Have you ever been interested in starting a non-profit business with the aims of furthering your goals as a leader or organizer of a not for profit organization? This can be a wonderfully fulfilling career choice, helping those in need, supporting non-profit operations which may improve the lives of hundreds or maybe even thousands of people, without looking to yourself as the primary individual who will profit from the business. This can be an exceedingly daunting proposition, and you may wonder how you would go about starting your very own “Non Profit Business” in the correct, legal and safe way. The following will outline some of the very basic things you need to consider.
The first step is assessing whether a non-profit business is right for your non-profit organization, as well as assessing whether or not it is possible to truly run such a business without collapsing under its own weight. The Government of Canada has some excellent online supplements to help you decide whether or not a non-profit business is right for you and your organization, as well as information on how to establish a proper business plan to help you on your way.
You should treat your business plan as a for-profit business, but with the addition within for how this business will create funds for the social objectives you hope to achieve by creating your non-profit business. So, certain portions of your business plan, though mainly a standard business plan (operational strategies, executive summary, business strategy, marketing strategy, human resource strategy, strategy, strategy, strategy, etc), you will have to include a section specific towards your social objectives, which of course adds a bit overall to your business plan. But this shouldn’t dissuade you, adding social objectives is much easier to put together and describe then many other aspects of a business plan, which may require a great degree of research.
Once you have created your non-profit business plan, you can move on to some slightly more exciting parts of starting your business. That is of course actually starting the business, choosing a name, finding a location (if necessary), registering your business, amongst the dozens of other small things you will have to do to set up a new, small business. Once your business is up and running, you will of course have to manage the business like any other, managing employees, day to day activities, attempting growth, etc. Always keep in mind your business is not for profit, so increasing your strengths in social enterprise is a good idea. Again, the Government of Canada offers a good deal of information on how to do all of this, and is an excellent resource for those just starting. They also offer a great deal of information on taxation as well as sources of financing for your non-profit business, both of which are exceedingly helpful in showing you just what you need, what to expect, and how to receive help. There are also many organizations which can help you understand and run your business, for example “Imagine Canada”, an organization which will advocate for your business on such subjects as funding, organizing volunteers, etc. I can’t recommend the Government of Canada’s website enough when it comes to setting yourself up in a new business.
Fundamentally, the basics of setting up a non-profit business are very similar to setting up a for profit business, so if you know how to do one, doing another should not be an issue. The Government of Canada also offers many helpful services not only for profit businesses but also for non-profit businesses. There are a great number of possible financers as well as groups specifically dedicated to supporting non-profit businesses. If you need help, it is very easy to go out and find it! So good luck and happy business building!
