Member dues are an important part of membership that fund the needs of any nonprofit.
But sometimes, member dues just aren’t enough to satisfy your nonprofit’s revenue needs.
You want to avoid increasing your member dues at all costs. If your dues increase, it could be harder to attract and retain members in the future. However, you still need to find that extra money in another source.
This is where the importance of non-dues revenue comes into play for nonprofits. Non-dues revenue acts as a secondary source for organizations to maintain their financial needs.
While most associations have heard of non-dues revenue, many don’t seek out new, fresh sources. It can be easy to stick to the basics of non-dues revenue and miss out on revenue in the process.
So, how do you stay on top of your non-dues revenue? Are there other revenue sources your organization could be missing out on?
If your nonprofit is looking for a new source of revenue, here are some ideas to use in the near future.
1. Affinity programs
Affinity programs are a type of sponsorship that is beneficial to both parties. They’re also a great source of revenue your nonprofit might not be utilizing.
Think of an affinity program as a business partnership. Both parties want to work together in a mutually beneficial agreement while helping each other out. In this case, both organizations are looking to increase their revenue.
If your nonprofit is looking to start a new affinity partnership in order to get a sponsor, there are some things to consider.
First, you want to choose an organization that fits well with your nonprofit. It’s best that both parties have similar beliefs, mission statements, and goals. If you’re not on the same page as your other part, your affinity program may not go as planned.
You also want to make sure both parties are getting what they want out of an affinity program. If your partnership is out of balance, it could cause tension between your nonprofit and its partner.
Once a partnership is established, your affinity program can start to work for your members. You can offer valuable discounts and special offers that will in turn start to bring in revenue dollars for both organizations.
If you can create an affinity partnership that works for you, you can see a new source of revenue stem from this new sponsorship.
2. Online Fundraisers
As most of us know, fundraisers are a sure way of securing non-dues revenue for many nonprofits.
However, have you ever thought about taking your fundraisers to the next level and hosting them online?
Hosting an online fundraiser is both a convenient and an effective way of creating a new revenue stream for your nonprofit.
There’s a variety of advantages to an online fundraiser as opposed to an in-person one. Let’s go over just a few.
To start off, they can be accessed by people all over the country- even the world. While a normal fundraiser is still effective, it can create some roadblocks for people in different locations.
However, an online fundraiser allows people from various geographical locations to donate. If you open up your fundraiser for 24/7 access, it also allows people to donate at any time. You want there to be minimal roadblocks when it comes to your online fundraiser.
Online fundraisers are also a low-cost alternative to traditional fundraisers. That’s right- they’re a revenue source that can also save your nonprofit money. Hosting a fundraiser online takes out the costs of booking an event space and any other in person costs.
You can keep your online fundraiser budget low by using social media and other free platforms to market. The opportunities with an online fundraiser to save and make money are almost endless.
Has your association ever thought of selling branded merchandise to members? While it might seem unusual, it could be a source of revenue that you’re missing out on.
Members joined your nonprofit because they believe in your brand. They have similar goals in life, and they want to work with your organization to achieve those goals. Why not offer them another way to represent your brand?
Branded merchandise is a revenue source that doubles as a marketing opportunity. If people see your members representing your brand on a shirt, mug, or tote bag- they might be intrigued enough to start a conversation.
You can offer your merchandise at conferences, events, even online. Anywhere where your members flock to your organization is a good place to market your merchandise.
Another option is a member survey on merchandise.
Is it appealing to your members? What kind of merchandise would they like to see? Feedback before you launch a merchandise line is a helpful way to predict the future of your revenue source’s success.
4. Newsletter advertisements
Does your nonprofit send out a monthly newsletter? If so, it could be a great space to sell advertisements for some extra revenue.
Ad space is valuable to have for a nonprofit. It’s a way to promote organizations that match your mission statement while also creating a revenue stream. It’s another way to have a mutually beneficial agreement with an organization you believe in.
A monthly newsletter is an attractive offer for ad space because it’s a consistent form of content. Organizations know your newsletter will reach a large audience every single month without fail. There are no hidden surprises or red flags when it comes to timing or consistency.
There are other valuable ad space forms to offer businesses. You could sell ad space on your mobile site, your blog, or any other appropriate platform.
Try incorporating ads into your newsletter and see if this new revenue source could work for your nonprofit.
5. Paid training/workshops
Your members enjoy the information they gain from your nonprofit. Why not provide an opportunity to teach them more while also creating a new source of revenue?
A paid workshop or training session is a great way to give more to your members. It’s an exclusive offer that holds a lot of value for those looking to gain more from your nonprofit.
If your members are looking to advance their professional career, it might be beneficial to hold workshops on resume building, interview tips, and other professional topics. You could also hold a professional writing training for those looking to improve their writing skills.
Another way to attract members is to bring in guests with expertise in areas they find interesting. If they see someone successful in their field, they’d want to learn all they can from that opportunity.
Experiment with paid training or workshops in the future and see where it can take both your member engagement and your revenue stream.
6. Career centers
Last, but certainly not least, is the trustworthy career center. Does your nonprofit have one? If not, here’s what you could be missing out on.
While there’s a lot of benefits to having a career center, many forget that they can be used as a revenue source. In fact, they’re a great way to increase your organization’s non-dues revenue.
Want to know more about how you can increase revenue with your career center? Request a demo from us today.
If your website has a career center, you can attract both employers and job seekers to your site. You can also maximize your revenue stream through a career center.
If you’re looking to start a career center, you want to look for a way that offer the most opportunities for revenue.
There are many different options for a career center to provide revenue. You can apply an e-commerce system to things like: Job postings, sponsored jobs, featured employers, and resume access.
Consider purchasing a career center software if you’d like a new source of non-dues revenue for your nonprofit.
Next time your nonprofit is struggling to come up with a new way to gain non-dues revenue, try using one of our unique ideas. You could find a successful revenue stream you’d never thought of before.