This video just left me so conflicted because my company I’m starting falls right in the middle of these. I wanna open a gaming facility for children with an advocate system involved like a big brother program to help the kids who’s families can’t afford these expensive systems and services but also target leagues and tournaments
For profit doesn’t mean you don’t have a goal in mind or don’t have a “charitable” type of idea. If you’re main goal is profit you will fail. You need to start with a demand or need that a society asks for. You have a good idea that people will pay for because they’re getting items that they can’t afford the full price of, much like thrift stores. You’re doing it right because you have a mission that helps people can be profitable. Just because you’re making money off the less fortunate doesn’t mean you’re not helping them. Profits allow growth!
The laws of supply and demand , pro and con , to market a view based on monetary rewards vs charity for distribution. Once the manufacturer is given a bid to produce a product to meet the sales quota based on profits over loss .
Nonprofits can and are supposed to make a profit to cover operating expenses as well. The profit is just not for share to compensate individuals or services unrelated to your programs. Your verbiage is confusing and inaccurate at times. People who think that nonprofits shouldn't or shouldn't be allowed to make any money and expect nonprofit services to be free are dead wrong.
At about 3:30 in the video, he literally says and aligns to what you are making a point about with your comment. But I agree with you how people generally assume they shouldn't make money, and that was me at one point before I learned more on the topic. I would add that people just assume a nonprofit is the only way to do good in the community as it's really just a tax designation or shelter, and there are plenty of for profits that do as much good. There is a Dave Ramsey video that kind of goes over that as well.
Great video! Thank you for making it. Also curious to learn more details about logistics behind ways a 501c3 redistributes any profit leftover back into the non-profit!
Good morning, love the video, my question is I want to pay myself in the process of doing good and solving a problem of people in need. Which one should I go with non or for profit?
Salvador - excellent video. Thanks for making it. The bulleted list helps my understanding. I'm trying to start an open source project that will need regular cashflow for R&D, overhead, etc. Any insights into whether a for-profit or non-profit is better suited for an open source project?
Great video! Thank you so much! Might have to read the book. My question, is, if I created a nonprofit, could I create my own salary? Or would a board decide on a certain percentage etc?
@@jkay3262 Technically yes, but working to be an effective leader and maintain a great relationship with your Board helps. A Board should really only fire an Executive Director if they are not meeting the organization's mission effectively.
What if a person is the sole provider for a non-profit or not-for-profit? A persion who itemizes allot and gives funds, donations, and time to charities, churches, non-profit organizations, and not-for-profit organizations.
Hey bud! Great video. I’d love to pick your brain regarding an idea I have. Still not clear as to what I think would be best for at the end of the day.
Hey Kenny, thanks for your message. If you'd like to discuss your idea with me, here's the link to book a call: www.crowdcrux.com/coaching. Let me know if you're interested.
First, thanks so much for your information! I would love to have your thoughts on my situation. I'm a speaker and I focus on elementary schools. But I have been asked by parents and some schools about a mentoring program, or curricula. It was suggested to me to start a Non Profit and place that programming under that Non Profit. Not sure what your thoughts are, but I'd love some feedback on why this could be a good idea or a bad idea. Thanks in advance! (Hoping that you respond!)
A non profit can be taken from you if the bard of directors decides you are no longer useful. You can operate a business in a charitable way, but you can't run a not for profit as a business.
Oh the more I learn the more confused I get. Thank you for this. I fall probably dead middle lol. I just wish someone would tell me which one to go in.
Ok I want to offer a service to children in my community by opening a canoe and kayak school. I don’t need to fundraise or anything but I want to make a profit as this would be my primary job. I need to rent a location from the city. The city only works with non profit organizations but I need to make money in order to support my family. My mission is to offer a service that is not available to the children now but make a profit while doing it???
I want to do something for the community. I want to start selling merch for cash flow for my organization, but I also want to accept donations. I want to protect the name for my organization or my company name so no one can steal it. But sell it in the future if my daughter doesn’t want to take over. Do I pay myself or is it salary from my own company? Help!!! I just don’t know where I fit in this group.
If all tax exempt nonprofits paid taxes, our country would be out of debt. Tax payers have paid Billions and billions $$$ to many nonprofits. Isnt it As long as you "notate" that your millions will be utilized for operational expense the next year..... Its a pass? They are not monitored as they should be. Also some nonprofits do not have to itemize the donators .... In which im my opinion should be submitted to IRS correct?
Excellent video, easy to understand and follow along. Your energy kept me intrigued the whole video. Thank you for this!!
Awesome! Thank you!
I have watched a few videos on this topic. Your video has been most enjoyable so far. Thank you for sharing in a way that is informative and clear.
This video just left me so conflicted because my company I’m starting falls right in the middle of these. I wanna open a gaming facility for children with an advocate system involved like a big brother program to help the kids who’s families can’t afford these expensive systems and services but also target leagues and tournaments
SHHH keep your ideas to yourself!!
You should look into B-Corps!
For profit doesn’t mean you don’t have a goal in mind or don’t have a “charitable” type of idea. If you’re main goal is profit you will fail. You need to start with a demand or need that a society asks for. You have a good idea that people will pay for because they’re getting items that they can’t afford the full price of, much like thrift stores. You’re doing it right because you have a mission that helps people can be profitable. Just because you’re making money off the less fortunate doesn’t mean you’re not helping them. Profits allow growth!
