Starting a charity business can pave the way to a meaningful legacy for you and future generations. With such a worthy cause in mind, it is important to take the right steps for success. Because of this, here are the first questions you should be asking yourself as you move forward with starting a charity business.
What is your vision and your mission?
Your vision relates to the inspiration and goal you foresee coming into fruition. It is not about the numbers or logistics; it is descriptive, creative, and visual. Meanwhile, you mission serves as the follow-up to your vision, where creativity gets honed in to form more concrete descriptions of intent and purpose. Your mission should reflect a measurable and attainable goal. As you establish your vision and mission, this is also the time to set in place core values of the organization you have founded.
Have you done your research?
While passion and creative vision are crucial components to starting a charity business, it is still a business at the end of the day. This means that careful research of measurements and logistics also need to be implemented from the earliest stages. Research the need for your business, sponsorship opportunities, and best structures for nonprofit organizations.
What will you name it?
The name of your business will be the first introduction people have, so it is important to come up with a name that reflects what you are doing and why you are doing it.
What is your plan?
In this stage, you need to plan out short-term and long-term the steps you want to take to achieve your outlined goals and milestones. A written plan with strategy, tactics, budgeting, and timeline will further cement the reality of starting a charity business.
Do you have a website?
Creating a presence on the internet will help you announce your vision, intentions, and purpose to the masses. A website is a great tool to give people a visual and understanding of the passion behind the cause you are supporting. In addition it gives people the necessary information to help you support your cause.
How will you fundraise?
Whether you are creating a particular product or service, it is up to you how you are going to donate the proceeds accordingly. As the business takes off, be sure to spread the word of your company to anyone that is willing to listen. Try to send out emails, make calls, set up meetings, and give presentations. The more people who know about your business, the more funds for your cause you will get.
Is your advisory board established?
Your advisory board should be a carefully selected group of people who have substantial nonprofit experience. These people can advise you properly in all regulations and legal requirements. They should be well-versed in both business and charity fundraising in order to help your company launch go as smoothly as possible. Once your charity business is established, you can begin to expand your advisory board to fundraising leaders, significant donors, and potential donors.