Just as with a for-profit business venture, creating a business plan can help a nonprofit organization describe how it intends to implement its mission and achieve its set of goals and objectives.
The business planning process involves the following steps:
- Researching the market, using a resource such as GuideStar, for the service the nonprofit plans to offer
- Investigating the resources needed to provide the service
- Devising marketing and communication strategies for implementation
- Assessing risk
- Determining ways to evaluate success - IssueLab Results is a place for foundations and nonprofits to share funded evaluations and to access the lessons of their peers and colleagues.
In addition to enhancing overall organizational planning, a business plan also can be used to outline a specific project or venture for a nonprofit. To help diversify their revenue sources, many nonprofit organizations are exploring ways to earn income by developing their own business ventures. A classic example of a nonprofit business venture is Girl Scout cookies. Each year Girl Scout troops sell cookies, and the money earned is put toward Girl Scout programs. Providing goods or services for a fee can be an important way for a nonprofit to bring in revenue to supplement its fundraising activities.
Selected resources can help to learn more about creating an overall business plan for a nonprofit organization or specifically for an earned income venture.
Still have questions related to starting a nonprofit, finding grants, or other fundraising and management queries? Chat with or email Foundation Center's expert librarians to get answers. Ask Us Now!