If you’ve ever thought about starting your own nonprofit organization, you may have considered some of the benefits. For instance, there are tax benefits and you can really make a difference in society. However, these are just a couple of the most obvious benefits. There are additional reasons to pursue creating a nonprofit organization.
1. Your reach can be further than you think
Everyone knows that nonprofit organizations frequently do good work in society, like feeding people, supplying homeless people with clothing, and providing job training to local communities. These benefits are notable, but the impact of a nonprofit can reach far beyond a neighborhood. For instance, the National Police Association (NPA) reaches communities and individuals across the entire United States, restoring trust in law enforcement. It’s a tough job, but the NPA makes a huge difference on a big scale.
If you were to launch your nonprofit organization right now, you have the potential to reach people outside of your local area. You may need to start small and grow, but you will only be limited by your vision. Many of today’s large nonprofits started out small and were unknown for some time before gaining traction. If you’ve always dreamed of making a massive difference, starting a nonprofit could be the opportunity you’ve been seeking.
2. You can still earn a salary running a nonprofit
Just because a company is a nonprofit doesn’t mean you can’t earn a salary for running your company, nor does it mean you can’t hire and pay a team as well. The company can’t generate a profit, but it takes people to run a nonprofit, and payroll is considered an expense.
If you would love to eventually quit your day job to focus fully on your vision, but you still need to earn a living, you could do both with your nonprofit. Why not get paid to do what you truly love to do, while making a difference in the world?
3. You can think outside the box
When discussing nonprofits, many people picture companies that donate items to charity or the charities themselves, but there’s so much more. You can create any kind of nonprofit that you want, even if it’s non-traditional or has never been done before. As long as your logistics work out, and you can make it work day-to-day, the sky’s the limit.
A great example of a non-traditional nonprofit is Row House Publishing. As a 501(c)(3), their mission is to publish books written by authors whose voices often get suppressed in the mainstream media. The founder also provides a more equitable split with the authors they publish, which is a unique perk in the industry.
4. It’s good for your career
Altruism aside, running a nonprofit can be a good career move, and a lot of well-known people start nonprofits for this reason. If you’ve been looking for ways to boost your image, gain more credibility in your industry, or strengthen your authority, starting a nonprofit can help if you do it right.
Starting a nonprofit is something a lot of people do when they’ve reached the end of their original career and are looking for something new. Many people find that running a nonprofit is a great alternative to retirement because it keeps them busy and allows them to help others.
5. You can create a legacy
Sometimes people start nonprofits to benefit others and end up creating a massive legacy that gets handed down to future generations. That’s what actor Paul Newman did when he created the Newman’s Own Foundation. In 1980, long before his foundation officially existed, Newman and a friend started making homemade salad dressing in wine bottles to give to friends and family. A couple years later, they started selling his salad dressing commercially and it was turning a significant profit. He decided to donate the profits to help children, and has been a legend ever since.
6. You’ll be eligible for certain grants
There are all kinds of grants available to nonprofits that aren’t available to individuals or corporations. There are federal as well as state grants, and they are designed to cover a variety of costs, including startup costs, specific projects, operations, and research. It’s smart to ensure you have funding lined up from other sources, since grants aren’t guaranteed. However, if you hire a skilled grant writer, you can probably get additional funding for your endeavors.
Start your ideal nonprofit
Whether your goal is to remove plastic from the ocean, feed the homeless, or create a unique contribution to society, the sooner you launch your nonprofit, the faster you’ll start making a difference in the world.
