So many nonprofits associate a fundraising plan exclusively with grant writing. But the truth is that grant writing is an extremely competitive process. And because there’s often a low chance of success—10 percent is the industry standard—grant writing should not be relied on as your nonprofit’s sole source of income.
Instead, develop a robust, diversified fundraising plan that draws from water from multiple wells. We recommend grants represent around 20 percent of your funding. Any more than that, and you put your organization at risk if any grants fall through or don’t renew from one year to the next.
Consider adding these fundraising streams to your nonprofit’s income budget:
- Hold an annual gala or auction
- Develop a membership system
- Use your board members as fundraising assistants who can make important donor connections
- Hold online fundraisers
- Develop a monthly giving plan
- Participate in GiveBIG days and other community fundraising events
- Solicit major gifts and develop legacy gifts
- Seek strategic partners with major companies in your community
- Register for programs like Amazon Smile
- Build a fundraising platform into your nonprofit’s website
With an array of fundraising streams, your nonprofit will be on more solid financial footing. This may mean hiring additional staff to help build a robust fundraising plan. There are professionals who specialize in this, and it’s a skill separate from our grant writing specialty. You can hire them on a contract basis, or integrate them into your staff. By implementing these strategies, your nonprofit will build a solid financial foundation for its mission and impact.
Interested in learning more about our grant writing services? Contact us.