Come Up with Your Mission
When starting a theater company always begin with understanding what your mission is and how you will be different than the competition. What is that special thing that you will do? Then choose the name. If possible the name itself should instantly convey what your mission is.
Develop Your Organization as a Promotional Package
Now create a plan. How will your theater company do what you want it to do? Do you have financing? Do you have sponsors? Do you have performers and related artists? All questions you need to answer. And the good news is that once you have all your elements in place in an attractive package, this can be your doorway into getting you sponsorship.
Work with Those Connected to Your Mission
If your mission helps an underserved demographic, the more likely it is that you will find a sponsor to work with. Pick someone to ask for money (in exchange for sponsorship advertising) who is somehow connected to your mission. Maybe they know people such as family and friends who needs what your theater company does.
Consider Fiscal Sponsorship
You have the option of becoming a nonprofit. Or, if you don’t want to deal with the long process it takes to become one, your can get fiscal sponsorship from another nonprofit. This is much faster. It means that they will be your umbrella organization and will process donations for you. It will allow you to receive donations.
Look Ahead at Tax Time
Needless to say you should have a bank account in the name of your organization. All donations coming in for your fiscally sponsored organization, should go into this bank account. And you will need to keep very organized, knowing what money went where. This is especially important in conjunction with doing your taxes.
Strategies to Get Donations
Sometimes people will donate to you if you have a special subset program from your organization that is will be attractive to a certain group of possible sponsors.
Have Passion
And the most important thing of all is that you have passion for what your theater company’s mission is. Break a leg.