Raising money when you don't have any.
A lot of you are starting something small. Today I want to show you how to raise your first thousand dollars.
Of course, you probably want to raise much more than a thousand dollars. But even raising a small amount of money will give you a platform upon which to build your empire.
You gotta learn the basics first.
One note — Until they find something more efficient, my recommendations to you will involve phone calls. Yes, phone calls, the bane of Millenials and Gen Zers everywhere.
Phone calls are the backbone of any fast fundraising operation. They’re not easy. Make sure your cause is worth the pain.
Step 1. Get a List of Names
Start by making a list of people you know. You'll want to brainstorm a bunch of names; a couple hundred is a good start.
“But Noah! I don’t know a few hundred people!”
Yes you do. Write down your work colleagues. Your phone contacts. Your Gmail contacts. Facebook. Twitter. LinkedIn. Church. High School. College.
I promise, you will have more than 200 people on that list.
Step 2. Sort Them
Now that you have your list of names (we’d say "prospects"), put them in a spreadsheet across three columns.
-Column A should be called First Name;
-Column B should be called Last Name;
-Column C should be called Ask Amount.
Ask amount?
The ask is how much money we think they can contribute to the cause. That's right; we are assigning dollar amounts to your friends. Ugh.
It might feel weird, but it's an essential task. You can't project a budget on names alone. You need to know how close you are to that thousand.
This is the first step where you might experience the natural vulnerability and insecurity of fundraising. We’re taught our entire lives to not ask for favors, to not talk about money. Your mom told you that it’s rude and impolite. But if your cause is important enough, it’s essential.
On the other side, you don’t have to take money from just anyone.
Step 3. Assign amounts
“What amount should I assign?”
Very few people want to reduce their friends to a number. What if you don't know what to ask? Go with your gut; you'll usually be right.
You know your friends better than you think you do.
At this scale, most people raise in intervals of $25, $50, $100, $250, or $500. Use those amounts as guideposts.
Now you have your names and dollar amounts. Add up the total of the dollar amount column. Multiply it by 60%, because a lot of your friends won’t be able to give anything right now.
That's a rough estimate of what is coming in.
To raise a thousand dollars, the number in that column should be over $1,667.
If it’s less, add more names.
Step 4. Contact them!
As I mentioned above, we're going to use phone calls.
Start by blocking off time to make phone calls in your calendar. That scheduled time is called "call time," and it's essential to keep it sacred. Don't schedule on top of it.
Next, write a script. It can be very brief –
a. What you're doing
b. Whom it helps
c. How the contribution makes an impact.
Roughly 20% of people will pick up the phone. About half of your friends will say yes when asked.
Depending on your list and your schedule, you might be able to get to your $1k goal in an hour. It also might take you a couple of months.
If they say yes
If they do say yes, you'll want to be prepared to accept a credit card (usually a website, Venmo, or GoFundMe).
Have an address ready for mailing a check. For the young people reading this, a check is a little slip of paper that comes from a bank.
After they say yes, you'll want to make sure they have all the information right away. Send them an email and a text message with any necessary information on how to donate.
And of course, after their gift comes in a thank you note is always a nice gesture.
If you need to leave a voicemail
Leave your voicemail, and also send a text and an email when you can. Call back every three days. Don't leave more than four voicemails in a row.
That's it!
Rinse, wash, repeat.
You'll have your thousand dollars in no time.