The Guide You Need to Start Your Own Non-profit or Business
Disclosure: I have been using Intuit QuickBooks for the last 6 years so all opinions are my own. This is a compensated campaign in collaboration with Intuit QuickBooks and #WeAllGrow Latina Network.
I often get asked why I made The Orphaned Earring into a small business (non-profit) versus keeping it as a personal mission blog. I’m not going to lie, it would have been easy to just to keep everything under my name and not have to figure out the 501©3 status or have to file so much paperwork to get it. But I knew the effort would be worth it because at the end of the day, it was myself and all the children we help through the organization I would be protecting.
After a lot of research and gathering the guts to launch my new little business, I had to also figure out the business management portion of it, including the finances. My current volunteer accountant is a business owner herself and when discussing managing the finances she recommended the #1 accounting solution for small business: Intuit QuickBooks because we would be better prepared for tax time season, our books would be accurate and would save us lots of time, so I looked into it. I found the Intuit QuickBooks Resource Center that guided us through the process. It’s been over 6 years of using Intuit QuickBooks for our non-profit business and I couldn’t be happier.
If either looking into opening your own non-profit or a business, you must have confidence in yourself that you can do it, take the risk, ask as many questions as you need even if they seem silly to you and use Intuit QuickBooks to help you run it all.
STARTING A NEW BUSINESS
Here are some aspects of starting your own business to get you thinking, I’ve linked to the resources for each so you can navigate through all the pros and cons:
Financing: How are you planning to get the money for your business? There are many options, see which one fits your business best: loans from friends and family, credit cards, government Loans, alternative or online loans, conventional business loans, lines of credit or working capital loans or equipment loans.
Picking the right business location: There are several factors to consider depending on your specific needs. Think about your budget, needed space, if you want to rent or lease and even the neighborhood you want to operate. Picking out the ideal location requires some calibration to get your ideal spot.
Creating a business plan: Your business plan not only lets others know you’re serious; it also helps you stay organized and give you a solid roadmap to help you navigate the tricky waters. Intuit QuickBooks offers seven components you must have in your business plan:
Picking the right structure for your business: There is no cookie cutter or mold you can use when starting your own business. To figure out what type of business structure fits you best, read through all the options Intuit QuickBooks offers.
What is a business without positive cash flow? Without the funds we couldn’t do business and, in our case, help the orphanages we help. We’ve always known we have to keep the money coming in but when it comes down to the nitty gritty you have to have the accurate information. Here are some resources from Intuit QuickBooks that guided us to stay afloat.
Although starting a non-profit seemed tough, I had to think what would be the WORST that could happen? Simply be denied and that's all. So if you want to open a business, do it!, jump right into it and take it one step at a time until you figure it out but remember, you are not alone. Use all resources available to you including Intuit QuickBooks Resource Center.