July 2024

How Do You Sync iPhone and iPad? The Only 3 Steps You Need

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I’m an Apple guy. I have a MacBook, Apple Watch, iPad, and iPhone. My Macbook is my workhorse, but most of my day is spent switching between my iPhone and iPad, and I like to keep them in sync using iCloud. 

I’m no rocket scientist, and you don’t need to be Nikola Tesla to make this process work like a charm. All you need are 3 easy steps and a few small pieces of information about Apple products.

Here’s how to do it.

Steps to sync your iPhone and iPad like a pro

It’s easy to sync your Apple devices, but know that this is different from using Airdrop to move one file at a time. Remember, all Apple devices are part of an ecosystem that’s made to work together, so if you ever get stuck, generally any question can be answered in the Apple documentation.

Step 1. Check software compatibility

Both devices need to be running iOS or iPadOS 11 or newer. If you’re not running these versions, you need to upgrade to the latest version your device will allow, via the Settings app. 

I always tell people it’s a good idea to keep your devices updated, not just for the security updates, but for the feature updates that make little things like syncing your devices possible.

Step 2. Set up and sign into iCloud

Open settings on both devices and tap the Apple ID at the top. Make sure you’re using the same Apple ID on both devices. Navigate to iCloud settings and ensure you’re signed in.

This is just one of the things that iCloud is great for. I personally love that every photo and video I’ve taken since I joined the Apple ecosystem all those years ago is still there. And I love knowing that all my devices are backed up every day so I never lose anything of value.

Step 3. Enable Apple iCloud syncing for apps

In the iCloud Settings, toggle on the switches for the apps you want to sync (e.g., Contacts, Calendars, iCloud Photos, Notes). Do this for both devices and ensure that they’re set to the same thing on both.

Next, ensure iCloud Backup is enabled for automatic downloads and syncing.

How do you want to sync your devices?

Connect via wi-fi

Ensure that both devices are connected to the same wi-fi network. This is necessary for syncing iPhone data and iCloud backup. This is one of the main issues people have and the easiest one to solve.

Sync through Bluetooth or USB

If you want to move single files from one device to another using Airdrop or Handoff, make sure you turn on Bluetooth. Alternatively, you can use a USB cable.

I personally love using a USB cable because I find it makes the process faster and easier.

Manual syncing with iTunes

First, connect your iPhone and iPad to a Mac or Windows PC with iTunes installed. Select your device in iTunes, choose the data you want to sync, and click Sync. This will transfer your data.

I first used this process with an old iPad someone gave me that could not run iPadOS 11, and I wanted to add it to my stable of devices.

Manual syncing through cloud storage services

You may also consider using other cloud storage services, like Dropbox or OneDrive, for additional storage space. It’s as simple as syncing files across devices through these services, if needed.

I trust iCloud, but some people love having an extra backup, just in case, through an additional cloud storage provider. I’ve never lost any files in cloud storage, but there’s a first for everything — so you may think about backing up to another service just in case.

Automatically syncing apps, music, and books

Enable automatic downloads for apps, music, and books in the Settings app. Go to Settings > iTunes & App Store and toggle on Automatic Downloads for Music, Apps, Books & Audiobooks, and Updates.

Syncing music with Apple Music

Use Apple Music to sync your music library across all Apple devices. All you have to do is ensure Sync Library is enabled in Settings > Music.

Spotify Premium will do the same over multiple devices as long as you’re signed into the same account.

Syncing email and contacts

Sync your email accounts and contacts via iCloud by enabling them in iCloud Settings. And you don’t need to worry about platforms like Gmail or Outlook because they always sync automatically across devices.

Syncing apps

Ensure that apps using iCloud are set up correctly to sync data across devices. Also, always set your apps to update automatically, so you’re always working with the latest version of the app.

