Create Your Own Niche During Fourth Quarter 2020
- Author: Monica Jackson
- Posted: 2023-10-21
Create Your Own Niche During Fourth Quarter 2020
Form a Nonprofit
Forming a nonprofit, in some states, can be done in a day. Forming a nonprofit corporation begins with your state department of taxation. For example, In California, your state department of taxation is the California Department of Taxation and Fees while in Maryland, the Department of Assessments and Taxation makes it easy to form a nonprofit corporation but expects you to have business insurance and pay sales taxes and business taxes in addition to your filing fee. Filing fees vary by state, but all are in $150 to $200 range.
Learn New Skills
Though yours is a nonprofit and not a for-profit business, your Small Business Development Center has online courses to teach you everything you need to know about starting a small business, growing a new business, and financing a new business. Your small business development center also offers free consultations with experts in your geographic area or subject area who can advise you and answer all your questions.
Community Foundation
Your local community foundation also offers all the free training you need to create and operate a small nonprofit business. You can learn financial practices for nonprofits to know exactly what you have to do to meet your state requirements and register in other states where you intend to do business.
Your community foundation also maintains and foundation directory and invests money for local contributors who may become stakeholders in your endeavors. You'll also get the opportunity to network with established nonprofits and business leaders in your geographic area. You'll meet accountants, local business leaders, and representatives from universities in your area.
Management Skills or Training
If you don't have managerial experience, you'll need to take the free training courses to learn how to manage your nonprofit, apply for grant funds, hire employees, inventory your products and assets, and operate your new nonprofit business. Grant administration may imply strict reporting requirements or regular visits from stakeholders, accountants, or divisions of your local government. For example, any kind of food products and fund raisers, even bake sales, require the approval of your local health department.
Join Cooperatives
Cooperative businesses offer economic support within your city or rural geographic area and they hire more than 2 million people within our national workforce. Utility cooperatives, broad band cooperatives, health care cooperatives, or agricultural cooperatives adapt to serve, especially in times of crisis, to meet the needs of their geographic area, in response to the Covid-19 pandemic, for example.
Cooperatives contribute $650 billion in annual sales and $100 billion in assets. More than half of the existing cooperatives in the United States have been in operation for more than 75 years, and 14 percent have been serving their members for hundreds of years. Cooperatives pay dividends and offer services to their members. For example, your electric cooperative may cut your trees at no cost to you.
Market Your Services
Paint 3D illustrations are saleable and may be income of themselves or fund your nonprofit or humanitarian projects. You're entitled to a salary with most of the proceeds contributed to the charitable organizations of your choice. You may decide to support a local museum, help the animal shelter, or offer free services to seniors, children, or a specific market sector.
Network
Networking may be formal through organizations, professional groups, or cooperatives. Informal networking may be through your family and friends, but informal networking is easier than you think. Follow your hobbies or your intuition to find others interested in your products and services. If you take the scenic route instead of your usual routes, you'll be social distancing in the car and find new people, markets, and interests. Engage your family in a fact finding mission or learn more about the history of your area as you market your nonprofit services.
We've all learned new things during the Covid-19 pandemic. Learning about small businesses and grants for nonprofits may be the key to your prosperity during the expected economic downturn during the fourth quarter of 2020. Grants to nonprofits may be a few thousands of dollars, hundreds of thousands, or millions of dollars. Operating a nonprofit is managing a real business enterprise.
