“Don’t put all your eggs in one basket” is a good piece of advice for NFPs the world over. If you want to succeed as a non-profit, then diversification is the answer. Not only will it increase the longevity of your business but it will allow you to maximise your impact.

Making your mark as a non-profit is all about sustainability achieved by a series of short-term goals. The fundraising. The planning. The hosting. All of these small actions add up over time to achieve your long-term goals, whatever they may be. And much of it comes down to money.

Focusing purely on government grants as a source of funding would not be advantageous. And nor is it wise to focus solely on donations or corporate sponsors. While they all help make up the amount you need – it is your ability to understand the importance of diversifying the income which will make your NFP successful.

So how can you make the most of your financial raising prospects?

Partnering up with another non-profit can be beneficial to your goals and can be a much-needed shortcut to raising your profile. However, partnerships can also be formed with for-profits so that both individuals and communities can thrive. While they can take a while to set up and hammer out the nitty gritty details, the effort spent on the project is extremely valuable to further your cause.

Continuously keep an eye out for new grants or opportunities to raise the profile of your non-profit. While grant applications can be a timely process, the results certainly outweigh the house spent refining your request, dotting the I’s and crossing the T’s. And being a grant or award winner can bring with it much publicity to continue your fundraising endeavours.

It is possible to create a commercial entity as part of your non-profit to raise additional funds. However, it is often beneficial to separate it from the parent organisation to avoid confusion amongst donors and the general public. At the very least, there should be an individual team to manage the new project. Having a little side business to generate additional revenue to fund your NFP is a smart way to diversify without having to rely on government grants wholly and solely.

Have a think about how you can create additional income for your NFP. Quite often it involves a bit of creativity and a lot of effort, but it almost always guarantees more opportunities for more productive community and social impact.