You can be approached by other businesses or individuals who are in need of financial assistance for upcoming events they may have planned. This assistance can come in the form of a sponsorship or a donation. Sponsorships can be more of a marketing ploy, to help get your company's name out there. Donations are charitable in nature and the contributor is not expecting anything of value in return. Both of these actions will require you as a business owner to dig into your business account to shell out the funds for whichever one you decide to do (or not). We have actually done both with our business and we want to give you all some insight on why we chose to do what we did.
