DIGITAL FUNDRAISING FOR THE LESS PRIVILEGED - Jack’s Curated Business Idea
1. What's the Idea?
It's an opportunity to make a positive difference to vulnerable and disadvantaged people by leveraging the internet and other resources. This could be done as a full-time occupation or as a side hustle.
2. The Inspiration for The Idea
There are fundraising platforms, there are those that carry out similar activities informally, and there are many charitable platforms. But there are still many vulnerable citizens all over the world. This is an opportunity to make a positive difference.
3. How does it work?
• You need to do your research.
• You need to have a business plan.
• You need to raise funding.
• You need to identify beneficiaries or potential beneficiaries.
• You need to do crowdfunding as necessary.
• You need to add value to the beneficiaries.
• You need to document and publicise your efforts.
• You need to monetise.
- You need to reinvest in the business
- You could explore opportunities to scale the business.
- You need to leverage best practices
- You need to continuously improve your value proposition.
- You need to leverage collaborators and investors
- And make a great impact.
4. Unique Selling Proposition
It's a business where existing best practices, platforms, and the internet are leveraged to add societal value by positively impacting the vulnerable members of community, society, and humanity.
5. Hypothetical Case Studies
6. Case Study 1
A youth picks up and sells garbage for survival. His dad was murdered, and his mom died of ill health, so effectively he is an orphan. He had to drop out of university. His desperation sometimes forces him into drug trafficking. His life is fading. Society has apparently forgotten and failed him, his dreams are dashed, and he definitely needs help.
7. Case Study 2
An elderly man lives alone. He barely survives on charity. His home is in shackles. He has no children. He’s emaciated. He prays for divine intervention. His pension was consumed by officials. He worked throughout his youth. The system has failed him, and now he can’t wait to die.
These are two case studies, which are food for thought.
8. The Business Model
You could do the business as a charity or non-governmental organisation. You could do it as a social enterprise or as a business. But I think the one that is best suited for this is either a social enterprise or a charity.
9. The Importance of Integrity
Your integrity could make or break you and your business brand. Make every effort to build and retain trust. Be upfront about your value proposition and manage expectations effectively.
10. Funding
You could explore getting funding from the government, investors, collaborators, through bank loans, donors, sponsors, crowdfunding, etc.
11. Collaborators and Investors
You might explore businesses, sponsors, philanthropists, non-governmental organisations, government, individuals, etc.
12. Budget
I suggest that you start small and then grow big. You need to take into account costing. You need to know the projected amounts required periodically—whether weekly, monthly, quarterly, annually, etc.
13. The Profit Sharing Formula
A profit-sharing formula could be agreed by relevant stakeholders, or the Jack Lookman’s Profit Sharing Formula App could be leveraged.
14. Research and Development
• Research the market.
• Research competitors.
• Research if there's a need for the service.
• Could you break even or make profit?
• Are there government regulations?
• Are there risk factors?
• Are there benefits to concerned parties?
• Could the business be self-sustaining?
- What are the requirements?
- Etc.
15. Competitor Research
• Is there anybody already executing a similar business model?
• Are there potential learnings from what they do?
• Is there space for you in the marketplace?
• Could you add value to the business proposition?
• Is your proposition competitive?
• Is the market saturated?
• Is there a need for the service?
- Who are your competitors? Both direct and indirect?
- Etc.
16. Does it matter if this idea isn’t new?
No, it doesn’t matter. There's apparently a lot of opportunity to make a difference, especially in poorer communities.
17. Legalities
• You need to have terms and conditions in place.
• You need to have sanctions in place for those who go against the rules.
• You need to have agreements and contracts in place.
• You need to be aware of regulations and regulatory bodies.
- You need to comply with whatever the regulations are.
- Etc.
18. Disclaimer
This is just a business idea. You need to carry out your due diligence before embarking on this business. You need to perfect the idea, and thereafter, hopefully reap the rewards. This is just an idea, and nothing is guaranteed.
19. Fraud And Its Mitigation
• You need to carry out due diligence.
• You need to put systems and structures in place.
• If there is fraud, consider prosecution so that people are discouraged from committing such.
- You need to have sanctions in place for those who commit fraud.
- Consider reporting to the police.
- With a zero tolerance to fraud, you could protect the integrity of your business, person and brand.
20. Regulatory Bodies
• You need to research relevant regulatory bodies as well as industry regulations.
- You need to comply, otherwise, be prepared for sanctions.
21. Best practice
• You need to research and leverage best practices, in and out of the industry.
- You need to avoid pitfalls.
