Advice for Nonprofit Start-upsby Chataun Denis on 07/30/15
Tip #2 - Write
a business plan. I can’t say this enough. The cliché if you fail to
plan, you plan to fail is very true, especially as a nonprofit. As a
registered tax exempt organization you’re being held accountable by the
IRS. As a sole proprietor, Limited Liability Corporation, or Partnership
you’re not. Not only is the business plan a way to help you stay
compliant, it details your plans for recruiting partners, board members,
donors, and volunteers. It is the document that describes the course
of action to reach your goals. Trying to manage this information in your
head is a recipe for mental illness.
Tip #3 - Don’t quit your day job!!! Since you’re likely financing your own start up, take baby steps. Don’t let passion override rational decision making. Don’t take out a lease on a building for a new day care if you know it won’t pass inspection and you know you don’t have money for repairs. This may sound insane but I see these types of mistakes made all the time.