Non-Profit Organization:
A Non-Profit organization is one formed for social welfare, having a business cycle in which all the income and revenue generated are recycled again into the business for running all the charitable projects. A non-Profit organization is usually misinterpreted and confused because of the title Non-Profit, but what it means? It is a business that can earn profit by providing products and services, but it has one prohibition that the earned incomecan’t withdraw from the business as a personal income; instead, it is used again in the organization to support business funding and assets.
Starting a Non-Profit Organization:
Starting a Non-Profit organization requires all the efforts which a profitable business does. Before setting a Non-Profit organization, consider the following factors to create a massive impact and to keep your organization stays in the lead for the long term. Here is a Five-step plan for starting a Non-Profit Organization.
- Describe the need:
For setting up a successful Non-Profit Organization, before anything else, we need to conduct a need analysis that requires the answers to the following questions.
- What’s the core objective to set up a Non-Profit Organization
- Is there any other organization that exists in the same business? What are the key differences?
If you have conducted sound research on the need analysis than, setting up a Non-Profit organization is not a tough ask.
- Building a Strong Base:
For operating successfully, a strong base is a must which may include
- Catchy and a meaningful Organizational name
- The niche in which you want to conduct business operations
- The area or city for business operations
- Operating cycle and mode of collecting finances
- Method to be used for maintaining credibility and public trust
- Business Plan:
Running a successful organization depends upon the efforts which we have put in to create a successful business planbecause goals and objectives can’t lead a business to success, because “by failing to plan we are planning to fail” (Benjamin Franklin)
A successful and solid business plan includes;
- Executive Summary
- Services you are planning to offer
- Market Analysis Report
- Marketing Plan
- Organization and operational structure
- Finances:
Before actually diving into the business pool, a Non-Profit organization shall evaluate all the possible Financial sources be it is from donations, grants, or by selling products or services. If we are planning to stay in the long run, we need to have a sound financial back.
- Going for The Registration:
When done with your planning, so here come’s the time to get registered so your organization is found among the list of non-profit organizations accordingly or as a Non-Profit organization with the federal government, and company registrar, for that you need to file an application, along with your business plan, with all the proofs for running a business solely for a welfare purpose.
Then you have to fill and submit all the paperwork including, your company name, operational city, members and board of directors, and to file for Tax Exemption from the revenue board of the country.
