5 Efficient Ways to Raise Funds for Your Social Enterprise

A great social change idea and a bankable business plan are the two things you need to build and maintain a social enterprise. However, a lack of adequate funds to get up and running can be a major obstacle. This is why you need to figure out ways through which you can raise funds to help you get off the ground and actualize your vision.

Below, we explore a few brilliant ways any entrepreneur can use to efficiently raise funding for their social enterprise. Read on.

Find an Incubator

Incubators play a vital role in the success of startups, including social enterprises. They accelerate growth through funding, mentoring, and so on. They also help you to link up with valuable social networks, which is very beneficial to a business.

It is crucial to note that incubators are very strict entities that conduct diligence on all applicants. This tells you that associating with such partners enhances the credibility of your enterprise.

When choosing the best incubator, make sure to pick one that aligns with your vision. Also, strive to stand out of the competition by tabling an irresistible idea.

Try Crowdfunding

Presently, crowdfunding is the most popular way of raising funds for both starting and established social enterprises. No matter your goal, your idea should be strong enough to attract other like-minded funders. That said, it is important to bring out your story to the public because it is through publicizing your enterprise that you get to bring the world on board.

It’s pretty straightforward — use GoFundMe, Indiegogo, KickStarter, or just any other reputable crowdfunding platforms out there. No matter the platform you opt for, the most important thing is to launch a killer marketing campaign. This way, you may end up raising more money than imagined.

Look for Corporate Funding

Almost all corporations are looking to sponsor viable ideas by availing funding to great thinkers. The good news is that having a corporate backing up your enterprise helps to boost your business’s reputation. It is even better to have the support of a large corporation that can connect you to the right networks.

Note that the key to finding the right corporate backing is by pitching corporations that align with your mission.

Join Competitions

We still have many business plan competitions being organized across the world. Most of these competitions bring together major industry players like investors, corporates, scouts, incubators, and so on. The good thing with competitions is that you can easily win good no-strings-attached money. The bad news is that just as the name suggests, it’s stiff competition. This means that you have to stand out from the crowd to win.

Final Words

As you may have realized, fundraising for a new social enterprise is not an easy feat. It requires an actionable strategy, nuance, and of course, patience. Even though it is a bumpy ride, fundraising should keep you motivated to achieve social change. It is an experience that allows you to meet new like-minded people with whom you can work together to make the world a better place.