your organization offers services to the local community.
Collections– Collections can be an excellent approach for raising money if you can gather sufficient volunteers to undertake the collecting process. There are various types of collections methods:
- Collection activities in churches and the neighborhood.
- House-to-house collections, in which a person knocks on doors to collect donations.
- Street collecting, where collectors collect donations from passersby.
- Collection bins at businesses, retail locations, or public spaces.
- Collection bins can be placed in the homes of the NGO’s supporters.
Looking to start your own fundraising campaign? Check out Ketto, an online crowdfunding platform that makes it easy to fundraise for your cause. With Ketto, you can start raising money in just a few clicks.