Starting a nonprofit can actually help boost the value of not only your business but the community you call home.
While we’re not suggesting to start a ‘slush fund’ or way to hide money (if we did, we’d probably be out of a job), but rather a true investment into what you want to see change around you. Whether it’s something within your industry or neighborhood, having a cause you want to go after can be wildly beneficial to not only yourself but those around you as well. That’s why we’ve put together a few notes on what forming a nonprofit could do for your business.
Create An Outlet For Giving Back
The most prominent reason people start nonprofit organizations is to give back to a cause they care about. Quite simply, they see a hole or need in society, then come up with a mission-led group to spearhead it. From big systemic issues to small-scale ways of helping a neighborhood, nonprofits provide an outlet for your business to both express its values, as well as contribute towards a mission they care about. With this foundation, it makes expansion and growth into building a better future much easier for everyone.
Provide A Tax Help That Invests In Your Community (while giving you a write-off)
Beyond the cultural ethos of nonprofits, they’re also an excellent way for your business to ‘spend with a purpose’…while also saving on taxes. In essence, the savings would go to the cause adding value to the needs of your nonprofit’s mission.
For example, let’s say that you and a few other neighborhood businesses want a rundown field changed to a park, as it’ll beautify the community while also potentially creating a green space that could increase the value of your business. By forming a nonprofit, you can suddenly spend towards investing in this green space that’ll eventually pay off, as well as give back to everyone in the community. As you can see, it’s a win-win for everyone, even boosting your reputation in the neighborhood.