In my series of articles on side hustles and learning how to grow them, I break down an individual hustle for people who want to augment their income, but need some additional information. The overview will include the fundamentals of the hustle, how to get into it, and a breakdown of my GROWTH metrics. Not every hustle covered will be ideal for you, but it may help you find out more information before you take the dive. I’ve covered a list of lucrative side hustles and how to turn your side hustle into a full-time endeavor. If you want an additional push, take my 30 day side hustle challenge now!
What Does A Nonprofit Side Hustle Or Business Look Like?
Honestly, a nonprofit business can take just about any form. That makes it hard to identify just a few common styles or niche – since it just about every industry supports side hustle. So, keep in mind that nonprofits are more about helping in a general sense, rather than a business purely aiming to maximize earnings.
The National Council of Nonprofits refers to them as “Charitable nonprofits embody the best of America. They provide a way for people to work together for the common good, transforming shared beliefs and hopes into action. They give shape to our boldest dreams, highest ideals, and noblest causes. America’s 1.3 million charitable nonprofits feed, heal, shelter, educate, inspire, enlighten, and nurture people of every age, gender, race, and socioeconomic status, from coast to coast, border to border, and beyond. They foster civic engagement and leadership, drive economic growth, and strengthen the fabric of our communities. Every single day.”
Who Can Get Started?
The good thing is that anyone with a mindset for helping others can start a successful nonprofit. Of course, you’ll still have to deal with the standard issues businesses face in any given niche, but that’s the crux of it. They also have some larger initial fees, when you’re forming the company, but that often pays for itself given the tax perks nonprofits receive.
Why Should Anyone Bother?
Well, if you want to start a business to help others, you should certainly bother! Not every business that helps people needs to be a nonprofit, but if your business idea is helpful and it makes sense to turn it into a nonprofit – then by all means, do it.
When Is A Good Time To Start A Nonprofit?
Any time is a good time to start a nonprofit, so you should just start now! I understand how intimidating it can be to start any new business – whether it’s a nonprofit or not. We’ve probably all suffered from procrastination and fear of failure at some point. However, it’s in your best interest to kick that fear to the side and get started now. It’s scary, yes, but it’s better to try and fail than it is to do absolutely nothing! If you hold back now, you’ll end up regretting it later.
Does Location Matter?
The short of it is that it may matter. Sometimes it won’t, sometimes it may matter a little, and sometimes it will mean everything. It depends on your industry and niche, so just make sure you do your initial research properly and think out where you’d need to start your nonprofit.
GROWTH
Next up, we’re going over the GROWTH metrics behind nonprofits. These include gains, ROI, obtainability, workability, time required, and general health. These aren’t the only things you can consider, as there are many specifics to your personal situation I can’t account for. However, this will go over the common truths that come with the business side of nonprofits and what you can expect from that.
Gains
First up is gains, or the potential income you can get out of this. Depending on what exactly you do, you can make some substantial money here. However, keep in mind that profits must be reinvested into the company. So, the money is solid (given your specific niche or purpose), but just make sure you keep that in mind. You can certainly make a top notch salary given what you’re doing though.
ROI
I have nothing negative to say about the return on your investment. Even though this has some upfront costs, you can certainly recoup those costs in no time flat. Again, remember to take full advantage of any tax perks or discounts at other businesses.
Obtainability
This category is more about the realism aspect. How easy is it for most people to achieve? I’ll give nonprofits, in general, flying colors here. It’s not hard to make this hustle or business cover the costs of running it, helping others, and giving you a reasonable income. However, this is usually hardest at the start, and once you’re set up it’s seemingly reasonable to keep going at a good pace.
Workability
Workability, in other words flexibility, is another aspect I’ll give my stamp of approval on. It’s flexibile generally, but it depends. You can do it online in theory, or during odd hours as you’re available. It just comes down to the industry or service you chose, and how you can incorporate it.
Time Required
Time is one of the biggest issues for a lot of side hustles and businesses. The time required is all over the place based on the niche, but you can expect this take a significant amount of work to get off the ground. Fortunately, the saving grace is that you may be able to get help from your community and you could even get volunteers to help out.
Health
The overall health for nonprofits is fine. As long as people have some money to share, you’ll be able to get cash flowing in. Plus, there are usually tax incentives for people to donate to nonprofits!
Pros of a nonprofits
- There are tax perks you can use to your advantage.
- It’s rewarding to feel like you’re giving back.
- Many employees will come stay so they can “give back” and have an enriching job.
- Non-profits can get perks and discounts through various businesses – for example, a group life insurance policy may be cheaper.
- There is good protection from personal liability.
- People are incentivized to give to nonprofits.
- You may have access to an active volunteer community.
Cons of nonprofits
- Initial costs can be a little higher than the norm.
- Some people may feel guilty about their income from the business.
- Raising funds can be a hurdle at times.
- Nonprofits are always under societal pressure to do or not do certain things.
- There is extra paperwork that comes with being a nonprofit.
- You lose some personal control and have to follow more rules and regulations.
Conclusion
Hopefully this had everything you needed to decide if running a nonprofit is right for you. If you have tips of your own, let us know in the comments.
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