Now money isn’t why any nonprofit gets into it, and yes technically a nonprofit cannot make a profit, it’s in the name. However, we can make money to be best used to further the causes of the organization. Success will only be achieved by treating the running of the operation with the same professionalism and vigor as if it was a commercial business. Here are some key examples of how to make money online as a nonprofit.
Most nonprofits have a list of members. For some, it’s a free service and not much more than a mailing list to keep interested parties up to date. But for others, it is paid for service giving members benefits as diverse as info, products, discounts, and access to events. If you are of the latter type of organization then it’s key to have a members’ area on your website. A members’ area should offer premium content and the ability to manage their membership here.
Promote Big Events
Events should be promoted, not only to members but to the public in general. Your website is a good place to begin, however, you are only going to reach those already interested in your organization there. To widen your appeal, it will be essential to get on all of your social media accounts and promote the event. Make use of hashtags if your event is part of a wider social movement such as the recent Black Lives Matter which is a prime example of this.
One of the more obvious ways to make a profit is to sell things. Take the gift shop online. E-commerce is not a new phenomenon, but it is one that is growing and fast becoming the vastly dominant mode of shopping. There is even a wide variety of new payment methods to be aware of, cards, bank transfer, even new currencies, look at the best way to buy bitcoin, for example.
If you have an educational remit, of any kind, as part of your mission, then it’s always possible to deliver these online. Training courses and informative talks and presentations are more commonly delivered through video conferencing software. It’s not unheard of in modern times to pay for a virtual ticket to an event, and as there’s little other option in many parts of the world right now. It also opens up the event to a more global audience.
As well as going through the tried and tested traditional ways of making money, sometimes there are alternatives that nonprofits don’t consider. If you end up with a surplus at the end of a fiscal period, then the temptation is to spend it on unneeded products or services. But there is nothing to stop you from investing on behalf of the organization. Look at your various options and, if necessary, take the advice of a qualified financial advisor. There is nothing wrong with looking to the future and growing your funds so that you may be able to action a big project later.
* This article has been contributed on behalf of Paxful. However, the information provided herein is not and is not intended to be, investment, financial, or other advice.