So you discovered that there is a very important need and it seems like it is going unaddressed. Your thought is to start a nonprofit to address that need. Excellent! That is a great idea. But wait, you do not want to just start a nonprofit and it not be successful. You really want to help meet a need. For the most rewarding experience when starting a nonprofit organization, consider the following five questions.

1. Why do you want to start a nonprofit organization?

This is a crucial question because when the journey becomes challenging the answer to this question will be a driving force. In addition, this answer will help you design your programs and craft a case statement to garner support from donors. Continually, research the need and possible solutions. Make sure your organization’s solutions meet the changing needs of your cause.

2. Does this organization already exist?

Before starting your organization, discover whether a similar organization already exists.  As of 2013, there were approximately 1.41 million nonprofits registered with the IRS. Consider the benefits to starting an organization versus supporting one that already exists such as joining a board, volunteering, contracting your services, donating resources, or partnering with a fiscal sponsor.  There are many ways to make a difference in the need that you have discovered that may not result in you starting a new nonprofit.

3. How does starting a nonprofit fit in with your life plan?

Starting any type of business requires dedicated time, energy, and money. Consider what you want to achieve in life and how starting a nonprofit organization helps you achieve those goals. More specifically, consider your current commitments – such as family, career, finances, etc.  Create a schedule to identify the time you have to allot to the organization. Also, write consider the cost of starting the business and write out a budget. Basically, figuring out how the nonprofit organization puts a practical view on your dreams to help them really become viable reality.

4. How much will it cost and how will you fund it?

The success of your organization will largely depend on your ability to financially fund it. When creating financial projections, consider these typical expenses – regulatory costs, operations, marketing, and program services. Strategize how you will fund your organization such as through grants, events, and individual donations. There are many ways to fund a nonprofit organization; however,  the time and expertise to it takes for each funding option will make a difference in your ability to acquire funds. Plan accordingly.

5. Who will lead the organization?

The decision of who will be on your founding board can make the biggest difference in the success of your organization. Write a position description that aligns with the organization’s needs and recruit accordingly. Consider these qualities: individuals who are passionate about the cause, team players and well-connected; possess industry experience, specific skill sets and the ability to follow through autonomously.

Going through a pre – business analysis as presented through these questions will help you on your journey as a nonprofit entrepreneur.  Take the time to thoroughly answer these questions and give your organization a strong foundation.