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Consultant's Corner
Fundraising: Whom to ask and developing a budget
By Stacy D. Cole
June 15, 2004
In last week's column, it was mentioned about the initial stages of fundraising. We discussed that you should approach family, friends, business associates and colleagues for campaign contributions. Additionally, other sources from which you can fundraise are from the organizations that you belong: your college class, any civic professional, or religious organizations. You should ask for the member lists of these organizations.
Before you start fundraising, you will need to set goals. No one starts a race without knowing where the finish line is, and it also applies to fundraising. You may set an initial goal, but find out later that you will need more.
You will need to start out by gathering quotes on how much different items will cost. The more that you can have donated to the campaign, the better. Obviously certain items (direct mail, TV & radio production, campaign headquarters rental space, campaign literature, etc.) will not be donated. But, other items for the campaign headquarters (computer, fax machine, copier) can be donated.
By coming up with a budget and a timeline of when you will need the money will be a tremendous advantage to you. It will also help in your fundraising pitches, which we'll talk about later.
By drawing up a fundraising budget, it will mean two things: first, it will make you prioritize what items for which you will spend your money. If you place a priority on mailings over TV and radio, that is where your money will be spent. Don't split money 50/50 or try to do something half-hearted. If the priority is on mailings, then pay for all of the mailing before paying for anything else. Then pay for the next priority item, and so on down the list.
What this budget also allows you to do is to fill in the blanks as to how much you need to raise and when you will need it. If you want to raise $10,000 in a month, go for it. But also keep in mind that you need to raise, say $3500, to meet that month's budgetary needs. Always reach for the higher goal, but know what you need to raise.
Next week, we will discuss fundraising pitches, and who is the best fundraiser on the campaign trail. Until then, good luck.
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