Steps to Planning a New Business or Nonprofit
Working with several others, I am planning to start a specialized school for gifted, yet marginalized students. What steps are involved in the initial planning phase? - John, Denver
I recommend that most businesses and nonprofit organization follow the following basic steps:
- Research the industry that you plan on entering to determine barriers to entry, market saturation, and other organizations that do similar work to your proposed initiative.
- Develop a strategic plan based on this knowledge that states your mission, goals with quantifiable measurements, and core values of the initiative.
- Determine if your strategic plan could be accomplished by working with an existing institution, it is a long road to develop your own business or nonprofit organization.
- Research possible funding options and determine nonprofit or for-profit options.
- Develop a business plan that details the business structure, service or product delivery process, timeline, and budget.
- Complete all relevant state and IRS incorporation and business set-up forms.
- Authorize a functioning board of directors that is able to assist the new organization in its endeavors.
I would also encourage you to also work with the local school district and develop a working relationship with the administration.
- What makes your endeavor unique?
- What is the value-add?
- Is someone already doing this?