Have you ever wondered about what it takes to successfully run a non-profit; both the basic and major things that are required? Granted that the process is not rocket science but neither is it a walk in the park. Non-profit, just like any other corporate venture would challenge you in many ways than one and what would determine your success or otherwise, is how ready/equipped you are to handle them and your passion to keep things going even when it seems as if things are not working according to your plans.

This article would give you the critical heads-up and all the information you need to know, in a detailed way.

Work on Your Business Plan

In actual sense, a non-profit is just like any other business venture except that the motive is not to amass profit. Therefore, as a first step, you must create your business plan for it. A business plan is a written document that analyses the prospects of a venture, including its marketing strategy and finances, as well as its balance of account viz-a-viz the profit and loss projections.

Your business plan is more or less like a road map that will guide you from your starting point towards a foreseeable future, and would help you to avoid possible mishaps along the way, thus ensuring you’re able to arrive at your desired goal. Furthermore, it becomes more complex if you are in need of external funding or investors. If this is the case, then you will have to make your business plan to be very clear and concise, while indicating your aims and objectives, and how you will be able to ensure that everything is run efficiently.

Plan Your Business Goal

This is the stage where you will plan your internal structure. Your non-profit will need to have a governing body and the members will be the ones to take care of specific issues as well as legal responsibilities. It will take pressure away from you and you won’t be stressed up trying to do everything yourself. You should endeavor to recruit a team that will share in your visions. Thus organizing orientations, evaluations and trainings could help in that regard. It is equally important to incorporate your nonprofit because there are lots of benefits attached to it, such as;

• It will add credibility to your non-profit

• It will deflect the whatever liability that could possibly emerge from the governing staff members

• You can make use of the documents during your paperwork at the IRS

• Incorporating your nonprofit is an acceptable first step in its registration pending when it will be 501(c)(3) ratified

Get Non -profit Status

This is another crucial step you must take at the early stage, i.e. to apply and get registered as a non-profit which will earn you a tax-exempt status, also known as 501(c)(3). The appropriate place to apply for this is the local office of the Internal Revenue Service (IRS) nearest to you. There is always a fee attached to such license, which would depend on the specific method you choose. Do bear in mind that in the process of applying, it may take as long as 3 months to one year before the IRS will categorically respond to your request and inform you if it was endorsed or not.

Look for a Trust worthy Team

This stage is often taken for granted by initiators of nonprofit, but in reality, it is very crucial. Nonprofit is not meant to be a flash in the pan that would be functional today, and nonexistent tomorrow, rather it should be able to last as long as it is necessary and having a team that is trustworthy and passionate about its objectives is key to that. You should only assemble people that share same vision with you. Therefore, it is important to be professional and avoid the temptation of selecting team members based on sentiment or any other consideration except their proven expertise or potentials to help promote the nonprofit.

Ask for Help and Connect With New People

Just like the saying goes—two heads are better than one. It is not recommended to go about it all alone; on the contrary, this is a time you would need to seek for help at the appropriate quarters. You shouldn’t hesitate in reaching out to friends, family members, colleagues or random people you believe could offer help in terms of advice or financial assistance. This period ought to open a new vista when you connect with new people that could share in the prospects.

Make a Plan for Organization Structure

You should personally plan how the nonprofit will be run or at most involve your closest confidant. You can create a flow chart or an algorithm that will encompass every stage of the entire structure. This is a time you will need to brainstorm on all possible dos and don’ts—how you will source for funds, who manages what, how you will embark on outreach, how beneficiaries will be selected etc. as well as areas that will be off limit.

Manage Your Finance

Finance management is vital to the overall integrity as well as sustenance of your nonprofit. The way the finance is handled would rub off on the nonprofit. If it is properly managed, people will have a desire to identify with it either as volunteers or donors.

Keep a Track of Your Data and Analyze the Success

It is important to keep a data base about all your activities, beginning from the onset. This will not only show how transparent and organized your nonprofit is, but will equally help you to holistically appraise your activities so you can be able to tell which areas you will need to sustain or put more effort.

Diversify Your Fundraising Strategies

It is often advised that nonprofits should have several options through which they can raise funds. It is risky to rely on only one of revenue stream, because should there be any problem with that source, it would put your entire activities in jeopardy. Some smart nonprofits also exploit website fundraising as a significant income source. A standard nonprofit is one that is reliable at all times and having a diversified income base is the best way to ensure that.