With increased competition and instability around nonprofits’ traditional bread-and-butter revenue sources – individual contributions, membership dues, and public and private institutional funding – social enterprise is emerging as a powerhouse of earned income, to stabilize and diversify revenue.
Here are three resources for nonprofits dipping their toes into the earned income stream.
1. Read the book. Venture Forth! by Rolfe Larson gives you a seven step guide to starting, and succeeding, in a nonprofit business venture.
2. Get expert advice. Triplett Consulting specializes in building the financial capacity of nonprofits, often by diversifying revenue streams and providing expert counsel on earned income.
3. Join a peer group. The Social Enterprise Alliance is a membership association that offers education, networking opportunities and resources.