Although firms are mostly in the business of turning a profit, that’s not the only thing that they do. Companies are also intimately involved in raising money for worthy causes, such as the development of new amenities, disaster relief, or the homeless.
But fundraising events aren’t cheap. In fact, there’s a risk that they will lose money and the business will have to foot the bill - not good. So what are the fundamentals of a business fundraiser? And how can the firm organizing the event make sure that they aren’t left out of pocket at the end of it?
Set A Fundraising Goal
The first step of any fundraiser is to set a goal - a real number for how much money the event should attract. Many firms make the mistake of failing to establish a precise goal, hoping that they’ll make money by merely hosting the event. A tangible financial goal is, however, important because it sets out how much could be raised, and how much can be spent by the organizers. There’s no point setting a budget of $20,000 for the event when it is only projected to raise $15,000.
Market Your Fundraiser
Just because you’re hosting a fundraiser, doesn’t mean that the standard rules of business go out of the window. People still need to feel excited about your event if they’re to attend, spend money, and donate to your chosen cause.
But how do you market to people about what you’re doing?
- Post on social media. Social media is an excellent tool for fundraisers because you can use it to advertise all the weird and wacky things that people can enjoy when they attend your event.
- Create an email strategy. If your business has an email list, use this to attract punters to the event.
- Use novel tactics. People love novelty, so anything you can do at your event that’s a little different could help you bring in more money. Engraved bricks can incentivize wealthy donors, for example, to contribute to a building project.
Makes Sales Easy
Just as in regular business, you want to make the sales process as easy as possible at your fundraiser. Point of Service (POS) machines are a must, especially in this age of contactless payments. You also want to make sure that it’s easy for people to buy tickets (if you decide to use an entry fee) — sites like Eventbrite help to streamline the process, making it easy for both your business and attendees to transact with one another.
Hold A Trial Event
As discussed earlier, fundraising events are notoriously expensive. There’s the rental of the venue, the cost of the staff, and the expense of tidying up afterwards. It’s essential, therefore, that you practice the event somehow. Holding a dress rehearsal the week before is a good idea so that you can iron out any potential problems in advance. Do your caterers have the ability to prepare enough food? Does your venue have enough space for everything you want to do? Are there any health and safety issues that need to be addressed before the big day?