Select an Appropriate Revenue Source

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Once you reach step three, you have done your homework and used a SWOT analysis to focus your goals and prioritize your income strategy to provide direction to your revenue development process. The next step in the revenue development process is to select a revenue source. To do this, you will need to review the fifteen revenue sources and consider the features of each source, as well as potential suggestions for enhancement.

Consider your revenue source options.

The task of selecting a revenue source will require you to revisit the fifteen different revenue sources and consider:

  • Funding uses. What sort of programmatic or organizational efforts does this revenue source support? What does your organization hope to support through additional funding?
  • Staff commitment. What level of staff involvement does the revenue source require?  What kind of staffing resources can you commit to generating revenue?
  • Necessary systems/processes. What underlying systems or processes must be strongly in place prior to developing this revenue source? Are there systems that your organization would like to build off to increase revenue?
  • Lead time. How much planning is required to develop the revenue source? How urgent are your funding needs?
  • Return on investment (ROI). How successful is the revenue source at helping organizations raise more funds?
  • Methods of enhancement. If already utilized, how can you improve this revenue source to raise even more funds?

Download part two of the Revenue Source Primer to learn more about the different features of each revenue source, and explore the activity on the right for helpful tips on how to enhance each revenue source.

Click to open interactivity Explore potential revenue-generating sources.

Explore potential revenue-generating sources.

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Consider hiring a consultant.

Keep in mind that, if you anticipate adding or enhancing a revenue source with which you have little experience, you may need to hire a paid professional consultant. Consultants bring specialized skills, experience, knowledge, or access to information. They can work on their own or be part of nonprofit or for-profit consulting operations. Universities, businesses, and government agencies often have groups of consultants within their organizations. Ideally, a consultant brings an independent perspective to an organization.