Skills you need for private investment
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The core skills for private investment
To put private investment into practice, you need skills in:
- communication and storytelling
- managing resources and capacity
- strategy and planning
- managing relationships.
You may already use these skills in other parts of your creative practice or organisation. But you need to develop or tailor them to build success in the private support you’re seeking, such as philanthropy, business partnerships or fundraising events.
1. Communication and storytelling
You need clear communication and storytelling skills to help people understand your work and why it matters. You may already use these skills with audiences, funders or collaborators. In private investment, these skills help you communicate with current and potential donors and encourage support.
You need to effectively:
- explain the value and impact of your work
- develop a clear case for support
- communicate with different audiences
- adapt your message for different conversations and channels
- ask for support.
What is a case for support?
Understand what a case for support is and how to use it.
2. Managing resources and capacity
Building and sustaining private investment activities takes time and resources. You may need to organise and manage:
- people and salaries
- budgets
- tools and systems
- information, such as contact details, social media accounts and communication materials
- event management resources.
These are skills you may already use in your creative practice or work. But be realistic about the resources you can commit to private investment. You may need to increase your capacity as your private sector support grows.
3. Strategy and planning
You need strategy and planning skills to help you decide what you want to achieve and where to focus your resources and capacity. You may already use these skills to plan other projects or programs.
In private investment, you use strategy and planning to:
- set goals
- identify opportunities
- decide what to prioritise and pursue
- plan your activity
- adapt your plans over time.
Your strategy and planning can be simple. For an individual artist, it might be planning a fundraising campaign. But an arts organisation may develop a more complex and longer-term private investment plan.
4. Managing relationships
Relationships sit at the heart of private investment.
You need to find potential supporters, build connections and encourage giving over time. It could mean building relationships with:
- donors
- trusts and foundations
- business partners
- volunteers
- audiences
- suppliers
- community networks.
You may already use relationship-building skills with audiences, communities and other stakeholders. These existing connections and skills can provide a foundation for relationships in private investment. However, different types of supporters may need or want different kinds of relationships. Regular, thoughtful contact helps build trust and sustain support.
In arts organisations, board members can also have a role in finding new supporters and strengthening existing relationships.
How to assess your private investment readiness
Audit the skills you have and the opportunities for growth.
