Conducting a Fundraising Feasibility Study: Key Considerations
Embarking on a significant fundraising campaign, such as a capital appeal or major programme expansion, requires careful planning and preparation. A fundraising feasibility study is a crucial step to ensure your campaign is grounded in reality, aligned with donor capacity, and positioned for success. At Craigmyle, we’ve supported countless organisations in conducting thorough and insightful feasibility studies. In this blog, we’ll explore the key considerations for conducting an effective fundraising feasibility study.
What is a Fundraising Feasibility Study?
A feasibility study is a structured assessment that evaluates whether your organisation is ready to launch a fundraising campaign and whether your goals are achievable. It involves gathering feedback from stakeholders, analysing donor potential, and reviewing internal resources to identify opportunities and risks.
The goal is to uncover whether the proposed campaign is realistic, how much you can reasonably raise, and how to approach the campaign strategically.
Key Considerations for Conducting a Feasibility Study
- Define Clear Objectives Before you begin, clarify the purpose and scope of the feasibility study. Are you testing the feasibility of a specific fundraising target? Do you want to identify potential challenges or opportunities? Defining your objectives will help guide the study and ensure actionable results.
Questions to Ask:
- What are we hoping to achieve with this campaign?
- What will success look like?
- How will the findings inform our planning?
- Identify and Engage Key Stakeholders Stakeholder input is essential for understanding the viability of your campaign. Identify key stakeholders, including board members, major donors, staff, and community leaders, and invite them to participate in confidential interviews or surveys.
Stakeholder engagement helps you:
- Assess their willingness to support the campaign.
- Gather insights into potential challenges and opportunities.
- Build early buy-in and enthusiasm for the project.
Pro Tip: Work with an experienced external consultant to conduct interviews, as stakeholders may provide more honest feedback to an independent third party.
- Analyze Your Donor Base Your donor base is the foundation of your campaign. A feasibility study should evaluate donor capacity, giving trends, and philanthropic interests to estimate how much you can realistically raise.
Key Metrics to Review:
- Past giving patterns.
- Number of major donors and prospects.
- Donor affinity for the campaign’s goals.
- The potential for reaching new donor audiences.
- Assess Your Internal Readiness A successful campaign requires strong internal resources and systems. As part of the feasibility study, evaluate whether your organisation has the capacity to execute a major fundraising initiative.
Considerations Include:
- Staff capacity and expertise.
- Availability of volunteer leaders and champions.
- Existing fundraising infrastructure (e.g., CRM systems, marketing tools).
- Alignment of your board and leadership team with the campaign’s goals.
- Create a Realistic Timeline Feasibility studies can take anywhere from a few weeks to a few months, depending on the scope and complexity. Ensure your timeline allows for thorough research and stakeholder engagement while fitting within your broader campaign planning schedule.
- Prepare for Honest Feedback A feasibility study often reveals gaps or challenges that need to be addressed before launching a campaign. Be prepared to hear honest, sometimes critical feedback, and use it constructively to refine your approach. The insights gained during this process will help you avoid costly mistakes down the line.
- Develop a Comprehensive Report The final output of a feasibility study should be a comprehensive report that outlines findings, recommendations, and next steps. This report will guide your organisation’s decision-making and serve as a roadmap for your campaign.
Key Elements of the Report:
- Summary of stakeholder feedback.
- Assessment of financial potential.
- Analysis of organisational readiness.
- Recommendations for moving forward.
Conclusion
Conducting a fundraising feasibility study is an investment in the success of your campaign. By assessing your organisation’s readiness, engaging stakeholders, and analysing donor potential, you can approach your campaign with confidence and clarity. At Craigmyle, we have extensive experience in conducting feasibility studies that deliver actionable insights and set organisations up for success. Contact us today to learn how we can support your next fundraising initiative.