Remember to back up your devices

Regularly back up your iPhone and iPad to iCloud to ensure data safety. To do this, navigate to Settings > iCloud > iCloud Backup and tap Back Up Now. You never know when a device may fail, even something as reliable as an Apple product, so keeping the latest backups of your devices is crucial.

iCloud space is much cheaper than having to recreate files and projects you can lose if you choose not to back them up.

Managing iCloud storage

Monitor and manage your iCloud storage space, especially if you’re backing your devices up to the cloud. If needed, change the storage plan by going to Settings > iCloud > Manage Storage. iCloud can fill up quickly, especially if you take a lot of photos or video, but storage space is cheap — don’t be afraid to use it.

Syncing FAQs

What should I do if devices are not syncing?

There are a few things to check right away. Check the internet connection and iCloud settings, make sure cables are plugging in fully, and make sure the battery is charged. One last thing: ensure both devices are using the same Apple ID.

How to sync wirelessly without a computer

Use iCloud for most data types and features, like AirDrop for file transfers.

Simple. Easy. Straightforward.

There’s nothing too difficult about the entire process, so if you hear a friend asking, “How do you sync an iPhone and an iPad?” you’ll know what to do.

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21 Small Town Business Ideas

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Don’t be mistaken: You can build a small business with big goals, even in a small town.

People all over the world are becoming small business owners. If you have the motivation, entrepreneurship is one of the best ways to build new income streams and turn them into full-time opportunities.

Another benefit? Many ideas that work in a small town also have the potential to help the community as a whole. Here are 21 business ideas to get you started.

1. Car wash

Either build a self-service car wash or advertise your mobile car washing and detailing services locally. After a while, most of your clientele will be repeat customers or referrals from word of mouth. 

If you opt for the mobile car wash route, all you need to get started is a hose, some microfiber cloths, soap, wax, and a buffer. 

There are even franchises that will provide you with everything you need for the right price. Try Mr. Clean Car Wash, or Fleet Clean USA.

2. Strength coach or personal trainer

If fitness is your thing, find a few local clients and offer to train them. Sometimes it helps to specialize, but in a small town — where you’re likely to get clients from various backgrounds and fitness levels — it’s best to take anyone you can and create a custom training plan for them.

You’ll end up with more business, and your clients will appreciate the personalized service.

3. E-Commerce store

Pick a niche, maybe something that interests you or a hobby, like gaming, that you want to expand upon. Use free (or nearly free) online resources to set up a Shopify or Etsy store where you can choose from at least 3 business models:

Sell your own creations

Buy inventory from wholesalers to sell and ship to your customers

Dropship directly from wholesalers or from retailers like Amazon — so you only handle sales, not delivery

With a reliable internet connection, you can oversee your supply, marketing, and customer service from anywhere, even in a small town.

4. Tutoring services

Provide tutoring in subjects like math or world languages, or consider test preparation. Use video conferencing tools like Zoom or Skype to connect with students worldwide.

5. Resell used clothing

Source used clothing from thrift stores and yard sales and then sell those pieces online. 

Thrifting locally in small towns makes it easier to find vintage pieces that sell for a premium on places like eBay and Poshmark.

6. Coffee shop and bar

Combine a cozy coffee shop with evening wine and beer service to cater to both daytime and post-work crowds. You can even incorporate breakfast service and cater to the morning commuters heading into the city for work.

7. Pet grooming and boarding

Tap into the $303 billion pet industry by offering grooming and boarding services. Pet hotels are a great source of income for people who love pets. 

For a luxury twist, turn your pet hotel into a boutique and offer 24/7 webcam security, special diets, pet massages, walks, and visits to dog parks.

8. Consulting or freelancing

If you have Wi-fi, you can use your skills to consult for large companies that hire people to work from home. Web design, content creation, marketing, coding, or app development — you can do it all right from the comfort of your home and get paid well to do it.

9. Bakery

Freshly baked goods are always a hit in small communities. And you can expand your market to hotels and resorts in larger communities too. Sweet confections are a favorite, and you can make a niche for yourself by capitalizing on a small-town vibe.

