Financing, or It's Not All About the Benjamins
Financing is essential in any venue, especially in tight economic times, but it need not be the end to a fine set of plans. It will, however, require a bit of planning. The first step in securing financing for any venture, no matter how large or small, is to formulate a clear business plan. But we're a library, and we want a teen center, you say, not a new store? Yes, but the people who will be giving you money will want to see how you plan to spend money, that you have a clear idea of what you want to do and that the money will be well-spent; that is the definition of a business plan. If you can speak the language of business, that of the people most likely to be donating money to your cause, you will be half way to bridging the gap and allowing them to understand why they should contribute. You need to be able to explain what you want to do, why it is important, how (in detail, at least on paper) you propose to spend any money you are given and how you plan to sustain any project once begun.
I use 'contribute' deliberately. What if you don't want to do a major overhaul, but just re-purpose (repaint, redecorate) an existing space? For a smaller project, your best option may be to approach local businesses to see if they are willing to donate something to the space. As you detail your needs, examine also who is connected to the project - does one of the regular teens work at a home improvement store, or have a parent with a construction business? Big box stores like to have ties to the local communities, but you need to make the case that it is worth their while. A furniture store might not be able to give away furniture, but they might be able to give you a good discount, for the recognition that they made a contribution. Donations can be wonderful, but be very clear about the donation policy of your library before soliciting anything. It is a good idea to review fundraising requirements/restrictions as well; would you be able to host a Battle of the Bands and charge admission to raise fund, or can you not charge for events at the library?
1. Make a Business Plan
a. what use will the space have - will it be a listening space, a gathering space, a gaming space - each will have separate needs
i. if you need to create/re-purpose the existing space, how much will this cost? Get estimates including fixtures such as lighting, floor treatments
b. what will you need in the space - computers, couches, headphones
i. get estimates on cost for each item
ii. fixed v. expendable, and timeline on expendables
c. put it all together in a spreadsheet
d. look at community and businesses - who can help you?
i. teens working at big box stores - approach big box
ii. businesses teens frequent - local record stores, skateboard parks, fast food businesses
iii. teen buy in - this is to be their space - can they raise funds for it? Verify restrictions on fundraising methods; library should have a written policy.
e. investigate grant funding
i. Target Market!
- MacArthur Foundation may give multi-millions, but they also get thousands of requests
- Big Book of Library Grant Money, National Guide to Funding for Libraries and Information Services.
ii. choose targeted grant funders; communicate with contact person; are they really good matches, do they have any suggestions for success (do your homework first!)
f. communicate with parties who have successfully started a similar project and examine how they did it
I use 'contribute' deliberately. What if you don't want to do a major overhaul, but just re-purpose (repaint, redecorate) an existing space? For a smaller project, your best option may be to approach local businesses to see if they are willing to donate something to the space. As you detail your needs, examine also who is connected to the project - does one of the regular teens work at a home improvement store, or have a parent with a construction business? Big box stores like to have ties to the local communities, but you need to make the case that it is worth their while. A furniture store might not be able to give away furniture, but they might be able to give you a good discount, for the recognition that they made a contribution. Donations can be wonderful, but be very clear about the donation policy of your library before soliciting anything. It is a good idea to review fundraising requirements/restrictions as well; would you be able to host a Battle of the Bands and charge admission to raise fund, or can you not charge for events at the library?
1. Make a Business Plan
a. what use will the space have - will it be a listening space, a gathering space, a gaming space - each will have separate needs
i. if you need to create/re-purpose the existing space, how much will this cost? Get estimates including fixtures such as lighting, floor treatments
b. what will you need in the space - computers, couches, headphones
i. get estimates on cost for each item
ii. fixed v. expendable, and timeline on expendables
c. put it all together in a spreadsheet
d. look at community and businesses - who can help you?
i. teens working at big box stores - approach big box
ii. businesses teens frequent - local record stores, skateboard parks, fast food businesses
iii. teen buy in - this is to be their space - can they raise funds for it? Verify restrictions on fundraising methods; library should have a written policy.
e. investigate grant funding
i. Target Market!
- MacArthur Foundation may give multi-millions, but they also get thousands of requests
- Big Book of Library Grant Money, National Guide to Funding for Libraries and Information Services.
ii. choose targeted grant funders; communicate with contact person; are they really good matches, do they have any suggestions for success (do your homework first!)
f. communicate with parties who have successfully started a similar project and examine how they did it
teen_center_business_plan_guide.pdf | |
File Size: | 42 kb |
File Type: |