Should You Use Events to Raise Money for Your Business?

Your nonprofit is focused on giving back, but you also have to pay employees, rent, and other expenses. And while sales might spring first to mind when exploring revenue generators, you may consider how to fundraise for your business.

Events designed for raising funds can be especially compelling for start-ups, non-profits, and companies that are looking for growth opportunities without being hamstrung by loans or debt. We’ve gathered some ideas to get your strategy team thinking.

Top 3 considerations for planning business fundraiser events

Like any business venture, you want to first analyze your proposed fundraiser to make sure you’re making the right move at the right time. These are our top three concerns you want to be sure you can answer before you get started.

1. How could an event raise money for your business?

The details of your event will depend on the business and the goals of your event. For example, a grand opening can draw attention to a new local business, get the attention of passers-by, and establish your brand name.

For a business introducing a new sales item, a product launch can serve as a marketing device even as it increases sales. Another business strategy is to open a pop-up store or restaurant, offering your most popular items in a limited space for a limited time. These can create a buzz as FOMO takes hold of your regular customers as well as newcomers.

2. What’s your fundraising goal?

Why are you hosting a fundraising event? What do you hope to accomplish? Organize your event around a central goal. A restaurant, as an example, might benefit from a fundraiser to upgrade its kitchen or remodel its dining room.

Alternatively, a nonprofit might decide on a fundraiser to provide a Thanksgiving meal to a shelter, a goal where even just hundreds of dollars can make a powerful impact. Your goal can determine your best marketing audience and even what kind of fundraiser you plan to host. You might also decide to include a raffle, a silent auction, or other activity that can supplement your fundraising event and better meet your goals.

3. Who might be interested in sponsoring your event?

Partnering with a complementary business or organization can defray event expenses and open up new marketing and promotional opportunities, potentially allowing access to your partners’ customer base.

How do you entice companies to sponsor your event? Remember that everyone wants to be part of a successful event. Even for a product launch event that showcases your company’s newest device, a local pizza shop might donate food or a local liquor store might donate wine and beer if they love your product and want to be associated with it.

For a charity fundraiser, consider asking local businesses to donate gift cards and other items for an auction. After all, companies often value an association with a charity, which creates good feelings in its customer base. Just be sure the donating business complements the charity (is a carpet cleaning company the best match for a pet shelter fundraiser?).

How to raise money for a business with events

Now that you’ve got a purpose and a strategy for your event, it’s time to figure out how you’re going to set out to accomplish your fundraising goals. What are the steps needed to make your event successful?  We’ve put together some business fundraiser ideas that will help your event exceed all expectations.

Budget for your event

One of the first things you’ll want to do is to determine a budget. Figure out what is essential for your event and how much it will cost. You may need to rent a venue and pay for food and drink, electricity and heating, sound equipment, and more.

Using a budget template can help you quickly see what’s budgeted and paid for and what’s not. It can help you determine where you can spend more for improved quality versus where you should conserve funds and find better savings. This can affect the type of food that’s served, the size and location of your venue, and the level of marketing and promotion you can afford.

With a well-organized budget, you’ll also be able to better target and track sponsorships. If donated or discounted food service is offered, for example, your food expenditures may decrease, allowing other areas such as entertainment to increase.

Decide how you’ll raise funds

As you’re budgeting, you’ll also want to decide on how to raise money for your business. Consider various revenue streams — you could:

• Charge admission, and raise money through ticket sales
• Sell food and merchandise
• Ask for donations
• Host an auction of donated goods or services
• Seek sponsorships and partners

Any of these can be effective ways to fundraise for nonprofits and for private businesses, so long as the planning and execution are organized and professional. You also want your event to complement your goal: asking for donations makes more sense for a nonprofit than it does for a private business, of course. Alternatively, a business with its own customer base might be more successful in seeking partnerships with other businesses that can offer something in return.

Choose a suitable date and time

When choosing the date and time of your event, be sure to consider whether another event is occurring on the same day. You might prefer to avoid conflicts with a local football game, a cultural festival, or a major holiday.

Also, give some thought to the time of day you schedule your event. Schedule entertaining events on a Friday or a Saturday night, whereas a daytime event might be more appropriate for events that are more sales-oriented.