10. Farmers’ market 

Organize a local market for fresh produce and artisanal products. You can source from local farms or use your own green thumb and sell your produce alongside the farmers in your area.

11. Bookstore

Create a cozy space for book lovers to explore — just remember to include plenty of specialty items like games and journals for a uniquely curated collection. 

Once you’ve hit a popular vibe, don’t be afraid to advertise in bigger cities. Avid readers will gladly travel for hard-to-find books, custom collections, and special experiences.

12. Ice cream shop

Ice cream is a great seller, especially in summer. Try to be unique in your branding or your product to make your shop memorable. A lot of shops lean into being Instagrammable, creating their own hashtags and building up their social media accounts.

13. Home improvement services

Offer handyman or renovation services. Ask local contractors if they need someone to clean up after jobs and use leftover materials to create furniture, gifts, or items you can sell online for a profit.

14. Cleaning services and upkeep

Help residents maintain clean homes and offices, be it indoors or out. You can even look into specialization, like helping senior citizens or college students.

15. Microbrewery

Sell your own craft beer and create a local hangout. This could be a great choice iif you’re already interested in beer or brew your own at home. 

Focus your business on good customer service and set yourself apart even further by creating unique flavors with locally sourced ingredients.

16. Hair salon or barbershop

Keep the community looking sharp. You can either open a shop for that boutique hair experience, or go straight to people’s homes and do everything at their location.

17. Bed-and-breakfast

Convert your home into a charming B&B for travelers. Be unique and make yourself memorable by focusing on quality, tasteful decor and paying attention to the little things, such as indulgent bed linens, for those special finishing touches.

18. Auto repair

Every small town needs a great mechanic. Whether you open a shop or work on cars in your customers’ driveways, you’re helping the community save money and extending the lives of their precious cars that much longer.

19. Computer services and consulting

How many high school students and senior citizens do you know who need help with their computers? You can have a thriving business helping people set up their TVs, Wi-Fi, smart devices, and more. Everything runs on some form of technology, and if you have a knack for it, it’ll be easy to make money while helping others.

20. Landscaping and gardening

Not everyone has a green thumb or the time to tend their lawns and gardens — make money by helping people keep their homes looking fresh. How many landscaping businesses were once just a kid with a lawnmower going around the neighborhood and making extra money? The summer job back then can easily become a full-fledged business that beautifies the community.

21. Daycare or babysitting

Are you good with children? The parents of your small town or city need you. There’s always a market for dependable, friendly childcare workers, and you can ease the schedules of busy parents. Just remember to check your local licensing requirements before you get started.

Small town business challenges — and how to overcome them

Still unsure about your small town business? Turn small town challenges into opportunities with these simple tips.

Market size

When you open a business in a small town, the market size can be a challenge. You’ll need to bring in as many people as you can — and keep them coming back. Consider a mash-up of 2 or more ideas from the list above, like a bookstore bakery or a gourmet ice cream coffee shop.

It also helps to make your business social media friendly and build strong relationships through community involvement. 

In fact, one of the great things about operating in a smaller market is word-of-mouth. In some cases, getting the word out about your business may be as easy as talking to your friends and neighbors at the local grocery store.

Not sure where to start? The Chamber of Commerce is usually helpful and welcoming in a small town, so get to know them first. They can connect you with opportunities to sponsor the local high school football team, network through the PTA, and more. 

Traffic

While you do get less foot and car traffic in a small town, the people who pass by are more likely to stop. People who live in smaller towns often love living there, preferring local businesses over driving to more populated areas.

Look for ways to include the community in your sales and special events, and you’ll be more likely to get repeat business from your neighbors. Building a loyal customer base and becoming an integral part of the community can provide a sense of fulfillment that goes beyond financial success.

Plus, the internet has made it a lot easier to connect to customers. Wherever you can, find ways to include a broader audience for your products or services and extend your reach beyond those small town borders.

Employees

Attracting and keeping employees can be challenging in a small town due to slower lifestyles, limited populations, and scaled-down infrastructure. Use your connections here too by participating in high school job fairs—and don’t forget to advertise in the local newspaper.

