Whether you’re a charity that fundraises every year or a school looking to raise funds for a specific project, you need to know the ins and outs for productive fundraising. You may think there isn’t much to fundraising, but there are many different types of fundraising.
Each one is different and has its own set of pros and cons. If you’re heading a fundraising campaign, then learning the types and which ones are best for your needs is in your best interest. We created this article to help understand the fundraising process and the various methods to go about it.
Types of Fundraising: Direct Mail
Today, people mostly donate online, but there is a segment of the population, usually older, that prefers to send money by check or money order through the mail. Direct mail fundraising also means your efforts to garner donations by sending people requests through the mail.
The biggest benefit of direct mail fundraising is people who aren’t online receive information about your needs. The biggest drawback is the cost.
You need to draft the postcard or letter requesting donations and then pay to have them sent to people within a set area or to a list of people. Most of your efforts won’t produce a donation. If it does, then you must wait for it to come back to you via the postal service.
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Crowdfunding For Projects
The crowdfunding fundraising platform for projects such as inventions, books, etc. through crowdfunding sites such as Kickstarter and Indiegogo is one of the most popular methods today.
You create a project that includes as much information as possible and set a fundraising goal. People visit the site and donate based on various tiers and perks. If you reach your goal, then you get the money, but if you don’t then it goes back to the people that donated.
It’s a great way to make money fast, but it’s also very competitive. There are thousands of projects seeking funding and you need a way to make yours stand out. It’s also frustrating to be close to meeting your goal and then losing it all.
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Event Fundraising
If you’re a charity that has a large following, especially high-income people, then raise money through an event. It could be a ball, poker run, auction, and many more. You raise money by selling tickets and other smaller events during the main one.
The biggest drawback is it costs money to put on an event. The more elaborate the event, the higher the cost. Your donations must pay for the event first and the rest goes to the charity or project.
It’s also a great way to earn a large sum of money fast. Some charities have celebrity speakers or bands that play and sell tickets for several hundred or thousands of dollars per plate.
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Choose What’s Best for You
The type of fundraiser you choose should reflect the best possible outcome. Examine the many types of fundraising and create a project around it.
If you want to learn more about fundraising, then please explore our site.
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