#FreeFlowFriday: Raising Money When Your People are BROKE with Dave Dubeau

It's no secret that fundraising can be a complex endeavour, mainly when those in your contact circle are dealing with financial constraints. Dave Debeau, the famed podcast host, takes you through this delicate process, touching upon the unique challenges you might encounter. These challenges include apprehension towards financial conversations, difficulty securing commitments, and even navigating social trepidations to ask for assistance. 

Freeflowfriday Raising Money When Your People Are Broke With Dave Dubeau

It’s no secret that fundraising can be a complex endeavour, mainly when those in your contact circle are dealing with financial constraints. Dave Debeau, the famed podcast host, takes you through this delicate process, touching upon the unique challenges you might encounter. These challenges include apprehension towards financial conversations, difficulty securing commitments, and even navigating social trepidations to ask for assistance. 

Often, people are uncomfortable discussing finances, making it challenging to initiate the conversation. Upscaling these conversations from a personal to a professional level requires tact, empathy, and understanding. 

Securing financial commitments from those already dealing with monetary strains can be an uphill task. It’s not that they don’t want to help, but their financial predicaments often limit their capacity to pledge substantial amounts. 

Finally, a key challenge is understanding and navigating the social apprehensions of asking people for money. This barrier needs to be addressed carefully while ensuring that relationships are not affected in the process. 

As daunting as these challenges may seem, don’t let them discourage you. Dave Debeau offers insights on overcoming these obstacles, aiming to turn financial strain scenarios into opportunities for wealth generation for all parties involved. Adopting a strategic approach backed by effective communication and relationship-building efforts is critical. Keep reading to unlock these unique strategies and gain the confidence to navigate the tricky path to successful fundraising.

But first, if you want financing for your next investment and want to know what type of collateral may be involved, click the link below for a free strategy call with our mortgage team at LendCity to discuss your specific situation.

Understanding the Importance of Building Relationships in Fundraising 

Building relationships in fundraising is pivotal. According to Dave Debeau, rather than randomly asking individuals for financial support, curating a deep connection with them is immensely beneficial. And why is that? People who feel connected to you are more likely to invest emotionally in your cause. 

There are plenty of ways to build relationships in fundraising, as highlighted by Dave. Some of these simple steps include: 

  • Creating a rapport with potential donors: You can do this through regular communication, sharing your project’s progress, or inviting them to participate in project-related activities. This helps them feel valued and a part of the project.
  • Offering clarity: Be clear about your project’s goals and the role of their funds in achieving them. Clarity helps potential donors to feel more confident about their contribution.
  • Expressing gratitude: Send thank you notes or recognition certificates for their donations. It fosters a sense of respect and appreciation, making individuals more likely to donate again.

In Dave’s view, relationship-building is more than just a tactic for raising funds. It’s a respect-based principle and can often lead to a sustained network of long-term contributors genuinely interested in helping you thrive.

The Power of Effective Communication in Convincing Financially Strapped Contacts 

How you communicate matters when you’re trying to compel financially strapped contacts to contribute to your cause. Essentially, you need to present a compelling narrative convincing them of the value of your endeavour. 

Crafting Your Message: 

  • Emphasis on impact: Begin by explaining the potential impact of your project. Show them how their contribution, no matter how modest, can make a significant difference.
  • Solution-oriented: Highlight how your fundraising endeavour can solve specific problems. It’s easier to gain support when you’re addressing tangible issues.
  • Transparent: Be open about your financial needs and clarify how the money raised will be utilized. Transparency fosters trust and encourages commitment.

Significance of Listening: 

Communication isn’t solely about talking; it’s as much about listening. Make sure to hear your contacts’ concerns, questions, or suggestions. Listening actively can help make the conversation more meaningful and genuine, fostering mutual respect

Follow-Up Communication: 

Remember, a single conversation isn’t likely to get the results you desire, especially when dealing with individuals facing financial constraints. Regular follow-ups demonstrate your commitment and keep your cause fresh in their minds. However, ensure your follow-ups are respectful and avoid pressuring your contacts. 

Healthy relationships aren’t merely transactional. Keep the link alive beyond your fundraising endeavours. Express gratitude for their support, keep them informed about project progress, and involve them in plans if possible. This promotes a long-term partnership rather than a one-time interaction.

Identifying Potential Sources of Funding within Your Network 

When one thinks of a network, typical associations range from friends and family to professional connections. Have you ever pondered that these individuals could be hidden reservoirs of capital? Dave Dubeau introduces a fresh perspective on reimagining our networks as financial supporters, even in constrained economic scenarios. 

First, broadening your perspective and being open to your network’s potential is crucial. Each person within it might very well represent an opportunity – a key for the lock of your financial solution. To find these keys, Dave suggests implementing the following steps. 

Step 1: Map Your Network 

Mapping involves creating a comprehensive list of all your contacts. Yes, you heard right, everyone. Each individual in your network has the potential to contribute to your cause. 

Step 2: Categorize Your Contacts 

The next step is categorizing mapped contacts into groups based on shared attributes. These categories could be defined by profession, personal relationship, or shared interests. This will help you tailor your approach when asking for funding. 

Step 3: Assess Funding Potential 

Once your contacts are categorized, the next step is to assess each group’s potential to contribute to your goal. However, it’s important not to make presumptions based on someone’s perceived financial status. Sometimes, those with less can give more for a cause they genuinely believe in. 

Embarking on this journey of uncovering funding sources within your network requires a willingness to ask for help, focus, discernment, and creativity. Yet, the combined potential that lies dormant within your sphere of influence cannot be ignored. As Dave Dubeau says, “Your existing network might surprise you with its untapped wealth.”