The good news is that small towns also offer special benefits, such as lower operating costs, reduced competition, and a strong sense of community. 

If you manage your finances carefully, that lower cost of living can make all the difference in your bottom line.

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Accounting for Small Businesses: What You Need to Know

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Running a small business can be a big job, but your accounting doesn’t have to be a hassle. 

Here’s an itemized overview to get you started.

What you need to know

Tracking income

Expense tracking

Understanding profitability

Cash flow

Financial statements

Tax planning

Hiring accounting professionals 

Tracking income: why?

You’ll want to know how much income your business is generating so you can track your profits and manage your money effectively. 

You’ll also want to track income to report your earnings correctly for taxes and avoid penalties. Keeping detailed records will help in claiming your deductions and credits — we all want to reduce our tax liability!

What about measuring the financial performance of your business? Income tracking provides clarity about  which of your products or services are most profitable, and also reveals trends in earnings over time. You’ll need this information later for planning and making adjustments to improve your profitability.

Income tracking can also help you manage your cash flow. It ensures that there’s enough cash on hand for business expenses, debts, and personal purchases. The goal is to maintain the availability of liquid assets and ensure the stability of your business.

What if you’re trying to attract investors or get a business loan? When you track your income through detailed and accurate records, your business is more attractive to potential investors and lenders. These records are crucial in showing your ability to generate revenue and manage your finances.

Methods for tracking income

While there are many effective methods for tracking income in a small business, there are two you should be most aware of:

By product or service

Tracking income by product or service helps you identify the most profitable aspects of the business and focus on expanding them. 

For example, you may be a building contractor who also offers landscaping and interior design services. Find out which service is more profitable and put more effort into expanding that area.

Some ways to do this:

Use software like Quicken to generate reports on income by product/service category.

Create spreadsheets with columns for product/service, revenue, and profit margin. Then assign each product/service a unique code for easy tracking.

By customer or job

Tracking income by customer or job provides a view into your most valuable client relationships or your most profitable kinds of jobs. 

Going back to our earlier example, if you were a building contractor, you could find out which customers or jobs generate the most income and understand where to target your efforts.

Use software like Quicken to categorize your income by customer or job.

Use spreadsheets with columns for customers, product/service, revenue, and profit. Then assign each customer a unique code for easy tracking.

Expense tracking — the why and how

It’s important for business owners to track expenses for several reasons. First, it makes financial management and planning easier. It shows where money is being spent, allowing for better budgeting and cost control.

Second, it aids you in tax compliance. Detailed receipts are necessary for claiming deductions and credits when filing taxes, minimizing tax liability.

Third is fraud detection. If you regularly review your expenses, it’s easier to spot signs of fraudulent activity, like duplicate or fake expenses from an unauthorized party.

The fourth and most important benefit of tracking expenses: it helps you save on costs, explore new growth opportunities, and earmark money for future opportunities because you’re armed with information about your business spending.

If you don’t know what’s coming into your business, planning for the future becomes a tough job.

Here are some effective methods for tracking expenses

Open a dedicated business bank account and credit card to separate business and personal finances.

Make digital copies of receipts to eliminate paper clutter. Regularly review expenses and put them into categories to get a better view of your outflows.

Use Quicken to automate expense tracking and categorization.

Integrate Quicken into your business bank accounts to automatically import transactions.

The importance of categorizing expenses

By consistently categorizing your expenses, you can gain valuable insights into your company’s spending and profitability. It also makes it much easier to generate the financial statements you’ll need to do your taxes.

What are the main expense categories?

Operating expenses — The costs created by a business in its day-to-day operations, like rent, insurance, and funds allocated for research and development.

Cost of goods sold (COGS) — The costs associated with manufacturing the goods sold by your business, like the cost of materials and labor directly related to the production process.

Marketing and advertising expenses — Ad costs, sponsorships, and anything else you do to help market your business.

