Diversification
Organisations can be less secure if they rely on a single income stream - with 'all their eggs in one basket'. If that income stream is from a grant funder, that grant is unlikely to continue for ever. If it is earned income, the market could shrink - either because demand falls or because new competitors come along. It's worth considering a range of different categories of income:
- grants,
- contracts,
- income earned from selling on the open market,
- donations from individuals - which can complement each other.
In some cases, taking out a loan could help you access a new income source sooner, which could boost your overall income.
Why not consider the range of different options from the Funding section?
