What are you passionate about? Ending global warming? Feeding the homeless?
Most successful entrepreneurs and businessmen often feel like giving back to the society and creating their own charities. Some of these charities go on to become legacies and help thousands of people improve the quality of their lives.
If you are looking to start your own charity, here are some tips for you:
Choose something you really care about
If you read about any charity in world, you will find that dedication of the founding members is the only thing that made it all work. Their dedication, patience and discipline are the only things that made the charity survive and then eventually, thrive.
Dedication can only come when you really care about the cause for which your charity was created.Find out what problems you are really passionate about solving.
Plan for the next 10 years
How do you want to the see the world 10 years later? Create that vision. Then plan out all the small steps that are needed to achieve that big vision. This includes the mission, the differentiation factor, the financial strategies and the operational strategies.
The first few years are really challenging for charities, so a long-term vision will be needed to remain motivated.
Diversify your funds
How much money you need to get things rolling? Where will it come from? How much will you need in a month?
Funds are the lifeline of every organization, so plan out your financials accordingly. You will need to do your research to find out how charities work and how they manage to fund themselves.
Donations can come from individuals, corporations, charitable foundations or even government institutions.
Keep your sources of funding as diverse as possible, so that when one source dries out, you do not face difficulties.
Plan your income
It could be few years before you can draw a salary from your charity. It is important to have a healthy source of income in the meantime. If you are successful businessperson, then it won’t be a problem. But if in case you aren’t, you need to be really careful.
Make sure that you have sources of passive income, or at least a hefty amount of personal savings. Since you will need to dedicate most of your time to running your charity, you may notbe able to focus on a full-time job.
Ensure that you really need to start a charity
After you’ve done all this, you need to be entirely sure that youactually need to start your own charity.
Firstly, you need to make sure that everything that you have planned fits the criteria for being a charity in the US. You can learn more about it by visiting the IRS website.
Secondly, don’t forget that there are 1.5 million charities in the US already. Do you have a different solution from them? Charitieshave tooften compete to secure funding and if you do not have anything different, then you will find it difficult to secure funding. In this case, you may consider becoming a partner in a running charity or plan a non-profit joint venture.
Gregg Marcus is philanthropist and a commercial lender. He loves contributing tohumanitarian work and supports several charitable organizations.
Book an appointment with Gregg to discuss the idea of your charity and feasibility of your plans. He will be able to tell you what your charity needs in order to get off the ground and how you can also secure yourself financially.