Nonprofit Start-ups: Is Your Idea Profit-Able?

Are you thinking about starting a nonprofit? Do you already have your 501 c 3 tax exempt status, but you don't know what to do next? The next step is testing the Profit-Ability of your idea. Create simple budget projections that realistically assess whether or not you will be able to generate a surplus. A surplus is nonprofit terminology for “profit”. At the end of the year, you want your nonprofit business to generate income above the expenses. If after the first round of projections you don’t see profitability, try tweaking the revenue and expense scenarios further. If you can't make the idea work as a nonprofit, perhaps developing your business as a for-profit is the route to take. If you want to learn more about testing the Profit-Ability of your nonprofit idea, attend the upcoming “So You Think You Want to Start a Nonprofit” video seminar on March 19, 2011. Visit the Seminar page for more details, http://www.grantsource1.com/workshops.html.