The New Jersey Economic Development Authority (EDA) understands that cost savings are important for any business but are especially critical to the operations of nonprofit organizations.
Below are recommended steps in planning an earned income venture:
· Identify a feasible business idea
· Reduce risks by researching the market and develop a plan
· Understand the financial projections for revenue vs. expenses
· Gain support from the Board and staff
· Develop resources and identify the initial funding
Use the Nonprofit Self Assessment Tool to evaluate your organization’s readiness, identify strengths and weaknesses, and develop an action plan to grow.
For more information, contact us at (609) 292-9279 or email us at ETI@njeda.com