"For it is in giving that we receive"- Francis of Assisi
How Much Do You Know about Crowdfunding For A Social Cause?
Many people aren't so fortunate to enjoy the facilities as much as we do. They are suffering from various ailments and struggling to pay their medical bills, whereas few children are deprived of quality education and necessary facilities. That's why many non-profits are raising funds via various methods such as crowdfunding to provide them with all the necessities they need.
Crowdfunding is one of the most efficient ways to raise funds. The world is getting very fond of crowdfunding social causes. Thanks to Indian crowdfunding platforms like Milaap, crowdfunding social causes as well as certain personal causes has become much easier.
The site consists of campaigns divided into various categories, which include causes like helping someone to make their medical treatment and much more.
For a non-profit looking for a way to spread awareness about your cause as well as raise funds for it, crowdfunding can help accomplish both goals with minimal effort. With the power of Internet, extremely tech-savvy audience and social media boost campaigns from various crowdfunding platforms urging donors to who find powerful causes to visit the platforms and make their contributions.
Currently, in India, non-profits are not leveraging crowdfunding platforms. They resort to traditional fundraising which might show results over time but will not help in cases of emergencies. If your non-profit has an urgent funding requirement for a social cause, online crowdfunding is a quicker and more economical option to broadcast your need and raise funds in no time. It is less time-consuming and a lot cheaper when compared to other methods of fundraising.
This also presents an opportunity for new organizations to establish their credibility, create an online presence and spread the word on social media and other platforms. New supporters are attracted towards your cause and your charity, which helps in broadening your network online.
Before getting started with crowdfunding, you need to know all your options
There can be many types of crowdfunding,
For a non-profit, donation-based crowdfunding is the most appropriate mode of raising funds. You can even couple it with reward-based crowdfunding wherein you present incentives in return for a contribution. It could be anything like a simple thank you note or even a gift card, a certificate, or an invite to come see the impact they have created.
In India, the rules regarding crowdfunding are regulated by SEBI (Securities and Exchange Board of India), a market regulator. According to SEBI equity crowdfunding is illegal in India, whereas other forms are completely legal.
As a donor, you can claim tax exemption under section 80G by donating to causes hosted by non-profit organizations. Platforms like Milaap permit donors to contribute to carefully vetted non-profits. Look for campaigns that issue tax exemption certificates under section 80G under categories.
All you have to do is choose a good crowdfunding site like Milaap and create a campaign. Before creating a campaign, you must be clear about your cause and be ready with the details that people may require. After that, you have to set a target amount needed to support the cause. With suitable pictures and content alongside, you're ready to go.
Give some time for your campaign to pick up speed and start raising funds. The first few days are crucial, and you would have to drive traction by spreading the word online within your networks.
With the right kind of effort, crowdfunding can be a lucrative option for both fundraisers and donors. Start your campaign today!