Payroll expenses — Costs related to employees or contractors. Many small businesses use a payroll service due to the complexity of payroll taxes.

Understanding profitability — why track profit?

When you’re consistent about tracking profitability, you can understand your business better and make better decisions. It’s really that simple.

Is your new line of book-themed candles profitable? Great! Make more. Are your porch swings too labor-intensive to be worth it? Try simplifying the design.

Tracking and understanding profitability helps you make these kinds of decisions and more.

Net profit vs. gross profit

Gross profit is the revenue you have left after paying for the cost of the services or products you sell. 

Net profit, by contrast, is what’s left after paying all your expenses and taxes. 

Both are important for understanding your business’s profitability and helping you make informed decisions.

Cash flow management

Cash flow management is just what it sounds like — paying attention to cash payments as they flow in and out of your accounts.

Many small businesses feel the limitations of cash flow. Maybe they need to buy supplies for a job long before they’ll get paid for that job. Or maybe they need to wait on a customer’s 60-day payment cycle before they can pay their own bills.

Looking ahead at your upcoming cash flows helps you plan ahead so these kinds of situations don’t take you by surprise.

Forecasting cash flow can also help you plan the best way to expand your business, knowing how much cash you’ll have available and when.

Strategies for improving cash flow

Here are 10 simple strategies for improving cash flow in your business:

Offer discounts for early invoice payment or impose late fees for overdue invoices. This encourages customers to pay you sooner.

Make it easy for customers to pay by accepting credit cards, ACH, and online payments.

Provide discounts for customers who prepay for products or services.

Create subscription or membership programs where customers pay upfront.

Offer special promotions or limited-time offers to encourage prepayment.

Avoid tying up too much cash in inventory that sells slowly.

Sell off discontinued or excess inventory at a discount.

Ask for extended payment terms from suppliers.

Review your expenses and cut any costs that aren’t necessary.

Implement cost-saving measures like energy-efficient upgrades to your properties.

Financial statements — which ones are needed?

Let’s keep it simple — there are three main statements your business needs, and the first two are required for taxes. They are:

Income statement

An income statement focuses on the revenue, expenses, gains, and losses of your business during a particular time period, such as a day, week, month, quarter, or year.

Balance sheet

A balance sheet shows you what your company is worth based on the value of your company’s assets and debts at a given moment in time.

Cash flow statement

A cash flow statement shows you how cash has been flowing into and out of your business.

Most small businesses use accounting software to generate all 3 of these financial statements automatically. 

Tax planning and compliance

Tax planning can help lower your taxes while making sure you’re still complying with local and federal tax laws. A tax professional can help you find those savings.

Be proactive and tackle tax planning throughout the year instead of waiting until the end and scrambling around like a chicken in a barnyard. (Been there, done that. Trust me, it’s not great.) 

Besides, most of your tax savings will come from things you have to do all year long, like tackling your expenses and saving receipts.

Hiring accounting professionals

As your small business grows, hiring an accountant or bookkeeper becomes more important to make sure you’re keeping good financial records, complying with tax regulations, and making informed decisions. 

Look for a professional who understands your business, and communicate with them regularly about your goals and concerns. 

Working closely with someone you trust can help you focus on the things that make your business profitable — and maybe even fun.

Small business accounting — what you need to know

You made it! 

Accounting work can feel like a hassle, but it doesn’t have to consume you as a business owner.

Automate those boring accounting tasks with a faster, easier way to manage your finances. Quicken is here to help.

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How to Start a Nonprofit Organization — 15 Steps to Success

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Do you want to help people? Save the environment? Cure world hunger? A nonprofit organization can be a rewarding way to take on social, environmental, or community issues and start spreading the good around.

The process may look intimidating at first, but if you follow the steps below, you can start your own nonprofit organization — even if you don’t hire someone else to do the legwork.

The tips in this article can help you choose a nonprofit structure, register your nonprofit in your state, stay on good terms with the Internal Revenue Service (IRS), and much more!

