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If you’re inspired to serve your community in a meaningful way, starting a nonprofit organization is an excellent way to do it. While it isn’t easy, running a nonprofit can improve the lives of community members while also providing purpose and fulfillment for those working for the nonprofit. Below, Write Daily News outlines many of the tasks necessary for getting a nonprofit off the ground and thriving.
The Legal Side
There are many legal factors at play when starting a nonprofit. Here are a few of the most important steps to consider:
- Register the nonprofit’s name with the state.
- Assemble a board of directors, and draft the organization’s bylaws.
- Submit an application to the state for tax-exempt status.
The Financial Side
Even though an organization might be considered a “nonprofit,” it still needs to be built on a firm financial foundation so that it can flourish for the long term.
- Create a budget by using data to assess realistic fundraising outcomes and expenses.
- Use software like Intuit Mint to keep the financial plan and outcomes organized.
- Consider working with a professional accountant to help in the decision-making process, such as whether to cut costs or invest in a particular program.
- Remain financially transparent so that supporters know their hard-earned money is being used responsibly.
The Management Side
Managing the day-to-day of a nonprofit organization is no easy task. But keeping these tips in mind will lay the groundwork for success:
- Regularly review policies to determine if any pressing changes should be made.
- Consider the expertise of each board member when assigning management, financial, legal, and marketing roles.
- Look into board management software that can make the management process more efficient and less stressful.
- Save money by advertising for free via social media like Facebook, Twitter, and Instagram.
- Supplement digital advertising with some old fashioned approaches. For instance, use this free business cards tool to generate cards you can hand out to potential clients!
- Never lose sight of the original mission of the nonprofit.
Starting a nonprofit can be one of the most effective ways to contribute to the betterment of the community. It can also be a thoroughly rewarding career move! Following the tips above will help anyone interested in starting a nonprofit set their organization up for long-term success.