There are a lot of reasons why someone would want to start a philanthropy. Maybe, you want to connect it to your business, you have a significant amount of disposable income, or maybe you just feel called to support a specific cause. Whatever the reason you want to start a philanthropy, it can seem like a seriously daunting task if you do not have any experience. You want to make sure you don’t do it incorrectly, which can lead to an unsuccessful philanthropy and possible financial burden for you. Follow these tips as you embark on your journey to starting a philanthropy; take it slow to ensure you’re doing the best job at establishing the organization!
Create a clear mission
If you’re thinking of starting a philanthropy, it’s likely you have a cause in mind already. However, creating a philanthropy goes beyond wanting to help victims of cancer or poverty. You need to have your specific cause, along with a mission statement and plan. Much like a company, you’ll need to create a plan on how to run your philanthropy before launching it. You need to know what the logo looks like, have an online presence, know where you’ll get your funding from, and know whether or not there’s space for it. Take plenty of time to plan out these details in the beginning and you’ll find it much easier later on.
Make it stand out
With so many philanthropies in the world, it can be difficult to make yours stand out, especially when it’s small and just beginning. You need to do something that sets your philanthropy apart from others similar to it. Accomplish this goal either by choosing a niche that other organizations aren’t catering to or find a way to encourage donors to also donate to your charity because you’re doing or offering something different from everyone else.
Get your team together
For success, you’ll need a stellar team of people to move your charity forward. Before the philanthropy is officially up and running, find the people who will actually help run it, along with potential volunteers. Make a plan to find volunteers and workers so you aren’t running yourself into the ground.
Take care of legal requirements
Another important part of starting a philanthropy is making sure you have all the necessary legal requirements taken care of. You need to run a legal philanthropy, so you can benefit from tax-exempt status and other perks. If you’re operating as an unverified charity, it’ll be more difficult to find donors and you could also end up in legal trouble.
One of the most important steps, whether starting a business or a philanthropy, is to make sure you have the funds needed to make it happen. Try to find donors who can give a decent amount of money to start the philanthropy and look for funds you can apply for from the local, state, or federal government. The more financially secure you are starting out, the better.
Focus on small-scale first
After you finally are ready to go and start running the philanthropy, take it slow. Start small and work your way up to larger projects. You might only be able to help out a small area or a few people the first year or two, but use this time to strategically court more volunteers and raise money so you can extend your efforts in the future.