A Not for Profit Organization is one that operates for a purpose and not for the profit or gain of its individual members. It can be one of the most rewarding ventures you ever set out on in your lifetime, but it can also be very trying. There are a lot of things to consider when starting an NFP, and it’s best to take your time carefully planning and grouping the right people together before launching into it. Here’s how to start a not for profit organization in Australia, though you can do this in almost every country. These business tips will help you get started.
Do Your Research
Setting up a Not for Profit Organization can be an exciting time. You might have a great idea and be really excited about what you are about to embark on, but make sure that you do your research, and in-depth thorough research, into the field you plan on entering. Be sure to know what other organizations are out there, what they are doing and how you can fill any gaps they might have left, or improve on how they do certain things. Avoid setting up a competitive organization to a pre-existing community or group trying to do the right thing.
Set up Administrative and Financial Systems
Before you start your Not for Profit Organization, make sure you establish professional administrative and financial systems. Get some trusted guidance on setting up budgetary plans, code of conducts, policies and procedures and ensuring you get the right Australian Not for Profit accounting software.
Plan how your Not for Profit organization will look and whether it will be a company or a incorporated body. Every country is different, so look into your specific laws. Each state in Australia has differing rules and regulations regarding the set-up of a Not for Profit organization so check in with your respective Office of Consumer and Business Affairs to find out exactly what regulations relate to you.
Establish a Trusted Committee
Many Not for Profit founders try to run on passion alone and take on everything for themselves when setting up an organization. The truth is, you can’t do everything on your own, or even if you manage to get by, you are not doing it as well as you need to be. Find a trusted group of talented people with diverse skill sets they can bring to the table and work together toward a common goal. Business’ are all about the people within a company, so the success of your organization will rely on what great people you can bring on board.
Be Prepared for Setbacks
Establishing a Not for Profit, or any business, is a challenging venture to embark on. Many organizations cannot sustain themselves after the first few years of operation, which is often caused by the organization’s founder finally running out of passion and drive. This is another reason why it is so important to collect the right group of people before embarking on this venture, to help ensure its longevity.
Having the right people on board will help ensure that someone is there to take the reins when one person loses their motivation or is involved with personal or work commitments. Having a strong support group that you work with will also help create a social network of supportive people all working towards a common goal. It is also important to think about an exit strategy for your organization and its stakeholders, in case it becomes too much and you are forced to end the organization for whatever reason.
Take the time to organize and plan your Not for Profit before jumping straight into the deep end. Surround yourself with great, talented people and enjoy the experience. This may very well be one of the most important ventures of your life, so it’s important to do it right.