You’ve decided to make a difference in your community by running for elected office. Time to hold a big kickoff fundraiser and fund your campaign!
Not so fast.
Fundraising groundwork should begin well before you file any official campaign paperwork. (What’s official campaign paperwork and what’s that got to do with running a campaign? Click here to read more.)
Do the groundwork for fundraising early in your campaign
One of the most important parts of a campaign is the first campaign finance report. This time frame may vary from location to location. At the federal level, it’s quarterly. In some states it’s monthly. A strong first finance report can make a statement to opponents, outside organizations, and potential endorsers.
In order to get out of the gate quickly it’s not uncommon for candidates to pick several people to be a finance team – sometimes called a “Campaign Committee.” This is typically a small group of dedicated supporters who are tasked with raising a certain amount of money on the candidate’s behalf. It’s always a good idea to organize this group early-on so they can get started raising money as soon as you file your paperwork and your campaign becomes official.
Before you file, you should ask your best prospects, usually your closest friends and family for commitments. The “ask” can be something as simple as this:
“If I ran school board, could I count on you for a $100 contribution?”
The goal is to get pledges from as many people close to you as possible. Hopefully, this circle of close friends and family will donate to your campaign because they know and love you.
And if this is hard for you to do – it might be a good time to ask yourself how you will convince someone who has never heard of you to donate if can’t convince the people closest to you.
Think about on-line fundraising
In modern politics, online fundraising is essential. Regardless of which fundraising platform you use (and you should tie this in to your website,) you should always offer the option for your supporters to make a recurring donation. In addition to the more dollars raised, observers will also look at the number of contributors to your campaign. If the contribution limit is $500, for example, someone who supports you may not be able to write a $500 check but may be able to set up a $25/month recurring donation. If your campaign is 8 months, this totals to $200, a solid contribution. There’s the added bonus of having a contributor on every finance report.
When you first launch your campaign, you likely won’t have a large social media presence to draw from. When you launch your campaign you’ll announce it on your personal social accounts. You should ask everyone who interacts with your posts to contribute. Some people may have been old acquaintances and may donate $10/month if asked. This helps build a list of donors.
Why does fundraising matter?
Every candidate wants endorsements from influential donors, organizations, and elected officials. Many organizations wait for candidates to raise a certain amount or percentage of their expected budget before they will offer an endorsement because they want to be sure the candidate is viable before they offer their name as a supporter. A strong first public finance report can help you avoid a primary by showing strength and grab early endorsements. It may dissuade competitors.
The truth is that a well-financed campaign, especially at the local level, is much more likely to win. And all of that begins with a strong first finance report.
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