November 8th, 2018 by Admin
Starting a Non-Profit can be the best decision for what you want regarding business and giving back, but what does it require? Before you start thinking of how you will handle donations, here are some steps you will need to run a great non-profit organization from the start.
Non-profits require planning just like any other business. You need to know your purpose, direction and whether or not it is the right fit for what you are trying to accomplish. Before you start, you need to ask yourself these questions:
1. What is the primary objective?
2. What audience am I trying to reach?
3. Is opening my organization truly necessary?
4. What is the plan or timeline?
As you begin to think about these question, you will be able to start a draft of your business plan. Having one will help you when it is time to fill out your form 1023 for Tax exemption, to map out a marketing plan and even fundraisers in the near future. Knowing how you are staring and where you are headed will help you make the process a lot smoother.
Another thing to consider is what you require to start. Not only do you need to count the time and effort, but the actual cash you need to start this venture.
The initial costs you must consider are:
1. State filing costs
2. Incorporate Your Nonprofit & Establish Governance
Aside from the costs to start you need to consider and understand the complete paperwork and marketing costs that will require your organization to bring in donors and advocates of your cause. Considering answering these questions:
1. Who are you (organization)?
2. What do you do?
3. What are the benefits of supporting your cause?
4. Why should they (audience) choose you?
5. Why should they believe in you?
Based on these you will be able to build an idea of crucial investors, advocates, and donors that will make your organization prosper.
There are plenty of more things to consider, but these are the necessary steps to get you started on the road of non-for-profit success.
Posted in NTCGives, Small Business Improvement Tagged with: business, business men, donations, entrepreneur, entrepreneurship, filing, fundraiser, incorporate, non-profit, organization, taxes