Top 5 things you need to remember while starting your nonprofit:

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Top five things you need to remember while starting your nonprofit:



Starting a nonprofit can feel very overwhelming as you struggle to find the starting line. Though there are many factors involved, here's a shortlist to help you get the ball rolling as you turn your ideas into a reality. These are the top five things you will need to keep in mind as you start your nonprofit.


Study Up:


Okay, so now that you have a good idea of what you want to do, take a moment to study up your business. Investigate your topic and how your services will benefit the community (s) you wish to assist.

  • Research similar nonprofits so that you may get a better view of the services you wish you apply.

  • Develop the key concept of your nonprofit.

  • Organize the additional functions you wish to present.

  • Figure out how your nonprofit will differ from the others.


Give it a name:


Choosing a name for your nonprofit can be the most fulfilling yet stressful detail you’ll need to do. Though it may be tempting to select a vague or catchy phrase, one must keep in mind that this name will come to reflect the image in which you choose to present to the world.

However, this doesn't mean that your name needs to be ‘boring’ to succeed, quite the opposite in fact. The name of your nonprofit should provide a unique element that allows it to stand out from the rest.


Mission Statement:


A mission statement consists of either a paragraph or sentence that helps characterize your services to the public. A mission statement can also help assist you in securing subsidies or donors for your nonprofit.


For more information, you can go to:

https://donorbox.org/nonprofit-blog/nonprofit-mission-statement/


Business Plan:


Alright now that you have a clearer direction in where you want to go, it's time to create a business plan:

  • Marketing research allows you to gather information about your intended demographic.

  • Creating a financial plan, allows you to think about the amount of money you will need to collect and from whom (grants, funds, subsidies, associates, etc).


For more information, you can go to:

https://www.sba.gov/business-guide/plan-your-business/write-your-business-plan


Officialize you're nonprofit:


Depending on your country’s laws you must submit a report to the appropriate government office. If you are a citizen of the United States, for example, you would have to file the form pertaining to your nonprofit with the IRS. Once your nonprofit has been submitted, it will take several months to hear if your business has been approved or not.


For more information, you can go to:

https://www.irs.gov/charities-and-nonprofits




Michelle B.



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