Starting a non-profit business is one of the most difficult and rewarding experiences in business. On one hand, you are helping people through somewhat difficult times at little or no cost. While on the other hand, you are totally self-reliant when it comes to funding your efforts. In fact, even government funding can be hard to come by. Below are three key areas to consider before launching this type of venture.
Choosing Your Niche
Let’s face it! There is no shortage of people around the world that need help in one way or another. However, as with any business, you simply cannot serve everyone. Niching down to one particular demographic ensures that the people you want to help get the help they need. In addition, it lessens the load that you have to carry as a non-profit business.
Whether you choose to provide fundraising services like Global Faces Direct (see https://www.globalfacesdirect.com), or a more direct approach such as caring for the elderly like Seniors for Seniors (see https://seniorsforseniors.ca), the work is rewarding. Just keep in mind, non-profit businesses are held to a higher standard than most other industries.
Record Keeping
As in any business, record keeping is serious business. There are incorporation and stakeholder documents, tax information, and general business policies to keep track of. The is standard across the board. However, non-profits must take it a step farther. Every charitable donation must be recorded and documented carefully.
Laws And Regulations
The laws and regulations associated with non-profit businesses are very strict. The government wants to ensure that donations are used according to the law and the premise the non-profit was formulated on. Failing to know and understand these laws can leave you in financial jeopardy with the government.
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