Home > Uncategorized > Chosing the Right Venture

Chosing the Right Venture

Alright. So you are a non-profit and you want to develop a more-than-profit model. So what is the right venture for you? Well there are a number of boxes that you need to tick straight off, once you have gotten through the idea generation bit (this can be done with staff, clients, stakeholders or looking what similar organisations to your own are doing in other places).

Here the key questions you should be asking yourself:

1. Is this mission related or mission drift?

2. Do we have the right management skills or do we need to bring them in?

3. Have we done the homework in terms of market, competition, pricing, customer needs?

4. What is our unique selling point or do we have one?

5. How much is the start-up phase going to cost (e.g. machinery, staff, physical premises)?

6. How much profit is this going to make, or perhaps how much profit does it need to make to make this worthwhile.

One of the big dangers is that the organisation blunders into an area they know nothing about. A safer option is that it is an extension of your current area of expertise in some shape or form. Another danger is that the actual amount of cost of starting it up isn’t take into account, and that includes the time you and your management team or staff spend on it – this is a cost too.

And finally, the big one: where’s the love? If there isn’t passion for developing this new business, then it is unlikely to succeed. Developing a new business line or indeed new organisation outside the non-profit takes time, energy and commitment. If you don’t have those, don’t do it.

Categories: Uncategorized
  1. John P. Murphy
    May 17, 2010 at 14:12

    Sound advice.

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