Sometimes, entrepreneurship doesn’t just mean trying to make profits for yourself. In fact, your latest venture could seek to help needy people or donate funds towards a cause. When you decide to launch a charity, you will have your work cut out for you. It is not easy to start an enterprise of this nature, yet it is worthwhile. If you have an incredible concept for a new charity, i.e. if you can see a niche in the market, you should go for it. Here are six simple steps to success.
Step 1: Choose your charity
Of course, the first step is choosing a charity or a cause. There is no point in saying that you want to launch a charitable company, without knowing what cause you will support. Often, people choose things that are close to their hearts. For example, if a family member has suffered from an illness, you might want to support treatments in that sector. You can check the charity register to see whether there is already a company supporting your cause.
Step 2: Create a 5-year plan
You need to know what your plan of action is for the future. What are your goals? Whenever you start a company, you need to have a business plan. A charity is no different. You need to have the same targets and strategies as you would if you were starting a commercial enterprise. You need to work on creating an action plan before you do anything else. You should include profits and contributions over an extended period.
Step 3: Find a financial backer
In most cases, charities or non-profit organizations need a financial backer. If you have the money to invest in the company, you can skip this step. If you don’t, you will need to find someone who can help you. Much of the time, banks will not back charitable ventures, and so you can rule that out right now. Instead, you should consider finding an independent investor.
Step 4: Establish your position
What role will you hold in the company? Are you the ideas person or will you take on an active part in the enterprise? You need to answer these questions before you move forward with your plans. If you don’t define your position, you will end up trying to do everything. That means that you will fail. Figure out how much time you can dedicate to this project. Instead, determine what you can offer the organization and how you will do it.
Step 5: Set up communications
Customers will need to communicate with your company so that they can make donations. Of course, much of your communication will be via the internet. As a charity, you are also eligible for 0300 numbers. Unlike premium phone numbers, these numbers allow users to contact you for the same price as a regular phone call. That means that people can reach you, without it costing them the earth. Apply for a phone number as soon as possible so that you can start your campaign.
Step 6: Brand your company
Branding a charity is a little different from branding a commercial venture. When you are branding your new enterprise, you need to keep in mind what users want to see. Charities need to appear to be familiar and friendly. That is the only way you can hope to win people’s attention. First, decide what your goals are. These targets will shape your mission statement. Make sure that it is obvious what cause you support so that people understand your brand. You should choose a name that sums up your mission and shows people who you are.