What is a nonprofit corporation or organization, exactly?

A nonprofit organization is a group or startup formed with a focus on social issues, education, or donation. Think of it as a public charity, raising money and resources to invest in humanitarian efforts. 

As opposed to a for-profit organization, nonprofits reinvest extra revenue not used in the business of charity and put it toward their mission. They don’t distribute it to a group of shareholders.

Should your organization be a nonprofit?

Starting a nonprofit can be fulfilling, but it’s also a challenge. Here are a few key points to consider when deciding if a nonprofit structure is right for your chosen mission.

Why start a new nonprofit organization?

You can provide a public benefit: Serving the public and addressing unmet needs in communities is a great way to help others.

Tax-exempt status: Your organization can benefit from federal tax exemptions under IRS guidelines, which means more money goes to your mission.

Access to grants and donations: Nonprofits can receive large charitable donations and grants, which are the lifeblood of any charity, whereas for-profits cannot assert the same privilege. 

Community involvement: Building a network of volunteers and supporters is often easier for nonprofits because people know the organization’s main goal is not in making a profit.

Long-term sustainability: Most nonprofit groups last far beyond the strength of the original founders. Think Peabody Education Fund, which has been around since 1867.

Common types of nonprofit organizations

501(c)(3): Charitable Organizations

Best for: Aiming to address social, educational, religious, or charitable needs? This is the most common type of nonprofit.

How it works: You only have to meet IRS criteria to file for tax-exempt status. Donations are tax-deductible.

501(c)(4): Social Welfare Organizations

Best for: Groups who focus on promoting social welfare and fighting for social causes. According to IRS.gov, this “does not include direct or indirect participation or intervention in political campaigns on behalf of or in opposition to any candidate for public office.” 

How it works: Can engage in other political activities but donations are not tax-deductible.

501(c)(6): Business Leagues

Best for: Institutions like the Chamber of Commerce or the Better Business Bureau

How it works: Focus on improving business conditions; lobbying is allowed, but there are no tax-deductible donations.

With this additional information in hand, read on to see the 15 steps to take when starting a nonprofit.

How to start your new nonprofit corporation

Step 1. Create a business plan

Steps 1 and 2 are about creating the framework—your nonprofit’s mission and strategy. This provides a basis for what you want your nonprofit to achieve. 

In step one, you’ll figure out your funding, which will help you attract the financial backing you need and ensure that your operation is effective by outlining crucial financial management and compliance measures. 

This section is where you shine, and many people and organizations looking to fund your nonprofit will be paying close attention.

Step 2. Develop a mission statement

In this step, you’ll clearly articulate your organization’s purpose and goal. In just one or two sentences, why will this nonprofit exist? 

Be as specific as you can. Your nonprofit’s mission statement will define and drive all the other parts of your operation. 

Step 3. Choose a name and create a brand

Picking a name and starting the branding process is important. As a nonprofit, your identity means everything and is closely tied to your mission statement—your name and logo will often be the first impression people have of your nonprofit. 

Whatever your ambition, be it a caretaker of the oceans or feeding a million children, the name you pick must be memorable for people to take your mission to heart.

Step 4. Get a registered agent

While it’s not a requirement that you need a registered agent in your state when starting a nonprofit,  according to the CogencyGlobal blog:

“Many nonprofits that solicit charitable donations nationwide use the Unified Registration Statement (URS) to meet their filing obligations relating to initial and renewal charitable registration and compliance filings. These filings are broadly required in 37 states and in D.C. pursuant to state charitable solicitation acts.”

Step 5. File Articles of Incorporation

There are three ways to do this: Hire a lawyer to draw up all your necessary paperwork, use an online platform like LegalZoom or Bizee, or submit the needed paperwork yourself. You must submit these foundational documents to the Secretary of State to legally form your tax-exempt organization.

Step 6. Create bylaws

To create bylaws, first define the organization’s structure, including the board of directors, officers, membership, and meeting procedures. This ensures compliance with legal requirements. Then, draft the bylaws document. You can review it with legal counsel or adopt it through a board vote.

