As a 501(C)(3) non-profit organization, it can sometimes be difficult to effectively generate additional revenue streams. I see it all the time: the organization does not have name-brand recognition, they do not have enough money for a good website, they do not have a large enough staff, and because they do not have the money they are trying to bring in, they have a difficult time achieving any of these crucial goals. And of course, just because you are a non-profit, it does not mean you are not in the business of bringing in money -- the most successful non-profits bring in buckets of money.
The first step to attain additional revenue streams for a nonprofit is to gain (or sometimes) regain donor confidence. Confidence in the organization, the organization’s cause and those in charge is crucial for donors.
One serious problem I have noticed with some non-profits is that they do not seem to have a plan to generate more revenue. They have been relying on several donors that have historically helped them out and are hoping that more will contribute without compelling them to do so.
So creating a plan is crucial. Key components to that plan should include (sometimes slowly, and that’s ok!) building your brand in the public eye.
Focus on one or several events in the community each year, whether it is a charity bike ride, a parade, carnival, etc. and make sure the event has the support of several local sponsors.
Build a nice website or have a website built that potential event sponsors can look at and gain confidence in the non-profit. It may be callous, but no one wants to donate their money to an organization that looks like it is stuck in 1995 -- or even 2005. Image is huge!
Along with the events, where people will spend money at, be sure there is a way for the community to donate to the organization in-person and online. Expand those donations to projects to encourage donating to a goal as well.
Once these initial, important steps are executed and continued, cyclical execution of these steps should generate a self-sustaining non-profit that simply adds to donations from the past and builds on recurring donations. Consistency and money management will also be important, but before either of those goals can be hit, the money has to come in from somewhere.
Need any additional advice? Feel free to reach out to us here at Payscape, we are happy to help!