January 27, 2014
Just like any other business, non-profit organization requires much forethought and planning before string to run it. The fact that you have thought about starting a nonprofit means that you are ambitious and this is a good starting attitude. The baseline for steering the work is a great idea behind a committed leader. Here are some 10 things you should keep in mind;
- Identify your mission– It is wise to ask yourself ‘why do I want to start a nonprofit?’ Your mission is also determined by the group of people you want to serve.
- Determine the core activities which will mark the organization’s brand– These must be in consistence with your mission. Research is needed to avoid mere imitation of other’s professional ideas. When you understand how you will be unique in the market, you will have the courage to further your mission.
- Know exactly where you expect to obtain funds and if these sources offer sustainability- One of the major causes of nonprofit downfalls is lack of sufficient funding or poor money management. Since starting a nonprofit solely depends on charitable funding, ensure a well-developed funding strategy.
- Ensure you have sufficient resources needed for a solid foundation of your organization– Efficient operation and organization of a nonprofit depends on a strong base. The various individuals who can help you achieve this include; board of directors and human resources. These will ensure smooth administration work, fundraising programs and efficient governance.
- Training and bylaws– Get the necessary training and education for your team and yourself on the basic laws governing the operation of a nonprofit, including duties and responsibilities of board directors, filing requirements, expected code of conduct, charitable solicitations and tax information.
- Draft your plan– Your draft is a summary of all the points discussed. You will need to be flexible so as to make the necessary changes in your draft according to changing circumstances. Your draft should include a budget plan, which you will be required to submit to the IRS so as to be exempted from tax obligations.
- Tax exemption-Your submitted form for tax exemption requires your full attention. Check with your current State for regulations.
- Donations– Consider where you intend to obtain charitable donations and know if you are required to first register.
- Get guidance on how to run the organization through governing documents.
- Know your place in the market and your relevance to the society.