Step 7. Appoint board members and directors

When creating the bylaws, assemble a nonprofit board of directors responsible for overseeing the organization’s activities. Also, choose an executive director who will be in charge of all board proceedings and the decision-making authority of the organization. 

Set up the initial and future board meetings and then acquire the contact information of all involved. In doing so, you set up a strong foundation for efficient and reliable communication for your nonprofit’s leadership.

Step 8. Apply for an employer identification number (EIN)

Your nonprofit will need a bank account. To get one, you need an Employer Identification Number (EIN). A nonprofit is required by federal law to have an EIN, a process made all the easier by the internet. Simply fill out the paperwork online and submit it.

Step 9: File for federal tax-exempt status

Submit IRS Form 1023 or Form 1023-EZ to obtain 501(c)(3) status. The IRS will send a determination letter in a few weeks.

Step 10. Apply for state tax exemption and any business license you may need

If you’ve chosen to do all the paperwork yourself, look into state-specific tax exemptions and their availability, plus the necessary paperwork to comply. This is also the point when you should apply for any state-specific business license you may need.

Step 11. Develop a fundraising plan

First, apply for grants from charitable foundations, government entities and agencies, and corporations that align with your nonprofit’s mission and strategy. Many can be found online like the ones on grants.gov. 

Some of these grants are funded yearly, so plan ahead to submit a proposal by each deadline. Plan out a detailed donation campaign using online platforms or a social media profile to increase public interest and visibility. You may also choose to find and secure individual donors via mailed invitations or community outreach efforts.

Build a website and start collecting email addresses from your anticipated  donors. An email list is worth its weight in gold as these donors are the ones who will provide funding time after time. 

You can look to host fundraising events like auctions or community book fairs to raise funds and increase visibility. This is where you want to create goodwill for the brand and get the word out about you and your mission. Foster partnerships with current sponsors and donors who can help to provide financial management and administrative support for your nonprofit. 

Keep detailed records of all donations using a donor management system or content management systems (CMS) like Hubspot to ensure you’re transparent and accurate in tracking your organization’s progress. Keep thorough records of all transactions.

Step 12. Open a bank account

By now you should have received your EIN, so take all your documentation and open an account with a reputable bank. Some banks even provide financial management help for nonprofits should you need an extra hand.

Step 13. Set up record-keeping and reporting systems

Remember the old adage, “if it’s not written down, it didn’t happen”? You’ll need to keep track of donations, expenses, and grants. Use accounting software tailored for nonprofits or hire a bookkeeper if this isn’t in your wheelhouse. Create regular financial reporting schedules, including annual audits and tax filings, to meet legal and regulatory requirements.

Step 14. Create a conflict of interest policy

If you’re at the head of a nonprofit, you’ll soon find out that you and your organization are under constant, and sometimes intense, public scrutiny. To ensure there’s no impropriety, the IRS recommends creating a conflict of interest policy. The IRS suggests you use form 1023 to “as a means to establish procedures that will offer protection against charges of impropriety involving officers, directors or trustees.”

Step 15. Prepare for ongoing compliance

Use the internet to stay informed about filing fees, reporting requirements, and updates in nonprofit law for each fiscal year. You’ll want to ensure you stay in compliance with federal policies and create FAQs that will inform the public about your practices.

Would a for-profit organization fit you better?

Does a for-profit structure align better with your goals? Consider the following:

If your primary goal is to generate profit for owners or shareholders, a for-profit organization may be better for your needs.

If you want the flexibility to distribute profits, for-profits allow owners to share in the business’s financial success.

If you’re seeking funding primarily through investors rather than donations, for-profits can raise capital through private investments.

Do you feel confined by the additional rules, scrutiny, and audits that come with nonprofit status? A standard taxed business may be better for you.

Can you start your own nonprofit?

Definitely. By following the steps above, you can establish a nonprofit organization that effectively serves your mission and community.

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