If you have been thinking about how you can go about giving back to your local community, I’m sure that you will have already thought about helping charities. Local charities are always very grateful of any donations that they can get, and they also regularly look for volunteers who are happy to give up some of their free time to help out. But have you ever thought of doing something a bit different to help your local community? For instance, why not set up a non-profit organization? This is a great option for anyone who has a bit of business experience, as running a non-profit is much like running a company – except all of the profits are put straight into charities and social causes.
Ready to set up your very own non-profit? Here are some great tips on how you can do just that.
Carry Out Plenty Of Research
First of all, it’s worth doing plenty of research, especially if you don’t already have any prior experience of setting up a business or organization. Thankfully, there are lots of experts out there, such as David Johnson, who you will be able to turn to for help and advice. It’s also worth doing some market research to make sure that there is a high enough demand for the type of non-profit that you want to set up.
Write A Mission Statement
All non-profit organizations need to have a mission statement. This is kind of like a business plan, and it is what you use to set out the values of your organization and what you would like to achieve with it. It should also outline the groups who should benefit the most from it. Don’t worry if you struggle to write this kind of statement – you will find plenty of templates that you can use online.
File For A Tax-Exempt Status
As a non-profit company, you won’t be required to pay any tax. But beforehand, you need to let the IRS know that this applies to you. So, to do that, you just need to file the necessary files with them. It can take a few months for the IRS to officially label your organization as exempt, so you should bear this in mind when setting up your company. Ideally, you need to have the tax-exempt status in place before you start trading.
Incorporate The Organization
It’s important that your non-profit has a formal structure. This will help organize the board and will make it easier to delegate tasks and responsibilities. Not only that, though, but putting this kind of corporate structure in place will limit your own liability just in case anything were to go wrong. This may involve filling in a lot of paperwork, but it will certainly be worth it in the long run.
You will find that running a non-profit is a very rewarding experience as you will be serving your community and helping with some local cause. Hopefully, all of the tips above can help you get started.