When the times get tough, the tough get creative.
Establishing a more stable and consistent revenue stream is an important priority for NFPs and NGOs of all shapes and sizes, and sometimes donations just aren’t cutting it when it comes to getting your big ideas across the line.
With more and more charities starting up side-hustles like online merchandise stores, coffee carts, book shops and even gyms, the conversations around NFPs-turned-social enterprises are taking centre stage, as more and more charities further shape their brand personality with new ventures and ideas – resulting in their causes gaining more attention and traction.
Read on below for our top five ways you can create new revenue streams for your organisation:
Open an online merch store
With all that time spent on making a pretty logo, why not show it off a little more?! Give your more passionate supporters a new way to show their support for your non-profit’s work, while simultaneously benefiting from the free promo that comes with selling merchandise. Stickers for laptops or cars, caps and t-shirts, tote bags and mugs – the list is endless!
Run workshop programs or webinars
You have a team of passionate and skilled people at your disposal, and there’s a market for that expertise. While you might feel like your organisation has limited resources, there’s one infinite resource that transcends a dollar value – the learned experience and skills that come from the unique work you do.
Plan out a program for a webinar or in-person workshop you can push out to your regular donors, including corporates and local community clubs and associations. Play to your strengths – what does your organisation do best? How can others learn or benefit from that?
Sell services or products that relate to your cause
Maybe your animal rescue shelter could open a retail arm for dog toys, bowls and collars, or perhaps a dog walking service for locals in your community. You can easily expand to a social enterprise by exploring themes and contexts surrounding your work, resulting in your organisation becoming more of a household name and a front-of-mind charity for your cause.
Sell ad-space on your website or newsletter
Simple to implement and an effective strategy, placing ads on your charity’s website or email newsletters is a great way to not only create some extra pocket money for your cause, but also network and connect with local businesses who you may be able to form partnerships with down the line.
Rent out your space
If your organisation has a space to call it’s own, you already have a dormant asset waiting to make you money. Transform part of your office or hall space into a co-working space to local clubs, sports teams or entrepreneurs for a small fee and establish a new source of revenue for your organisation.