9 Tips On Setting Fundraising Goals

Fundraising goals

Setting realistic goals is an important factor for success in any fundraising event or campaign. Yet there are actually very few individuals and organisations that approach fundraising events with clear, concrete and realistic goals.

Why should I set fundraising goals for my upcoming fundraising campaign?

Regardless of the nature of the fundraising campaign that you’re planning to run, it is prudent to set a fundraising goal. It will not only help to keep your team motivated, but it will enable everyone to focus on what they can do to contribute to the success of the event or campaign.

Having a publicised goal also shows that you are organised. If your donors and supporters can see that you are organised, they will feel reassured that you will be capable of handling their donation properly, and they may be more inclined to donate (or to donate more than they otherwise would have) as a result.

When it comes to actually setting your goal though, you need to put a bit of thought into it – if you just pluck a number out of the air, you could either be setting yourself up for failure, or selling your fundraising efforts well short.

So how to you arrive at the right number? Below are nine tips on setting a realistic goal or target for your next fundraising event or campaign.

9 tips for setting and achieving your fundraising goal

1. Define what you want to raise the money for
What do you want to achieve with your campaign? New jerseys for your sports team, building maintenance, funding an interstate or overseas trip… there can be all sorts of reasons for holding a fundraiser. Once you’ve defined what you want your funds to go towards, be diligent about working out exactly how much money you’ll need to raise to achieve the outcome. Get multiple quotes if you need to. Then set your fundraising target accordingly.

2. Make sure your goal is realistic
Your goal should be specific, measurable, attainable, realistic and timely. As we mentioned above, you can set a goal by just plucking a number out of the air… but doing so could just be setting yourself up for failure. It’s no good setting your fundraising goal at $25,000 if your guests only have the ability to contribute about $10,000, for example. Make your goal one that can achieve your outcome, but is realistic too.

3. Have an event or campaign budget
You should come up with a budget listing all the expenses that will incur in the course of holding your fundraising event or campaign. The budget should include space rental, staff, transportation, security, catering, invitations and any other expenses you think will be required in order to make your campaign a huge success. Don’t forget to leave a small extra room in the budget for unforeseen costs. You can use our fundraising calculator to test a high-level version of your budget.

4. Have a host committee
This committee should include people who are capable of contributing the required time and energy to your campaign. If people on your committee have access to wealthy donors, local celebrities and/or prominent business leaders who can help your cause, that can be a huge bonus. The makeup of your committee can be vital to ensuring that you meet your financial goals.

5. Decide on the target audience
Who do you want to invite to your event: school parents or club members, their extended families and friends, the general public, the business community, or professionals? Generally speaking, the broader your market, the more time and resources you’ll have to put into reaching them and enticing them to participate. Sometimes keeping it simple, or closer to home, can actually yield better results. Pick the target audience that’s right for the type of event you’re holding.

6. Market your fundraiser
Market your fundraiser to your target audience. Convince them that your event is worthy their money and time as well by offering them something of value in return for their support – a great night out, with food, drinks, wonderful entertainment and the chance to bid on fantastic prizes, for example. Use all of the marketing channels you have available to you: posters, direct mail, email, social media, selling in person, etc. Don’t forget to let people know your goal: what you’re raising funds for, and how much you’re hoping to raise.

7. Delegate responsibilities
Make sure every member of your team knows and understand their responsibilities and the role they should play, both before and during the event. It’s true that many hands make light work, so make sure you spread responsibilities – particularly when it comes to ticket sales. It’s much easier for 10 people to sell 20 tickets each than it is for two people to sell 100 each.

8. Communicate regularly, and keep coming back to your fundraising goal!
Ensure that your team meets or communicates regularly in the leadup to the event, to ensure that everything is on track. Refer back regularly to your fundraising goal: how many tickets have you sold so far, and how many more do you need to sell to reach the goal? If ticket sales are slow but you discover this a month out, you can try to catch up. If they’re slow and you only find out a few days before the event, there may not be much you can do.

9. Thank the participants
This is something that is overlooked by fundraising organisers, however, it can make a big difference to how willing people are to participate in your next fundraiser. Make sure you thank all your participants after the event, with a thank you note or similar, maybe telling them how you went with achieving your goal and how valuable their donations were. If you give them a warm, fuzzy feeling for having helped, and show them that their money really did go to a good cause, they’re more likely to help again next time.

With these 9 tips on setting fundraising goals, you are now one step closer to a successful fundraising campaign. Good luck!