What To Consider Before Starting A Non-Profit
The first and most important question to ask yourself is why you want to start a non-profit.
While there are few hoops you have to jump through to have a no-profit declared.
It will still take a lot of work to make your non-profit successful.
Will, you have the determination to do the leg work when that work gets tough?
Next, you must ask yourself what is your mission. What are you trying to accomplish by starting your non-profit?
Once you have those steps figured out,
it’s time to write an elevator speech. You’re going to be talking to a lot of people, to either inform them of your organization or to try to get donations. So you need to be able to explain the non-profit in a few minutes.
The fourth step to consider is how will you achieve the goals you set for yourself. It’s all well and good to be able to talk about your ambitions, but you need to also have a plan to fulfill those ambitions.
The fifth step is to make sure it’s practical, will your non-profit meet the IRS’s 501(c)(3)
tax exemption, you need a practical business model.
You will also be devoting a lot of time and energy to what you’re creating, can you do it?
The next step to consider is your viability can you survive the tough financial times ahead,
do the leg work necessary to get your idea off the ground, and keep it from crashing?
For the next three steps, you must ask yourself is who will be your board members,
in order to qualify as a non-profit, these people are important.
They can also help by directing you, your employees, and volunteers.
Board members can also bring influence that will help raise money for the organization,
they should also be willing to donate their own money to the non-profit.
Next is to figure out who will help you manage your non-profit,
in terms of scheduling and other day-to-day operations.
When first starting out, these employees can be your board,
but as operations expand they should be separated duties.
Finally, you must ask yourself how much all of this will cost and who will pay for it.
Sit down with your board and plan your budget,
if there are other organizations similar to what you’re doing,
try to look at their budget for a starting point.
Once this is out of the way, talk with your board about how to pay for everything.
From grants, and donations, as well as program fees, etc.
The final and most important step once your non-profit is off the ground is to
make sure your organization stays in compliance.
Not only with the IRS but with state and federal agencies as well.
It might seem like a lot but in the end,
you’ll be making good for the community you’re trying to help.
Go to The Foundation Group for more information.
Written by Ashley Benson
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