Start Your Memorial Foundation Financially Stable
For the most part, many memorial foundations are started by family members who truly want to make a difference and see change in their community. They get together a few people and host events that commemorate their deceased loved one. Often times, they don’t already have a savings built up for a new business. In fact, they probably weren’t planning to start a memorial foundation when they planned their first event, but it somehow developed into something large than themselves. Thus, being financially stable before starting your memorial foundation may not have been your first thought.
Financial stability isn’t something you just fall into when it comes to starting a memorial foundation. You must plan for financial success. Financially stable memorial foundations design their companies to scale for growth.
There are 3 steps you can take to get financially stable before you launch your memorial foundation to the world:
- Plan for financial stability and include it in your business plan. There should be a section in your memorial foundation business plan that speaks to becoming and staying financially stable. If you need help with this, be sure to take my Firm Foundation 5-Part Workshop and download my Memorial Foundation Startup Guide.
- Appeal to Donors. First and for most, you should have a donor list. If not, you need to start one ASAP. If you need help setting up an email list, schedule a FREE consultation with me at mamietillmobley.com/chat. I also provide a step-by-step guide to setting up your donor list in the Firm Foundation Workbook and receive a worksheet on finding donor prospects inside of the Memorial Foundation Startup Guide.
- Host Fundraising Campaigns. You can start hosting fundraising campaigns prior to establishing memorial foundation. In fact, you can use the funds you receive from your fundraising campaigns to pay your memorial foundation’s entity formation fees. It is one of the wisest thing you can do when starting out your memorial foundation.
What are some things you have done to become a more financially stable memorial foundation. Be a blessing to someone else and leave a comment below.