5 Best Crowdfunding Ideas for Nonprofits
Are you one of those people that’s constantly coming up with new ideas to implement for creative projects? Or have you just come up with a new strategy that might need some additional funding? Whatever it is, sometimes you need to raise some funds to help get business ideas off the ground.
Crowdfunding can be a great way to do this and the great thing is that it’s fairly simple to do. You just need to have some bits of information ready and then you can get started. It’s a great way for entrepreneurs to connect with potential investors or to connect good causes with great contributors. The level of funding can vary, but creative ideas and successful campaigns can go a long way.
Let’s take a closer look into how crowdfunding works and 5 of the best crowdfunding ideas for funding success.
Here’s What We’ll Cover:
What Is Crowdfunding?
Crowdfunding campaigns are a way to build on the idea of crowdsourcing. Crowdsourcing is when you outsource tasks that can usually get performed by an employee or contractor. And those tasks get outsourced to an undefined, larger group of people or a community.
So, simply put, crowdfunding is a way to pull a community together to help fund a project, cause or business. It most commonly happens over the internet, with a campaign that helps spread the word.
How Does Crowdfunding Work?
Some crowdfunding websites have different rules compared to others. And there are also some rules to follow depending on if you’re a business or a charity. But an idea would get pitched in presentation style, a fundraising goal would get set and a deadline would get set for raising the funds.
Anyone interested in taking part can review the pitches and then decide if they want to support them or not. The most important distinction with crowdfunding is that people are not investing in your business or project. Instead, they are funding it.
You could use Kickstarter, for example, which is one of the most popular crowdfunding sites out there. Start with a pitch where you describe your project and outline the rewards that people would get if fundraising is successful. But, if you don’t reach your funding target by the deadline, no money will exchange hands.
There are other crowdfunding platforms and accounting software to help reach your funding goals. Keep in mind that one could have a higher platform fee compared to another. Plus, in the crowdfunding context, some platforms have a better track record when it comes to a successful project. The right platform contributes to favourable funding outcomes. Plus, it can help build a positive relationship with stakeholders.
5 of the Best Crowdfunding Ideas for Nonprofits
Here are 5 of the best crowdfunding ideas for a successful crowdfunding campaign.
1. Have a Bake Sale
This might be one of the most common ways to help raise money and bake sales are used all over the world to help raise funds. And they’re used for all different kinds of purposes and funding reasons. But a bake sale is an incredible opportunity to bring everyone together.
You can also combine the bake sale with other things like raffles, door prizes or a silent auction, for example. The possibilities are endless.
2. Put on a Local Concert
Do you know anyone that’s part of a band? It might just be a garage band from down the street that’s looking for some extra exposure. They’re part of the community, so why not team up together for a good cause?
Put on a local concert where a portion of the ticket proceeds can go towards your crowdfunding goal. Members of the community can come out for a good time and be a part of something bigger. You can also combine this with other things like product giveaways or other types of contests.
3. Have a “Buy One, Give One” Sale
A great crowdfunding idea can be to give something away when someone purchases something from you. It doesn’t have to be anything crazy. But something as simple as providing lunch to a homeless shelter for every lunch purchased.
And the great thing is you can get creative as you want with this idea. It could be lunch, a pair of shoes or a concert ticket. Whatever it is, your community members will feel good about being part of your goal while giving back at the same time.
4. Do an Art Show or Photography Exhibit
There’s no longer a need to have an expensive camera and all the pricey equipment that can come with it. Social media has given a platform for artists and photographers of any skill level to show off their work. So, you could have an art show or photography exhibit with local entrepreneurs.
Collect some photo prints or different types of art and have a sale. You can come up with a fair split of the funds and invite community members to support your crowdfunding goal.
5. Collaborate or Partner with Local Celebrities
Leveraging the power of social media can be a great way to increase awareness and spread the word. And collaborating or partnering with a local celebrity can be a great way to boost that awareness. Since they will already have an online following, they can help market your crowdfunding efforts.
Jump on a Facebook Live or Instagram Live and do an interview or have a discussion with the local celebrity. You can give them an opportunity to expand their own brand while increasing awareness for your crowdfunding needs.
Crowdfunding can be a great way to not only raise funds for an idea or project that you have but also engage your community. Showing appreciation is a very simple concept that can go a very long way. The more that you show your community that they’re appreciated, the more likely they will support your crowdfunding idea.
Traditional investors are going to simply provide you with money for a favourable outcome. But innovative campaigns and creative crowdfunding ideas can engage your entire community.
And one of the greatest things about crowdfunding is you can get as creative as you want with it and innovative ideas can go a long way. You can throw a concert, have a bake sale or even collaborate with a local celebrity. This will help engage your community and will provide as much awareness as possible.
The result will be raising the funds needed for your idea or project while giving back at the same time.
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