Starting a non-profit organization is a very fulfilling way to earn a living while giving back to your community. Whether you decide to help people, animals, or the environment, your non-profit is sure to have a positive impact on the world around you. But launching and growing a non-profit can be complicated. Soliciting help from financial service organizations like Northeast Financial Strategies is a great place to start! Here are some other tips and resources for organizing a successful launch.
Lay the Groundwork
Before getting too deep into launching your non-profit, take the time to do market research, structure your business properly, and ensure that running a charity is the right path for you.
- Do some market research to find out if there is a need for your services in your community.
- Make sure running a non-profit is the right move for you.
- Structure your business as an LLC to give credibility to your services and limit your personal liability.
Keep Everything Legal
Non-profit organizations have to navigate a sea of complicated legal regulations. Get everything set up right from the beginning so you can avoid legal issues in the future.
- Register with your state charity official before soliciting donations for your non-profit.
- File for 501(c)(3) status to be exempt from federal taxes.
- Avoid activities that can jeopardize your tax-exempt status, like failing to meet your annual reporting obligation.
- Understand and adhere to the reporting requirements for your state.
Secure Adequate Funding
Earning funding for your non-profit will be one of your main jobs. As you prepare for the launch of your organization, start soliciting donations to cover your startup costs.
- Be prepared to cover common startup costs for things like a website, office space, and staff.
- Look for funding opportunities in your personal networks and start raising money from donors.
- Work with Northeast Financial Strategies to stay on top of daily bookkeeping to monitor and manage your cash flow and
If you’ve always wanted a career focused on benefiting society rather than earning profits, launching a non-profit could be a great move. The startup process can be tricky, so take it day by day and try not to get overwhelmed. Keep these resources close at hand so you can reach for answers whenever you run into a roadblock.
Professional services can make it easier to launch and grow your startup. For help with tax preparation, money management, accounting, or payroll, reach out to Northeast Financial Strategies today.