It is no secret that the internet and technology has revolutionized the way in which individuals can raise money – not just to finance personal business projects, but also to raise funds to different charities and personal causes. Rarely does a day go by without social media becoming flooded with different tales of woe, in which various tragic circumstances are packaged up for maximum emotional impact in a bid to raise desperate funds.
Alongside this, there has been an explosion in subscription type platforms such as Patreon, on which artists, musicians, and content creators can build up a fan base who are willing and happy to help fund their work – much in the way that struggling artists would have previously sought out a wealthy ‘patron’ in the past.
Benefits of a fundraising platform
The benefits of signing up to a fundraising platform are manifold. First and foremost, it gives you an immediate transparency in the way in which you operate. These platforms have strict codes of conduct in the ways in which their members operate and interact with their funders. Their grant management processes are controlled and regulated by government regulations to ensure that statutory guidelines are followed at all times.
All this is done in a way that is easy to user and accessible for even the most inexperienced of technophobes. They have been designed to be quick and easy to set up, and give you a reach which is almost geographically limitless. Platforms such as Go Fund Me are packed full of helpful tips and advice that give guidance on what needs to be done to get the absolute most out of the platform and its features.
There is also a credibility to using a widely recognized platform when it comes to asking for money. Online scams have grown out of all proportion in the last few years. As an individual raising money for a good cause, you want to be able to set yourself apart from the scammers, to build up your own reputation and as a fundraiser and philanthropist. Established and well known funding platforms give you that credibility.
They also give you all the fund tracking and reporting tools that you will need to maximise donations, integrate with social media platforms, and build a raving fan base who will support your fundraising activities for a longer period of time. You will also have all the legal and financial compliance records available at the click of a mouse to ensure you are fulfilling the administrative responsibilities of managing those funds.
Disadvantages of using a fundraising platform
One of the biggest disadvantages of moving fundraising activities onto an online platform is that you are suddenly competing with a much wider group of organisations from a wider geographical landscape. That wider reach can be overwhelming, when you realise how many other people are seeking exactly what you are seeking, which is why it is important to be super niched into who you are targeting, and ensure that your marketing message is pitched accordingly.
They do also charge fees, which could make a significant dent in your income. Some platforms charge a one off fee for using the platform. Others will charge a percentage of your donations. Although this may seem a painful process to go through, bear in mind that such platforms do remove the burden of generating much of the work yourself from scratch, and could in the long run save you a considerable amount of money.
Ultimately, whether you are raising funds to allow you to pursue your own dreams, or to bring much needed support and financial aid to other more vulnerable parts of our communities, the act itself will ultimately bring you, and others, great joy and satisfaction. Many of these pltforms have their own communities to cheer each other on – giving you the team that you need to motivate and inspire.
