Fundraising Feasibility Studies
Fundraising feasibility studies are an important consideration prior to undertaking any major development. Do think because it seems like a good idea, that it automatically is. Too many community organizations undertake a major development only to realize, that many of their problems only start after it's been completed.
As part of your fundraising feasibility studies you need to consider if the appetite exists for the proposed development. I don't mean just within your community organization either. There must be a desire amongst the local community for the development, if it is to be successful.
If your fundraising feasibility studies have established that there is a sufficient level of interest both from within your community organization and externally within the local community, then its time to start looking at the finances. Start to get a set of high level costing estimates and add 20% to the figure. Do you have the capabilities of raising that amount? Don't under-estimate your resourcefulness!
Explore how much money you could raise through government and other grants. Factor in how much of the finances you can short-circuit using volunteer work and other resources that people would be prepared to donate.
Are you happy that you can get it done? If the answer is yes, then there's one final thing to need to consider as part of your fundraising feasibility studies, before making the decision whether or not to proceed. Carefully consider the ongoing maintenance associated with the development. How will that be funded? Think of ways if can be utilized, such as rental income etc. Don't let excitement about your development mask the fact that it could become a maintenance nightmare afterwards. You need to plan everything associated with the development.
When you decide to go ahead then get yourself a consultant to deal with the grant applications and give you some general advice. Make a fundraising plan and get started. Track your plan, make adjustments and measure progress until you development is complete.
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