Finding the right funding opportunities for your philanthropic project can be a daunting task. There are thousands of grantmakers, each with their own criteria, deadlines, and preferences. How can you narrow down your search and focus on the most suitable and relevant options? Here are some tips to help you identify the right funding opportunities for your cause.
Before you start looking for funding, you need to have a clear idea of what you want to achieve and what resources you need to do it. What is your mission, vision, and theory of change? What are your specific objectives, activities, and outcomes? How much money do you need, and for how long? What are your strengths, challenges, and opportunities? Having a solid understanding of your goals and needs will help you articulate your value proposition and match it with the right funders.
Identifying the right funding opportunities should 1) Never happen in a vacuum, 2) Specifically support the mission of your organization either directly or indirectly, and 3) Be bold but realistic. The purpose of a non-profit organization is to provide a good and/or service that makes others and society better in some capacity, and fills the gap that government & private sector can’t/won’t meet. You must be able to very clearly articulate the mission of your organization and how funding will support this mission. The goal is not dollars raised, its impact made. Decide what areas financial support would take your organization to the next level in terms of impact & seek funders who have similar interests with their philanthropy.
Once you have defined your goals and needs, you can start researching potential funders that align with them. There are many sources of information that can help you find and learn about grantmakers, such as online databases, directories, websites, newsletters, reports, and networks. You can also ask for referrals from your peers, partners, or mentors. As you research potential funders, look for clues that indicate their interest, priorities, preferences, and expectations. For example, you can check their mission statement, funding areas, eligibility criteria, application process, past and current grantees, and feedback.
After you have identified some potential funders, you need to evaluate how well you fit their criteria and how ready you are to apply. You can use a simple matrix to rank your fit and readiness on a scale of 1 to 5, where 1 is low and 5 is high. For example, you can consider factors such as alignment of goals, geographic focus, budget size, grant type, reporting requirements, and relationship status. You can also assess your readiness by reviewing your organizational capacity, documentation, and evidence. Based on your evaluation, you can prioritize the funders that have a high fit and readiness score.
Finding the right funding opportunities is not only about searching and applying, but also about building relationships and networking. You can increase your chances of success by reaching out to funders, introducing yourself and your project, and asking for feedback and advice. You can also network with other grantseekers, grantmakers, and experts in your field, and learn from their experiences and insights. You can use various channels to communicate and network, such as emails, phone calls, social media, webinars, events, and conferences.
This is one of the most critical parts of fundraising and is often misunderstood. Building relationships is not just about meeting people when you're fundraising and, hopefully, strongly following up. It's about reaching out to your potential investors, friends or family, accredited investors or venture capitalists, long before you actually need capital. By first meeting them 3 to 6 months early, you allow them to build an opinion about you and check that you delivered on how you said you were going to perform.
Finally, you need to track and update your funding opportunities on a regular basis. You can use a simple spreadsheet or a more sophisticated tool to record and monitor the information and status of each opportunity, such as name, contact, deadline, requirements, fit, readiness, and progress. You can also set reminders and alerts to keep track of important dates and tasks. Moreover, you need to update your opportunities as new information emerges or changes occur, such as new funding announcements, feedback, or rejections.
Finding the right funding opportunities for your philanthropic project can be a challenging but rewarding process. By following these tips, you can improve your efficiency and effectiveness in identifying and pursuing the most suitable and relevant options for your cause.