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I am creating a business for a school project and need your valuable help!!!? |
I am having trouble deciding if it should be non-profit or a for profit business. It is a place where women who have come out of domestic abuse shelters and come out of drug rehab centers can come to learn how to be productive, give back to the community, learn valuable workskills (computer, typing,resume, etc.), learn about nutrition and healthy cooking. When they take these classes they will accumulate points that they can trade in for things like movie tickets, hair cuts, make-up, or even clothes certificates. These will increase their self esteem and also give them empowerment which women who have been through this lifestyle are lacking. It will also be a a resource center for finding employment, housing, counseling,etc. What do you think of my business idea?? Also should I charge these women a small fee and make it a for profit or get grants and make it a non-profit?? Please help me as this is very important for me to impress my teacher and get an A. Interesting idea - I think it should be a non-profit, because an organization like yours will benefit from having 501(c)3 status. 501(c)3 is a tax exemption that will make it far easier for your group to apply for and receive grants. Additionally, you would want to promote that donations can be deducted from taxes, an advantage of having 501(c)3 status. It will be very important to have a detailed funding plan, because while grants are necessary, they cannot be guaranteed from year-to-year, so fundraisers, bequests, and endowments will also have to be looked at. |
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