A vision without a plan is just a dream.
Everyone claims they want to be a BOSS or a CEO but honestly is starting a business right for you? Have you figured out your passion in life? How can you turn your passion into profits? Are you pursuing your passion to make money or to volunteer your time? Will your “passion” be your main source of income? If so, then non-profit organization is NOT FOR YOU!
But whyyyy? When starting any business, you normally invest before you receive a return. With a for-profit you have a choice on how you will dictate the spending of the money, but a nonprofit, you have to get an approval. It can be either from the resources that are providing the funds or the members on the board. On a non-profit, decision making main goal is focusing on what is best for the organization, NOT what’s best for you. If you are not what’s best for the company, the board has the right to vote you out even IF YOU ARE THE FOUNDER!
When applying for grants, majority of them is allocated to specific services, these services come before YOUR salary. So if you are in need of income, it’s best you have a stable income on the side. This scenario leads to a for-profit.
As a mother who would like to pass things down to my children, a for-profit is the way to go for me now until I am capable of investing my time into a non-profit. Unlike the non-profit, I am 100% in control of my business, so I determine how my money is allocated. I determine what expenses should be paid first. I determine what is best for MY Company. This is the MAIN reason to start your own business right, to have that control? Just as a non-profit can vote you out as the FOUNDER, if you were to be deceased a non-profit can vote your children out also. I can’t imagine working so hard for something and my future generations can’t benefit from it because of a VOTE! Not happening captain!
What type of business would you like to pursue or have pursued?
What was the main factor when choosing between for-profit vs a non-profit?
How much did it cost you in expenses before receiving your first return in investment or pay?
Did you receive outside funding? From who and how?
What are some do’s and don’ts have you experienced when starting your own business?
What type of business do you have and how profitable is it?
What steps can you take to make it more profitable?
If you would like to learn more about this topic, please feel free to take our "Is Starting A Business Right for You?" Workshop.