Every week, we recommend a piece of reading for social change-makers. Our pick for this week is a Stanford Social Innovation Review on how to find your funding model.
In this review, the author discussed five main tips for finding your organization’s funding model. The recommendations are:
- Get a Sense of Where You Are: Be realistic to know your organization’s precise needs, your level of growth, and create clear milestones towards the future.
- Take Inspiration from Your Peers: When you see other organizations raising significant funds, be curious to know what they had done differently. Be happy for them and follow their work.
- Weigh Revenue Potential Against Associated Costs: Here, you must apply the 80:20 rule. It is better to spend 80% of your resources, including time, in pursuing funding sources with 80% assurance. However, don’t completely ignore the 20%
- Pave the Road: foresight is crucial, and a well-developed plan is essential.
- Seek clarity, for clarity, is king: Being clear about what your organization can accomplish will give your clear directions regarding the type of funding you should seek. It will also give you the morale boost that you need to raise funds successfully.
We hope this reading is helpful. Kindly let us know what you think in the comment session.