Work out your audience

The audience for your fundraiser may not match the demographic of your more typical customers, clients, or investors. You’ll want to consider who the audience for your event is and how best to ensure they know of your event. Fundraisers often attract people who may be looking for business to support. Fundraisers for nonprofits, meanwhile, might draw people who prefer to contribute to businesses and causes that align with their values. Weigh the type of event you’re organizing with its goals and then strategize on how to reach them when you begin your marketing campaign.

Create an event plan

Making sure everything starts at the appointed time reassures potential donors and funders that your business is well-run and organized. Once you’ve set a start time for your event, you’ll need to allow time for parking and entry, so be sure to include that in your planning. Set times for any speakers, auctions, or awards, and then share the schedule with registered guests by email.

Decide how you’ll market your event

Proper marketing is essential to get the word out about your event. That means it’s important to factor marketing into your budget so you can be sure advertising and promotional materials are available. But that doesn’t mean you necessarily need to spend a lot of money. Tools like Eventbrite Boost enable you to share your event’s key details across a range of social media, offer automated marketing, and provide other features that help limit your spending.

Along with digital marketing, consider flyers, banners, or other promotional materials that can be placed in partner storefronts, community centers, or other well-trafficked areas. Just remember, effective marketing ensures your fundraiser attracts not just anyone, but especially those most likely to respond to your business.

Business fundraiser event ideas

There are many ways to raise money for a business, so picking the right format for your event can make a major difference. We’ll run some ideas past you so you can decide what best matches your business.

Product launch

When you’ve got a brand new product to announce to the world, a product launch event is a strong way to do it. The right product can excite the audience and create strong word of mouth, generating media interest and increasing sales.

Product launch events are often associated with tech-oriented companies, with images springing to mind of Steve Jobs and Bill Gates announcing their newest innovations to a cheering audience. But a launch event can work for any organization that’s introducing something new. Include strong visuals of your innovation, so that your audience can see and appreciate what your product does. Inspiring music and dramatic lighting can also set the mood, though be sure to maintain focus on your cool, new product.

For fundraising purposes, a product launch can be effective for generating pre-sales, as the FOMO prompts customers to sign up or make deposits to be the first to have it. They can also be attractive to sponsors since other companies love to bask in the glow of success.

Grand opening (or re-opening)

A grand opening is an ever-popular choice for brand-new or remodeled stores. They’re ideal for drawing the attention of the local community, with passers-by able to see balloons, banners, lights, and other attention-grabbers as they drive past and stop to shop.

Grand openings often bring in customers to see what all the excitement is about. Make sure your event includes sufficient decorations to attract eyes, and consider including either live or recorded music. You might also include a raffle or auction component to the opening to raise more funds, Also see if neighboring businesses might partner on promotions, as all storefronts benefit when customers are drawn in.

One-off experiences

In a world of digital experiences and sometimes ephemeral realities, one-time pop-up dining and drinking experiences emphasize being present and engaged. They’re all the rage in the culinary world, often featuring exclusive, one-time menus and invitations distributed to your closest followers and customers. Creating community around food and drink is a timeless tradition; a one-off experience creates an event that may never be replicated.

Feel free to put a premium on pricing, as people often will pay more for exclusivity. For chefs, caterers, mixologists, and others looking to fund a new restaurant or bar, a pop-up event can attract investors impressed by the offerings.

Pop up shops and stalls

Like pop-up dining experiences, pop-up shops and stalls are fun events that can introduce your wares to a wider public while creating a sense of exclusivity and excitement. They can be extensions of an already-existing store or one-time experiences that build interest through this unconventional path.

Consider setting up in a well-traveled neighborhood that’s distinct from your usual haunts, so you’re sure to attract new customers. Like pop-up dining experiences, pop-up shops can drive sales by introducing your products to new customers in different neighborhoods. They can also attract investors looking for hot new products or concepts.

Workshops

Use a workshop to establish your business’s brand and your own expertise while also increasing sales. Providing a seminar or workshop sets your business out as not only an authority on your subject matter but also positions your business as one that reaches out to the public.

Workshops can also open new revenue streams, with income generated by registration fees and ticket sales in addition to your primary business. They serve as effective marketing devices, making your business’s name known in the event field.

Get your fundraising going

Now that you know what kind of fundraiser is right for your business and you’ve got your strategy mapped out, it’s time to get started. Fortunately, we make it easy with a platform featuring all the tools you need.