I'm trying to raise money for a $10k Oxford University study program. Should I ask businesses for donations?

Question

I've been trying to think of ways to raise the money, and I'm thinking that if I write to local businesses explaining the Oxford summer program, they might possibly donate to the cause. I just don't know how to go about writing a letter to the businesses. Any suggestions?

Answer 1

I use this method often. It really works.

I've had experience fundraising. I've raised 12,000 $ at a time, more than once for local events. This is how I do it.

This method is simple. You write letters. By writing formal funding requests to local businesses you can make a substantial amount of money in a short period of time. You start by creating a letter, simple as that. The first paragraph of your letter should explain the mission of your organization and how it helps the community. The second letter of your paragraph should explain what you want from the organization. Is it money, supplies, or both? At the end of t his paragraph you want to let the business owner know that you have attached additional information on a separate sheet of paper that outlines your budget and how donations can be made. The third letter of your paragraph should explain what you are willing to do for this organization or business. Will you include the names of all donors in your fall newsletter or on your website? Make sure you let the business know you are a nonprofit and therefore any donation they make is a secure tax write off, include your tax id number in the letter.

Once you have written your letter you must write your attachment. The attachment should be an itemized budget of your organization that pertains to your fund raising request. Let them see how much money and/or supplies you need. The more detailed the itemization the better. Some businesses will look at your itemization and decide to contribute all of one the funding for one item (i.e. if I donate so much money that will cover their food expenses). You should also include your contact information and who checks and donations should be made payable to. Checks should never be made payable to an individual, this will decrease the credibility of your request. Once this component is complete you should have two pages total: one page for your funding request and one page for your itemized budget.

The next step is to compile a database of local businesses and organizations. Using an Excel file is the simplest way to perform this task. You should have Type of Business, Name of Business, Mailing Address, City, State, and a complete nine digit Zip Code. You can use your local phonebook and the internet to compile this database. It is important to start with local businesses, the home grown type. They are most likely to contribute to your nonprofit. Then move on to businesses related to your nonprofit. Once you have these two categories complete you can expand your list exponentially to whomever you think might have money to donate. Don't limit yourself, nearly every section of the yellow pages is worth considering. In addition, please do not forget your local college or university. Each department within the university should receive a letter as each department has funding to give. Remember, the more letters you send out the more money you will get donated.

You can now complete the process by sending out your funding request letters. It is important to know that your process is not fully complete. Once you receive donations you will want to keep an updated record of donors and send thank you cards. If you keep up relations with your donors you can build a relationship that will allow you to ask annually for the same donation.

This donation request method has been proven productive and efficient.

Answer 2

You could try that, although I'd go with businesses that you actually frequent or where friends/family work - and go in person to ask (its harder for them to say no to your face, plus its more polite). If you are a part of any church, youth league, etc., they may help too. Are your parents or you a member of any social organizations? They like to sponsor study programs at times.

Answer 3

How about reading a few library books on financing an education. There are also many websites that deal with the same issues. Perhaps they can tell you how successful your idea has been in the past and provide you with other ideas.