Is My Nonprofit Idea Profit-ABLE?by Chataun Denis on 07/23/15
Do you have a nonprofit idea but you aren't sure how to bring it to life? Are you overwhelmed with ideas? The first and most basic action in determining your next steps to starting your nonprofit is to define your business model. What is your product and/or service? Who are you selling to? When will you sell and at what frequency? Where will you sell? What channels will you use to get the word out? Why is your product/service needed? What makes it unique? How will you bring your product/service to market?
Is your nonprofit idea Profit-ABLE? The days of operating like a charity are over. In order to deliver programs and services, you need money right? Not only do you need cash, but you need a surplus of revenue in order to keep pace with inflation, cost of living, raises, etc. As you're going through this brainstorming process, figure out the price at which you can sell your product/service as well as the quantities that need to be sold.