Finding a Future in Fundraising with Stephanie Schwartz
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Photo Credit: Jessica Torch
Stephanie Schwartz leads Little Bean Group, a fundraising consulting firm that works with a wide array of clients around the country. Stephanie has raised tens of millions of dollars and developed fundraising strategies for dozens of organizations. She believes that philanthropy has the power to create and sustain profound change in our society. Stephanie works with a variety of organizations, institutions, and schools in Washington, DC, and beyond.
Can you tell our readers about your background?
I moved to Washington, DC thinking I wanted to work on Capitol Hill but quickly pivoted to the non-profit sector. I was hired for a fundraising position because the organization I interviewed with was looking for someone who wasn’t afraid to ask people for money. I didn’t actually know anything about fundraising at the time! But I learned and worked in front-line fundraising (directly asking people for money) for 10 years before transitioning to several management positions where I both fundraised and managed teams. Then two years ago I launched my own fundraising consulting firm, Little Bean Group.
What inspired you to start your business?
I am by nature a problem solver and I love the strategy behind the fundraising. Questions like “how do we retain more donors”, “how should we ask for this gift”, and “what resources do we need to raise more money” are incredibly stimulating to me. I wanted the chance to help multiple organizations answer these important questions and figure out how they could raise more money. It’s hard to constantly ask those questions when you work at a large bureaucratic organization. Ultimately, I started my business to engage in more stimulating and interesting work.
Where is your business based?
Washington, DC. It’s a wonderful place to be a fundraising consultant because there are so many non-profits based here.
How did you start your business? What were the first steps you took?
I first set up an LLC, found an accountant, and set up a website. It’s important to get the structural pieces in place early on. Then I sent out a big email to my network and started to set up conversations to tell people what I was doing.
What has been the most effective way of raising awareness for your business?
Asking for connections! I regularly utilize my network and ask for connections to individuals and organizations. I spend a good deal of time talking to people about what I do. I love doing that and it raises awareness. Every conversation I have will lead to at least one other, so it becomes a force multiplier.
What have been your biggest challenges and how did you overcome them?
I had no work or clients for the first several months. I had to figure out what to do in order to secure work and how to fill my time. It was actually a bit disheartening and I wondered if I made the right choice to start my own business. I sent hundreds of emails to people in my network asking for referrals of people to talk to and organizations that may be in need of my services. It took time but it worked. Now I struggle with how to scale my business and figuring out my business’s strategic direction: do I want to hire employees or continue to use contractors? Do I want a smaller number of larger clients and projects or a larger selection of work? Now that I have a solid base of clients, I seek guidance from a variety of sources including a professional business coach, fellow business owners, and former colleagues who know me and my work.
How do you stay focused?
There is a high level of accountability when you run your own business. Your clients count on you and you can’t let them down. Knowing that I must deliver for my clients keeps me both focused and energized. I also use the Focus Keeper app which is a great tool to help me get work done. And I make lots of lists. I list out big tasks that I have to do then break them down into smaller tasks.
How do you differentiate your business from the competition?
There are many fundraising consulting firms that bring one approach to every client. A firm has a worksheet for tracking prospects, building a campaign structure, or setting fundraising goals. My approach is completely customized for my clients based on where they are now and where they want to go. I get into the weeds and do the work. Many other fundraising consultants and consulting firms are less hands-on. I also define success differently. I want to teach my clients how to fundraise so they can do it themselves. I don’t want to hold onto clients for long periods of time. I know that some fundraising consulting firms enjoy having a few large, long-term clients. I want more turnover because when I close out a project with a client, I know that they are better equipped and prepared to raise money on their own.
What has been your most effective marketing strategy to grow your business?
Creating a blog on my website and sending a monthly newsletter. My monthly newsletter links to my blog posts and includes other curated resources. The newsletter and blogs allow people to see the breadth and depth of my experience in fundraising and my current work. I also capture contact information that way and build up my database. The more people who see my website and read my content, the more awareness I generate about my services.
What's your best piece of advice for aspiring and new entrepreneurs?
Develop a clear focus on what you do and what you don’t do. Be sure to article that well on your website and with everyone you talk to about your business. Then develop an elevator pitch. Practice it until you know it cold. It’s incredibly important to articulately communicate what you do and why it matters. I often participate in virtual networking events and I’d say that 50% of the time I can’t get a clear picture about what the person does base on how they describe themselves. Be sure to communicate confidently and clearly.
What's your favorite app, blog, and book? Why?
App: Focus Keeper. It uses the Pomodoro method, which is a focused work period of 25 minutes followed by a 5-minute break. I use it every single day to help me stay focused. It is simple yet effective.
Blog: caphillstyle.com – A blog about fashion, work, and life written by a former DC lobbyist. It’s always full of timely information and entertaining but smart content. There are several posts per day so I always check it during my 5-minute Focus Keeper breaks!
Book: The Diary of Anne Frank. I have read it dozens of times. I first read it when I was about 10 years old and it had a profound impact on me, especially since I was around the same age as the author. As I have gotten older, I see new facets in the experiences that Anne writes about. The book is both tragic and uplifting. I find something new every time I read it. There are also parallels we can draw to today’s environment in terms of the pandemic. Although we are not hiding in an attic all day, we have dramatically shifted our behavior.
What's your favorite business tool or resource? Why?
LinkedIn. It is an incredibly powerful tool. I use it to source information, read the latest articles about fundraising, promote my own work, and see what others in my field are working on. LinkedIn enhances my work by identifying articles that are relevant to me and my work. It also allows me to amplify my work and my business.
Who is your business role model? Why?
Oprah Winfrey. She has changed so much over time yet always remains relevant. She monetizes her strengths and brings people in through her vision.
How do you balance work and life?
I don’t balance, necessarily. I think about work and life as a see-saw. It goes back and forth; sometimes it’s balanced, and sometimes it’s not. I evaluate every personal and professional decision I make in order to assess if it is a good use of my time. Being intentional helps to keep the seesaw more balanced.
What’s your favorite way to decompress?
Yoga. I practice almost every day.
What do you have planned for the next six months?
In addition to my client work, I plan to increase my writing and blogging. I enjoy thinking about fundraising and expressing my thoughts and opinions. I have begun to schedule this time into my calendar to make sure it happens.
How can our readers connect with you?
You can visit my website, sign up for my monthly fundraising newsletter, and also follow me on LinkedIn.
Links:
Company website: www.littlebeangroup.com
Newsletter signup: https://tinyurl.com/LBGsignup
LinkedIn: https://www.linkedin.com/in/stephanie-schwartz-2940536/
Contact Information:
Stephanie Schwartz
202-368-0146