Strategies for Engaging Financially Strapped Contacts in Your Fundraising Efforts 

You might wonder, “How can I engage financially strapped contacts in my fundraising efforts?” It’s a valid question, and Dave Dubeau, your think-outside-the-box host, has answers for you. 

The first strategy is involvement. Involve them in the cause you are advocating for. You may not realize it, but their lack of funds doesn’t mean they can’t be involved in other ways. They could contribute their time, skills, or even connections, which could be as valuable as money. 

The second strategy is regular communication. Keep them updated about your project’s progress. Often, regular, sincere communication builds trust and connection. And who knows? They might become financially capable and remember your cause because you never left them out. 

The third strategy is all about flexibility. Set small, achievable fundraising goals that they can contribute towards. Instead of asking for $100, ask for $10 ten times over a period. It’s less daunting, and they will have contributed just as much in the long run. 

The fourth strategy involves sympathy. Remember that these people are not financially comfortable. Always approach them with empathy and understanding, reinforcing that you value their contribution, no matter how small. 

“It’s not about the amount they give, but the spirit in which they give it.” – Dave Dubeau

So, don’t disregard the potential of your financially strapped contacts. Remember that wealth is not only about money. Use these strategies to engage them, and let nothing hold you back in your fundraising efforts.

Overcoming the Fear of Asking for Money from Financially Strapped Contacts 

Apprehensive about asking your friends and family for financial support is expected. Especially if you know they are burdened with their financial responsibilities. Nevertheless, there are strategies to help us overcome this fear and discomfort. 

Firstly, it helps to prepare a clear and concise plan. This should outline how the money will be used, the potential returns, and your repayment plan. Having this laid out gives your contacts full transparency and shows your seriousness and responsibility. 

Secondly, show them you value their contribution, no matter how small it might be. This goes beyond monetary value. Their support, belief, and trust in you and your venture already mean a lot. Constantly remind them of their importance to your cause. 

Understanding your contacts and adapting to their situation can ease the fear of asking for money. Showing empathy and addressing their concerns will display that you respect their situation. Build a context where they do not feel pressured to help. 

Be open and friendly in your approach. If they decline, do not take it personally or let it affect your relationship with them. 

Lastly, persistence is vital. Not every request will be successful, but don’t let that deter you. Learn from your encounters, adjust your strategies, and keep approaching people. 

In conclusion, by considering these strategies, you can overcome the fear of asking financially strapped contacts for fundraising by asking how you ask.

Creating Win-Win Solutions

Approach with Understanding and Empathy 

Begin the conversation with an understanding tone and empathize with the individual’s financial situation. Here, the main goal is not to pressure but to present an opportunity that can be mutually beneficial. This opening sets a friendly tone for the following discussant. 

Position Your Ask as an Opportunity 

When asking for a contribution, frame it as an opportunity for the individual to be a part of a more significant cause rather than a donation. People love to feel that they are making an impact. Make them understand the change their contribution will facilitate. 

Offer Non-Cash Ways to Contribuindividuals a win-win situation, offer options for non-cash contributions. These could be time (volunteering), skills (pro-bono work) or resources. This way, contacts can contribute in whatever way they’re most comfortable. 

Provide Benefits for Contributions 

If possible, offer some tangible benefits for their contributions. This could range from recognition on your platform to small incentives that make them feel appreciated. Remember not to promise something you can’t deliver!

As Dave rightly pointed out, constructing a win-win situation isn’t about manipulation but empathy, respect and understanding the situation of your financially strapped contacts. By incorporating these strategies, you can effectively raise funds when your contacts face financial strife.

Conclusi and Powering Yourself to Unlock Wealth from Financially Strapped Contacts 

In conclusion, Dave Debeau highlights the essence of self-empowerment while dealing with financially strapped contacts. The key is to perceive them as potential funding sources because they often hold untapped wealth that can be unlocked. 

At first, this objective may seem too challenging, even daunting, but it’s important to remember one crucial thing – every journey begins with a single step. To turn your contacts into contributors, you must establish robust relationships, communicate effectively, and engage them in your fundraising efforts. 

As Dave Debeau says, “No one is truly ‘broke’. Everyone, regardless of their current financial situation, can contribute in ways beyond just financial. They are simply under-resourced, not resource-less.”

Turning potential into action necessitates an innovative approach. Begin by identifying the hidden resources within your network. While monetary contributions are significant, contacts can contribute in other ways, like offering skills, knowledge, time, access to equipment, and even their next. 

Go back to your list of contacts and reevaluate each one’s potential. Approach them with a clear win-win proposition that can benefit both parties. This can be donating their time to a cause, supporting your project, or even investing in your concept in return for a profit. 

Do not let fear or doubt be a barrier in your fundraising journey. As Dave Debeau advises, fear is often the most significant limiting factor. But remember, you’re not asking for handouts. You’re offering opportunities where both parties benefit. 

Overcoming fear begins with self-confidence and believing in the tonsure you’re fighting for. Confidence and conviction can make a significant difference when asking for contributions, be it a business idea, a community project or a personal venture. 

In the end, fundraising is essentially about building relationships and fostering trust. Dave Debeau couldn’t have said better, “Don’t let a ‘no’ dishearten you. Turn it into a ‘not now’. Persyou’ree pays.”

If you are ready to start investing today and want more information about how your mortgage may be secured – or are looking to apply for a mortgage today – click the link below for a free strategy call with our mortgage team at LendCity today.

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