With the Iowa caucuses and New Hampshire primaries out of the way, the presidential candidates return to a bit of business—raising money.

Take Barack Obama as an example. How did he follow up his second-place finish in the New Hampshire Democratic primary? With a Wednesday trip to New York City and a big ticket fundraiser where his campaign reportedly had to turn away prospective donors willing to pay $2,300 to meet the Illinois senator at a pre-event reception. Total estimated haul for the event: $750,000. Total take since Tuesday night: $1.5 million.

Elsewhere in the field, Obama's top Democratic rival, Hillary Clinton, took in $1.1 million since her win in New Hampshire. "This is an opportunity for us to blow the roof off the place," Terrence R. McAuliffe, Clinton's campaign chairman, said on a conference call to big donors on Wednesday.

The money couldn't come at a better time. Clinton, the dominant fundraiser throughout 2007, struggled in the days following her third-place showing in Iowa, collecting $1.7 million between Jan. 3 and the New Hampshire primary, according to a story in the Wall Street Journal. While such a figure would be manna to most of the other campaigns, it was seen as a sign of trouble for Clinton. After New Hampshire, besides the actual $1.1 million in contributions that came in, the campaign also got pledges for $5 million more.

Among the Republicans, Mitt Romney's campaign corralled 500 fundraisers into a ballroom at the Boston Convention Center on Wednesday to work the phones. By the end of the day, the campaign says it raised $5 million for Romney, who took second in the high-profile Iowa and New Hampshire contests but won the low-key Wyoming caucus.

"All of these candidates, including the frontrunners, are looking for quick money now and trying to raise as much as they can, as quickly as they can," said campaign fundraising expert Anthony Corrado Jr. of Colby College. "They're entering a period now that's going to be very travel intensive and very media intensive, which means lots of cash out the door."

The candidates are trying to stockpile cash in preparation for next week's primaries in Michigan and Nevada, and, later this month, in Florida and South Carolina. Then there's Feb. 5, where 23 states—including California and New York—hold primaries on the same day.

Michigan is being seen as a must-win for Romney. The campaign suspended advertising next week in South Carolina and Florida, even though he's been on the airwaves for months there. Spokesman Kevin Madden said the strategy was to focus Romney's paid messages in Michigan. "That's where the next playing field is," Madden told Reuters.

"I know it just sounds like words, but we are going to win Michigan," Romney told the volunteers inside the Boston Convention Center. "Hit the phones today, make all the promises you have to and make sure that we get the funds that we need to keep on propelling this campaign forward with power and energy."

The man who beat Romney in New Hampshire, John McCain, held a conference call with his finance committee and top fundraising staff Wednesday to direct them to seek out new donors, according to Politico.com. McCain adviser Charlie Black told reporters the 'Mac is Back campaign' is fully funded in Michigan and South Carolina and is looking toward Florida on Jan. 29. "Starting tomorrow, every dollar we raise now will go to Florida," Black told Time.com.

McCain's camp hopes his win on Tuesday persuades those who were reluctant to give to the Arizona senator before, will do so now. One group of potential givers eyed by the campaign are "momentum donors"—which could include backers of Rudy Giuliani who may be concerned that the former New York City mayor hasn't yet scored big in either Iowa or New Hampshire.

On Wednesday, Giuliani campaign strategist Brent Seaborn sent an email seeking contributions to supporters stressing that his candidate isn't running a "conventional campaign." Instead, he said "winning requires a different strategy"—one that makes the Jan. 29 Florida primary a must-win.

For Mike Huckabee, who stunned political analysts with a win over Romney in Iowa and who has been at the back of the pack in terms of fundraising, his campaign is using its newfound gravitas to woo donors. The campaign set a deadline of today to raise $1 million since Jan. 1. As of 1 p.m. Thursday, it had taken in just over $865,000.

Another candidate with a goal is John Edwards, the Democrats' 2004 vice presidential nominee. Edwards placed second in Iowa but trailed in third in New Hampshire. The Edwards campaign wants to raise $1.8 million by Jan. 26, the day of the South Carolina primary.

Even though the initial nail biters are over, both Democratic and Republican nominating races are still wide open. It's up to the candidates to convince their donors that they're still in it to win—no matter what those voters in Iowa and New Hampshire say.

by Liza Porteus Viana

CORRECTION: Due to an editing error, Portfolio.com originally reported that Mitt Romney was without a win so far in the presidential race. Romney came in first in the Jan. 5 Wyoming caucus.