The not-for-profit business universe encompasses a wide range of corporate missions, most of them related to the betterment of society. There’s much more to non-profits than collecting money for the Red Cross. Today’s leaders of successful organizations are well-versed in traditional for-profit managerial techniques. Indeed, most of them come from the corporate sector after demonstrating the skills and abilities that can help a non-profit thrive. Note that official literature and financial media writers use several terms to describe the same kind of entity: NFP (not-for-profit), NP (non-profit), 501(c)(3), 501, and tax-exempt organization.
What should college students and new graduates do to launch a career in the rewarding field of tax-exempt business management? Step one is to explore and do research. The segment is constantly changing, and new types of businesses are popping up all the time. After learning about what’s available in terms of career paths, consider earning a graduate degree, volunteering with an NFP, doing a stint as an intern, picking up a second language, and setting up a 501 of your own. There are different ways to approach the challenge. Here are details about the most efficient tactics for getting started.
Explore the Options
There’s a common misconception about the not-for-profit sector. Those who aren’t familiar with the current state of the economy assume that there are very few non-profits and that most of them are charitable entities. Non-profits make up a large part of the total number of businesses in the US, accounting for several types of organizations. Besides educational and charitable foundations, the official IRS designation of 501(c)(3) includes religious, research, and numerous other kinds of businesses. Generally, the single difference is that 501s don’t seek to generate profits for shareholders or owners.
Instead, their focus is on continuing operations and supporting one of the many approved causes allowed by law. If you intend to launch a career in the NFP (not-for-profit) sector, research the various kinds of entities and find one that matches your skills and personal preferences. Individuals who believe in the benefits of public health education can aim their career sights on managing an educational NFT that disseminates information about the value of getting early medical screening for cancer and other serious illnesses.
Earn a Graduate Degree
Currently, the nation’s top business schools offer master’s degree programs in NFP studies. Like other business grad diplomas, the NFP designation means the graduate has attained a high level of understanding and real-world competence in the field of 501 leadership and everyday operations. How can new college grads and mid-career adults pay for their master’s program fees? Taking out student loans is the most popular and efficient way. While there are scholarships, grants, and work-study opportunities available, most program attendees opt to borrow a portion or the entire amount of the degree-related costs.
Get Relevant Experience Via Internships & Volunteering
Before, during, or shortly after earning a diploma, look for an intern, paid, or part-time volunteer position at a 501 that has a solid reputation. It shouldn’t take long to accomplish this leg of the process because there are hundreds of excellent NFPs that need help and are willing to pay for it, particularly if you have a pertinent college or graduate degree. School counselors have a knack for making connections with interested students, so use your school’s resources if possible. Even if you work in the for-profit sector now, find an NFP that sparks your interest and volunteer on weekends to build a network of those who can help you find paying jobs in the sector.
Acquire a Second Language
For US residents, learning Spanish is a great way to expand horizons and beef up a resume. In the NP field, being able to converse in a second language automatically opens vast new expanses of job opportunities. For Spanish speakers specifically, there are hundreds of 501s that cater to groups and causes in South America, Mexico, and Latin America, and immigrant populations in the States. It takes a year or more to gain a decent amount of conversational competence in Spanish or any other language. Take a beginner’s course online or at a school, and try to spend at least 30 minutes per day practicing with a conversation partner. Focus on speaking rather than reading, and don’t worry if you’re not a language person. The dedication will pay off eventually.
Learn How to Raise Funds
Learn ways to make money online and start a small project that requires a bit of fundraising. Keep it simple. Participate in a door-knocking campaign for a political candidate you support or a cause at your favorite church. Try to gain first-hand experience in face-to-face, telephone, and online money-raising for a variety of causes. The effort can serve as a springboard to a career in the NFP field. Plus, if you document the experience, be sure to include it on your resume.
