Starting a non-profit can be a lot easier than you think. A non-profit company gives you the chance to give back to your community and maybe start to make a difference in your selected neighborhood. But starting a charity organization is just like starting a for-profit business. And just like starting a normal business, there are steps that you need to take to make sure that you are successful. Here are some tips to consider before you jump in.
As you begin the process of planning your idea, make sure to do your research so you have a clear mission and vision, for your non-profit. Know your desired timeline and have a plan to reach your desired audience. Consider investing a good amount of time, in the beginning, developing a detailed and professional business plan. This is an important step because you will need parts of your business plan to include in your federal Form 1023 application for tax-exemption status and future fundraising. Wise Business Plans specializes in providing their customers with the most up to date and expertly written business plans for non-profit entrepreneurs.
One of the most important facets of your business plan is to determine your initial startup and your future operating costs. As with any other business, office space, supplies, any licenses, permits and certifications can begin to add up a little bit, but often you can get other business leaders in town to donate some of these items. As for the fees and permits, your state’s association of non-profits is a good starting point.
Your new nonprofit company will not be able to get around the paperwork that is required in starting a business and to obtain a 501(c)(3) tax-exempt status. This will be where most of your time will be focused on in the beginning. To make the process of getting to 501(c)(3) faster, make sure you have decided on a great name that will command attention to your cause. Also, recruit a board of directors and have a firm set of bylaws. This will be your operator’s manual. You will need to submit these when applying for your federal tax-exemption.
Be sure talk with legal counsel and your accountant to determine which legal structure will be best suited for your company. A non-profit corporation, non-profit LLC, and L3Cs are some of the most common, with the non-profit corporation being the most common of them all.
A professionally written business plan is absolutely key to providing those looking to make large donations with the information they need to commit funds to the project. The Wise Nonprofit Business Plan, written by our expert MBA business plan writers, is carefully crafted to meet the unique needs of nonprofits companies and organizations.