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22. Added Value to Clients
• Apart from raising money to support the client, you might offer training and development.
• You might consider online education for the clients.
• You might consider signposting them to other services that might add value to them.
• You might consider mentoring and coaching the clients.
- You might consider leveraging opportunities for the clients.
23. Benefits and Opportunities
• Adding societal value.
• Helping the vulnerable.
- Job opportunities.
- Creating a fairer society.
• Making a difference.
• A worthwhile legacy.
• Scaling the business.
• Monetisation.
• Crime reduction.
- Opportunities for governmental tax.
- Etc.
24. Weaknesses and Threats
• There might be non-engagement from the people you are trying to help.
• There might be work-related hazards (for example, people might become violent).
• There might be inadequate funding.
- There might be fraud.
- Effecting change is very difficult.
- There might be governmental bureaucracy.
- Etc.
25. Monetisation Plan
• You shall get a percentage of the money you raised. If you raised £1,000 for a particular client, you shall get about 10% or the quoted percentage, as your fee. That’s part of your business model.
• You need to inform your stakeholders upfront.
• You could sell complementary products and services.
• You could get donations.
• You could have sponsors.
• You could have an exit strategy, whereby you sell the business and profit from such.
- You could do merchandising (selling different products and services through your platforms).
26. Scaling
- Consider replicating the successful business model in other locations.
- Consider business partnerships. There might be individuals or organisations interested in partnering with you.
• Consider having a franchise, whereby franchisees pay you periodically to use your business name and brand.
- You could also optimise the value chain. For example, during the course of exploring the business, you will identify ‘juicy’ parts of the business model which you can replicate and optimise. So, if it is the content creation part of it, which is making a lot of money for you, consider scaling it on multiple platforms.
27. Improving your value proposition
You need to keep improving your value proposition and keep getting better at what you do. That way, you could be more impactful and make more money.
28. Complementary Products and Services
• You could do online training.
• You could explore affiliate marketing on your digital platforms.
• You could explore empowerment products and services.
• You could sell books.
- You could sell digital content.
- You could offer consultancy.
- You could do public speaking.
- Etc.
29. Leverage
• You can leverage your network and connections.
• You could leverage the internet.
- You could leverage organisations.
- You could leverage your strengths, skills, experience and exposure.
- You could leverage your goodwill and reputation
- Etc.
30. The Marketing Plan
• You need to have a budget for your marketing. This might be a weekly, fortnightly, monthly, quarterly, or annual budget.
• You need to have platforms where you’ll do your marketing. This could be social media, Google, blog, etc.
• You need to optimise your marketing.
• You need to know which marketing efforts yield the most monetary returns. For example, if you create five marketing videos and only two of them are effective, then consider replicating those two, and scaling them.
• Another thing about the marketing plan is funding. You need to have adequate funding for your marketing. Like they say, “marketing is the soul of every business.”
• You need to do content marketing. This means while you are doing content, you can also use the content for marketing. With your content, you could indirectly market your business, as well as products and services, for interested prospects to contact and patronise you.
- There’s also SEO (search engine optimisation). You could leverage that for your marketing
- Etc.
31. Sourcing the Clients
You could source clients through individuals, governmental and non governmental agencies, organisations, through print and non print media, etc.
32. Sales funnel
By creating an effective sales funnel, you could optimise and multiply your revenue. With a single marketing effort, you could sell multiple products and services.
33. Leveraging competitors
- You can also keep an eye out on Social media. Some platforms or people actually visit vulnerable people, and some of them post videos on social media. You can zoom in on such activities, follow up, and then do your due diligence.
Jack’s Life Lessons For Teenagers
34. Proactivity
- You can also proactively do your search on the internet or by keeping your ear to the ground and searching for suitable clients.
35. Referrals
- You could leverage referrals from individuals, governmental agencies, organisations, etc.
36. Market platforms:
These could include:
• Social media
• Website
• Print media
• Word of mouth
• Blogs
• Podcasts
- Influencers
- Referrals
- Etc.
These however come at a cost.
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37. Clients and Target Customers
- Your clients are probably going to be less privileged people—people who are poor, the less fortunate, vulnerable, destitute, etc.
38. Niche
• You might decide to niche down onto youths, children, elderly people, etc.
• You might make it location-specific, for example, just a particular city or area. Decide on the area you want to focus on.
- You might even decide to make it countrywide.
39. Administration
• You need to register your business either as a sole trader, limited liability company, etc.
• You need to have a bank account.
• You need to do your accounting periodically.
• You need to have an office location. Initially, this could be your home, and upon expansion, you could have an office.
- You need to have human resources
- Etc.
