Confessions of A Social Entrepreneur

Diversify. Diversify. Diversify. You've heard it before and today you will hear it again. In order to truly sustain in this economic climate, we have to have various revenue streams supplying our bank account, simultaneously. As entrepreneurs we are aware of this, but the challenge on a day-to-day is determining how to increase cash flow and maintain our sanity. As technology continues to simplify our tasks, it could potentially be the solution to fundraising made easier.

Comments (0)     

Today, someone sent me a quote that was so simple, yet so profound. "Nonprofit is a tax structure, not a business model". Not sure who to give credit, but I will be using it from now on! Definitely relevent in the current economy, if you manage a nonprofit, I highly encourage you to diversify your revenue sources. If you intend to remain solvent, you don't want to over-rely on any one source of income, especially grants. Having multiple streams of revenue will increase the likelihood that your business will sustain over the long term.

A common misconception about nonprofits is that the tax structure doesn't allow for a profit to be made. This isn't true. Nonprofits can and should generate more revenue than they spend. The proper term for that profit is "surplus". Is your nonprofit positioned to generate a surplus for this year? Are you generating sufficient income to cover all your expenses? Is your nonprofit in need of additional streams of revenue? Will your nonprofit survive the recession? If you answered yes to any of these questions, there is room for improvement. The good news is, opportunities are unlimited if you have the right perspective. Here's to making your nonprofit recession-proof!

Comments (0)     

Do you have a nonprofit idea but you aren't sure how to bring it to life? Are you overwhelmed with ideas? The first and most basic action in determining your next steps is to define your business model. What is your product and/or service? Who are you selling to? When will you sell and at what frequency? Where will you sell?  what channels will you use to get the word out? Why is your product/service needed? What makes it unique? How will you bring your product/service to market?

Is your nonprofit idea Profit-ABLE? The days of operating like a charity are over. In order to deliver programs and services, you need money right? Not only do you need cash, but you need a surplus of revenue in order to keep pace with inflation, cost of living, raises, etc. As you're going through this brainstorming process, figure out the price at which you can sell your product/service as well as the quantities that need to be sold. 

If you're not good with planning and you need additional help determining if your idea is Profit-ABLE, Grant Source can help. Attend our Profit-ABLE online seminar and we can help you be well on your way to achieving your program/service/revenue goals. Our easy to use worksheets will help you determine your business's true worth, aka its profit potential. Also, we will discuss how grants and other public donations factor in the equation.  To register, click this link http://www.grantsource1.com/workshops.html.

Comments (0)     

One of the biggest challenges nonprofits face is branding. You may suggest that fundraising is the biggest challenge, but the truth is, the two go hand in hand. The more people who know about your work, greater is the potential to convert those people into supporters.

Nonprofit branding goes beyond just having a website, business cards, and flyers. It's getting your message out to your target consumers and supporters. The big dogs are popular because they've mastered the art of branding their message. We saw it this past fall when NFL players wore pink sneakers in support of Susan G. Komen and breast cancer awareness. Your nonprofit can use the same creative strategies to get the word out about your brand.

In support of all things nonprofit, we will be using our Facebook, Twitter, and YouTube channels to feature good people doing good work. If you are nonprofit and female and you become one of our Facebook , Twitter , or YouTube  followers, we will feature you and your nonprofit during our Women Nonprofit Entrepreneurs On the Move! Series. We're getting the hang of social media and we choose to use our influence for good. Like us. Follow us. Subscribe to us today!

Click here  to read "10 Rules for How Nonprofits Should Use Twitter".

Comments (1)     

What started out as Sal making a few algebra videos for his cousins has grown to over 2,100 videos and 100 self-paced exercises and assessments covering everything from arithmetic to physics, finance, and history. At the time this article was being written, over 41 million lessons had been viewed.

This small team is on a mission to deliver a world-class education to anyone anywhere and started with just one person (Sal), a computer, and a pen tablet mouse. Sal's vision is to have this computer learning resource available in classrooms across the world. He is well on his way thanks to his new and biggest fan...Mr. Bill Gates himself!  This is a testament to social entrepreneurs across the globe. Your ideas can in fact change the world. To learn more about Khan Academy, visit http://www.khanacademy.org/.

Comments (0)     

The 20th century witnessed a lengthy battle between polar opposite views of how to organize and regulate economic activity. Although free market capitalism won that epic struggle decisively, it failed to capture the minds of intellectuals and the hearts of citizens. Corporations are probably the most influential institutions in the world today and yet many people do not believe that they can be trusted. Instead corporations are widely perceived as greedy, selfish, exploitative, uncaring - and interested only in maximizing profits.

Conscious Capitalism is a philosophy based on the belief that a more complex form of capitalism is emerging that holds the potential for enhancing corporate performance while simultaneously advancing the quality of life for billions of people. Read more at http://www.consciouscapitalism.org/whatis-conscious-capitalism.html

Comments (0)     

Many of us are involved with or connected to some type of charity. We volunteer our time and give of our talents and treasures because somewhere along the way, charity was given to us and we are better because of it. In the wake of proposed funding cuts to national community service programs, organizations like AmeriCorps will be directly impacted. How will these organizations make up for the loss in funding?

In the event that federal funding is cut, the nonprofits I tend to work with will not feel the crunch. However, the same question applies. In the wake of declining and ever competitive institutional based funding across the board (federal, state, local, and foundation), how can nonprofits increase the funding base? My answer is volunteers.

Now, this is more than a notion. Implementing the perfect formula of attracting and retaining volunteers in support an organization's ongoing mission has been a challenge to nonprofits since the beginning of time?  Yet, organization's have done it. Relief nonprofits like Red Cross can undoubtedly count on people to respond in moments of crisis. We see it time and time again with a flood, fire, or other natural disaster. Remember Haiti. There was an unprecedented global response by individuals who recognized the need and responded. 

What are these nonprofits doing that make them successful? How can this be done at the community level?  What can smaller, grassroots nonprofits do to attract and retain committed, value-adding board members and volunteers?

Comments (0)     

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.

Comments (0)     

Grant Source hosted its first video seminar today entitled "Is My Nonprofit Grant Ready, Proven Strategies to Help You Rise Above the Competition". Based on the turnout and feedback, I'd like to say it was a success. I'm sure there were a few people who left disappointed after hearing the presentation, with reality setting in that they are not as close to getting a grant as they thought.

The subject of grants is largely misunderstood. Contrary to what the media and non-informed people will have you believe, becoming grant ready is not an overnight process. As a nonprofit business owner, grants should be one component of your overall business strategy, just not the primary component. For those of you who are funding your nonprofits from your own personal funds and you're wondering how to escape this seemingly never ending trend, earned revenue is your saviour. If you're interested in learning how you can increase your nonprofit earnings, look out for upcoming video seminars, or give us a call to schedule a one-on-one virtual planning session. Without a doubt, we can help you design a strategy to help bring your nonprofit ideas to life!

Comments (0)     

Please share your thoughts and comments about the recent Lunch-N-Learn, "Is My Nonprofit Grant Ready? Proven Strategies to Help You Rise Above the Competition, Part I

Please rate your satisfaction on a scale of 1-5 (with 5 being the highest).

Also, was the information useful? Helpful? What can we do to improve?

Comments (2)