This is great. Now i have a better idea on which direction to go to.
The laws of supply and demand , pro and con , to market a view based on monetary rewards vs charity for distribution. Once the manufacturer is given a bid to produce a product to meet the sales quota based on profits over loss .
Love this! Can you make a video about B-Corps?
Nonprofits can and are supposed to make a profit to cover operating expenses as well. The profit is just not for share to compensate individuals or services unrelated to your programs. Your verbiage is confusing and inaccurate at times. People who think that nonprofits shouldn't or shouldn't be allowed to make any money and expect nonprofit services to be free are dead wrong.
At about 3:30 in the video, he literally says and aligns to what you are making a point about with your comment. But I agree with you how people generally assume they shouldn't make money, and that was me at one point before I learned more on the topic. I would add that people just assume a nonprofit is the only way to do good in the community as it's really just a tax designation or shelter, and there are plenty of for profits that do as much good. There is a Dave Ramsey video that kind of goes over that as well.
Great video! Thank you for making it. Also curious to learn more details about logistics behind ways a 501c3 redistributes any profit leftover back into the non-profit!
good question!
Good morning, love the video, my question is I want to pay myself in the process of doing good and solving a problem of people in need. Which one should I go with non or for profit?
Very helpful
Can you start with a non-profit and later turn it into a for profit?
This is a fantastic explanation! Thank you!
Well explained,thank you
Knowledge before profit!.
Bullish or Bearish opportunities are created for you to take action.
Especially Now.
Salvador - excellent video. Thanks for making it. The bulleted list helps my understanding.
I'm trying to start an open source project that will need regular cashflow for R&D, overhead, etc. Any insights into whether a for-profit or non-profit is better suited for an open source project?
Great video! Thank you so much! Might have to read the book.
My question, is, if I created a nonprofit, could I create my own salary? Or would a board decide on a certain percentage etc?
In a nonprofit, the board must vote on whether to hire you and what your salary is. The board can also fire you.
@@AmberMelanieSmith Dam it, they can fire me??🤨🤨🤨
@@jkay3262 Technically yes, but working to be an effective leader and maintain a great relationship with your Board helps. A Board should really only fire an Executive Director if they are not meeting the organization's mission effectively.
Very well explained..🙏🏾
I like the way you speak.
Nice one mate 🤠🇬🇧👍👍
What if a person is the sole provider for a non-profit or not-for-profit? A persion who itemizes allot and gives funds, donations, and time to charities, churches, non-profit organizations, and not-for-profit organizations.
Hey bud! Great video. I’d love to pick your brain regarding an idea I have. Still not clear as to what I think would be best for at the end of the day.
Hey Kenny, thanks for your message. If you'd like to discuss your idea with me, here's the link to book a call: www.crowdcrux.com/coaching. Let me know if you're interested.
So helpful!!
Great info. Have some more questions?
How can I reach you?
Can a for profit business be ran on donations?
thank you can u show as in Quiqbook or peachtree please
First, thanks so much for your information! I would love to have your thoughts on my situation. I'm a speaker and I focus on elementary schools. But I have been asked by parents and some schools about a mentoring program, or curricula. It was suggested to me to start a Non Profit and place that programming under that Non Profit. Not sure what your thoughts are, but I'd love some feedback on why this could be a good idea or a bad idea. Thanks in advance! (Hoping that you respond!)
A non profit can be taken from you if the bard of directors decides you are no longer useful.
You can operate a business in a charitable way, but you can't run a not for profit as a business.
Great video.
Do you have any examples of non-profits that generate IP? How does that asset square with non-profit law? Thanks!
And, when I say IP, I mean both hard and software technologies, e.g. Internet of Things.
Oh the more I learn the more confused I get. Thank you for this. I fall probably dead middle lol. I just wish someone would tell me which one to go in.
Same here!!!
5/15/2021
When you say “compony” Are you talking corporation? Or. Any organization, e.g., LLC , Partnership
Great Video!
Can nonprofits organizations get public funding . What are some of the organizations that get public funding
Ok I want to offer a service to children in my community by opening a canoe and kayak school. I don’t need to fundraise or anything but I want to make a profit as this would be my primary job. I need to rent a location from the city. The city only works with non profit organizations but I need to make money in order to support my family. My mission is to offer a service that is not available to the children now but make a profit while doing it???
I want to do something for the community. I want to start selling merch for cash flow for my organization, but I also want to accept donations. I want to protect the name for my organization or my company name so no one can steal it. But sell it in the future if my daughter doesn’t want to take over. Do I pay myself or is it salary from my own company?
Help!!!
I just don’t know where I fit in this group.
If all tax exempt nonprofits paid taxes, our country would be out of debt. Tax payers have paid Billions and billions $$$ to many nonprofits. Isnt it As long as you "notate" that your millions will be utilized for operational expense the next year..... Its a pass? They are not monitored as they should be. Also some nonprofits do not have to itemize the donators .... In which im my opinion should be submitted to IRS correct?
Video was incredible, thanks!
Can you transition your non-profit into a For profit?
Ikea is a non-profit. Plenty of profit going on there.
Non profit, has a mission. Make money. And write off others who are for profit . Lol it's all about money
Please my life money please need my family I am so middle class family my uterus heart problem please help me treatment
Hey teacher your work is hard to read