40. Requirements
The requirements for this business include having a team, digital devices, funding, relevant skills, putting in the effort, having the right mindset, an office, etc.
41. Roles
Some roles for your team could include a videographer, administrator, fundraiser, accountant, legal lead, marketer, social media manager, training and development lead, research and development lead, entrepreneur or project manager, strategist, quality control, regulatory and compliance officer, content manager, Profit Sharing lead, etc.
I hope this list has not scared you. The same person can do most of these roles, or they might be accomplished by one or more officers.
42. Training and Development
Consider regular staff training. And consider leveraging the internet for your training needs. There are platforms like Udemy, that could meet your training needs.
You need to have a budget for your training and development.
Investing in training and development could help you take your value proposition to the next level.
You also need to consider the funding for your training, and to make a business case for such.
Why do you want to do the training and what are the benefits?
43. Transparency and Accountability
It’s important to be transparent in your dealings and be accountable to stakeholders. That way, you shall build trust and therefore get more investments, which could help the business grow. By being dodgy and avoiding the truth could cause mistrust, and might affect the amount of funding or interest in what you do.
44. Question 1 :
Applying the Fundraising Strategies: How Can We Support Marginalised Youth and Elderly in Practice?
Let’s take the youth, because like they say, “the youths are the leaders of tomorrow.” The youth in that case study is an orphan, who found himself in that situation. If I were to explore fundraising for him, I’d use a fundraising platform. There are several fundraising platforms: Go Fund Me, Just Giving, etc.
I’ll do a video or videos that highlight his story, and then I’ll carry out due diligence. I’ll research the youth in question, do an interview with him, and ask relevant questions ensure that it’s not fraud. Some will pretend to be in dire situations but they are just acting and giving false information.
Upon confirming the youth is genuine, and after collating relevant information, we could curate it into content. There might be one or more YouTube videos that will highlight his plight, and then when we go onto the fundraising platforms, we write a bit of a narrative and showcase the video. We’ll target potential donors. These might be people from my sphere of influence; it could also be targeted to other people in different parts of the world or different parts of the country, etc, who might be of help. With crowdfunding, because you are reaching out to a wide variety of people, some people might chip in 5 pounds, 10 pounds, or more. All these little bits add up. When we get the targeted amount of money, we can use it to empower the youth. For example, his immediate needs might be the basic needs of a human being, which are: food, shelter, clothes, etc. We shall prioritise servicing the immediate needs, as the short term plan. Going forward, you want to educate someone like that. A university education might be beyond our wallets, so a cheaper option might be online courses.
He may need a digital device to do his learning online, which could be a smart phone or digital tablet. He shall also require a telecommunication network connection. You could rent a place for him, for a year. Further work you might include, is: Mentoring And Coaching, depending on the available funds. The aim is to make him independent, or making him a better version of himself.
If all that succeeds, and it’s a good story, we can share that as part of one of your success stories on social media, etc. Once people see that what you are doing is genuine and impactful, that will encourage them to invest in what you do.
45. Question 2 :
What’s in It for the Entrepreneur?
As I mentioned, it could be either a business, a charity, or a social enterprise, so you decide which of them you want to fall into. For whichever business model you use, you’ll probably get a percentage of whatever money you raise, maybe 5%, 2%, or otherwise. That’s going to be your fee, and that’s part of the monetisation plan. If you decide to take 10%, just for ease of calculation—if you raise £100, then £10 is your 10% fee.
That’s not the only mode of monetisation. You could also make more money. You could get donors, sponsors, collaborators, you could create and monetise content, you could be a consultant, you could do Mentoring And Coaching, you could get governmental grants, you could also monetise different parts of the value chain, etc.
Apart from financial rewards, the Entrepreneur could derive pleasure and satisfaction in making positive impact to individuals and society. He could be creating generational legacies.
He could also be recognised, and rewarded accordingly.
46. Useful Links:
Jack’s Curated Business Ideas - Over 100 Curated Business Ideas
Jack’s Mentoring 101
Juwon Ogungbe
Profit Sharing Formula App
Jack Lookman’s Social Media
Curated Business Ideas - Blog
Curated Business Ideas - Videos
Book A Chat With Jack Lookman
Business Collaboration With Jack Lookman
Jack Lookman’s Courses
Jack Lookman Limited
Jack Lookman’s Paperbacks
Jack Lookman’s eBooks
Youtube channel
Thank you very much for your time. I hope that you got some value.
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Thank you very much for your time.
This is Olayinka Carew aka Jack Lookman signing off.
Ire o (I wish you blessings)
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