Fundraising For Nonprofits - Part 1: Finding your Prospects

Fundraising can be hard! It’s even harder when you’re new to the game and you aren’t sure where to begin. Maybe you’ve recently launched a non-profit initiative or maybe you’re established but rely heavily on grants and want to get started on community fundraising. If this sounds familiar, you’ve come to the right place! This blog series is put together so you can launch successful fundraising campaigns to effectively get your initiatives the support they need and deserve!

The Real Reason People Give to Non-Profits

Fundraising can be very daunting. The idea of asking people for money is not something many people enjoy. Even the most experienced of fundraisers can sometimes feel anxiety. However, we are here to assure you that it's not as scary or uncomfortable as it may appear! When you ask people why they donate, you’ll hear a list of their reasons for offering support i.e. they believe in the cause, they’ve seen your impact on others, it is a religious duty etc. But the honest and simple truth is, most people give because they were asked!

Studies on why people give to charity show that 98% of people give because they want to give back. This doesn’t have to be because of a specific cause, it just has to be an ask that allows them to see the benefit of their contribution.

The Most Critical Job in Fundraising for Nonprofits

As a fundraiser, your goal is to find the people who are most likely going to say yes to your ask. It is to be expected that not everyone you ask will respond positively, especially right away.  Some might say no but donate later on, some might not donate at all. Nonetheless,  this “sorting” process is critical to creating successful fundraising campaigns. As your ‘asks’ increase you need to create a list of prospective donors who you can then convert into actual donors. This is the first and most crucial step in getting your fundraising started. Without a list, you’ll constantly be starting at zero. Only once you create your list can you then focus on creating creative and engaging ways to ask them for support. We’ll discuss soliciting donations in another article.

How to Find Fundraising Prospects

The golden question is, “Where do I find these prospects?” The people who are most likely going to give to your organization are the people closest to you; your board, volunteers, potentially your clients (depending on the type of service you provide), and people in the community who support or have some sort of contact with your organization. Let's break these down further:

Board members and Volunteers

Board members and volunteers are your prime prospective donors. Both are heavily involved and invested in the well-being of your organization. They are most likely aware of or have witnessed the amazing impact the organization has had on the lives of others. So naturally their response to your ask is highly likely to be a positive one.

Clients

Depending on the type of nonprofit you are, your clients are also a great source of revenue as they too can see and even experience the type of impact your organization has had. However, this usually applies to organizations like a mosque, universities, or hospital foundations. If your organization’s mission is to support people who fall into a lower income bracket, then asking your clients is not appropriate for your organization.

Community members/organizations

Community members or organizations who have had some sort of contact with your organization are also a great source of prospective donors. Let's say for example your organization works with children and part of your programming runs out of schools. The schools you are connected to then become a potential source of revenue. How is that possible, you ask? Stay tuned for our blog post on solicitations to learn more about how to engage third-party organizations like schools in your fundraising programs.

Tapping into networks

After asking the people closest to your organization, it's time you start tapping into their networks! Board members, volunteers, and loyal donors all make for great ambassadors and can reach into their networks to try and help recruit donors. Think about it, if you heard about an organization that is having this amazing impact from a colleague, family member or friend you trust whothat has a relationship with the organization, there’s a high chance you could be convinced and might would donate to them.

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Researching prospects becomes easier once you get a hang of the research process. Create a process that works for you and then test, evaluate, and improve. In a matter of months, you will have created a fool-proof prospect research process that you can use in your next major If you’d like to know more, without having to wait for another post, send a message here and let’s talk!

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