If you’ve ever spoken with anyone who has started a non-profit organization before, they’ll tell you just how difficult and arduous an undertaking it is. Here at Business & Financial Solutions, we’ve seen many individuals successfully start and build a non-profit organization. We’ve also seen what it takes to fail—an event that occurs all too frequently, even when the best of intentions are on board. While luck and fortune may play a chance, there are some commonalities in either camps. Face it, you may have to hire a consulting firm to assist you.Let’s talk about some of the essentials to consider if you want to make your non-profit a success. First things first…
Business plans aren’t just for lucrative start-up ventures or trendy new restaurants. Business and Financial solutions can help you write the business plan you need for your non-profit organization—this means looking at finances, considering donations, grants, fundraising, and future trajectories. A plan is a guideline that can be modified but it’s also cornerstone of weight and authority behind your organization.
Whether you’re looking for partners or contributors of any kind, a business plan shows that you’re serious. You are accounting for budgeting and forecasting. And if you work with professional consultants to help craft the plan that’s right for you, your business plan can be the difference between failure and success. Such plans should be detailed enough inasmuch as it’s useful. However, it should not be bogged down by every minute consideration. Some of the best plans are under 50 pages long. Your mission is included in your plan. Yet your plan is so much more than just your mission.
Becoming a “non-profit” means that the IRS has you registered as a 501(c)(3) organization. This means you’ve been approved as a tax-exempt, charitable organization. Although, as www.501c3.org describes, “Charitable is broadly defined as being established for purposes that are religious, educational, charitable, scientific, literary, testing for public safety, fostering of national or international amateur sports or prevention of cruelty to animals and children.” This relates to how you’ve described and outlined your mission. The goal and purpose of your organization is probably not going to just be to “make as much money as I can”.
To register as a 501(c)(3), you’ll need a number of different tasks completed. It includes putting together a board of directors and filing form 1023-EZ. And most likely you will incorporate the organization. Or you will have to establish some other form of legal entity. This is another reason you’ll want to work with an established accounting and consulting firm.
Successful people have a habit of emulating the habits of other successful people. Wise leaders generally have clever advisers and are wise enough to utilize them. Working with a professional consulting firm such as Business and Financial Solutions, as well any other individuals you can tap to give advice, contributions, or logistical knowhow, is going to be a crucial ingredient in making your organization a success. Unless you’ve done it before, going it alone on a new non-profit is not a recipe for success. Build your non-profit on a foundation of wisdom and success. Call BFS at 855-557-2222 or email firstname.lastname@example.org
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