Thinking of Starting a Nonprofit? Here's 5 Essentials You Need to Know

Starting a Nonprofit can be an enriching experience. However, growing and sustaining a nonprofit may take years of effort and a great deal of perseverance. The biggest challenge for most new nonprofits is to develop and maintain reliable income streams. For a Nonprofit organization to be successful, the planning process should begin well before you decide to form your organization. Planning your programs, creating a start-up budget, and solidifying your mission statement should be among the first things you do.

Forming a Nonprofit organization is similar to starting a for-profit business; it requires a solid understanding of business planning, tax law, marketing, financing options, and leadership.

Here is an essential checklist for how to start a Nonprofit Organization.

1. Do your homework, conduct a needs analysis.

Find out if organizations are already providing similar services in your community. Also, locate demographic data that proves a need for your services. If there are already organizations in your area that offer the same services, the need and support for your organizations' services may be limited.