The Ultimate Guide to Diversifying Your Funding Streams
Conduct a search on best practices in nonprofit development, and you will likely come across advice to diversify your funding streams. There are a lot of advantages to diversifying your funding streams. The biggest one is it can help your organization’s sustainability when one funding stream is eliminated or reduced.
However, each funding strategy comes with its own opportunity (and real!) costs. This guide will walk you through ten different income sources for nonprofit organizations, with key components to consider and resources to explore. A decision-making tool can be found at the end of this guide to help your organization identify the best strategies to pursue.
As you establish a new nonprofit organization or build out the income sources for an existing nonprofit, you want to consider each type of potential revenue and decide which ones will work best for your organization.
This guide will walk you through:
- Deciding which sources to utilize as you build your organization
- The various types of funding streams and how to use them
- Information on grants, corporate giving programs, and more
- A worksheet to help you decide which funding streams to focus on
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