When 3rdSector organisations are looking for other income streams, there are some things to consider. Here are our top 5 points.
- Know your audience: to allow you to maximise your funding opportunity know and get the best return you should have a clear idea of who and where your funding ‘audience’ is. Do your research and make sure you know the right places to apply for funding. That way you don’t waste time and effort on applying to the wrong places.
- Involve the whole team: if you are a small charity fundraising and sourcing funding is part of everyone’s role – all should be looking for opportunities. All team members should be letting contacts and customers know why continued funding is needed – you might even prompt people outside of your organisation to fundraise for you.
- Make your assets work for you: don’t be afraid to cash in on assets your business holds. For example, hiring out your premises as meetings rooms could bring in valuable extra funds.
- Concentrate your efforts: when looking at new funding streams don’t apply for everything at once – concentrate your efforts on a few. Draw up a list to work through.
- Revisit your levels of charging: many 3rdsector organisations charge nothing or very little for their services.Revisit your charges and consider which clients or service users you could charge