Before we dive into the 24 Ways Social Impact Brands Can Diversity Their Revenue Streams Series ... LinkedIn invited me to provide my insight on the biggest misconceptions about nonprofits. ?? My top 3 biggest misconceptions are the following: ?
- Nonprofits cannot earn a profit from various types of fees for services including programs, courses, membership fees, products, speaking, publications, consulting, coaching, merchandise, etc.
- Nonprofits have to solely depend on grants, contracts, individual donations, foundations, bequests, and corporations.
- Nonprofits cannot generate 5, 6 and 7-figures from multiple revenue streams supporting their brand values, cause, mission and vision.
Are you with me? Join me as I debunk these myths and teach you how to shift your mindset throughout 2024!
- Myth #1: Nonprofits CAN make a profit! Your social impact brand should always generate revenue to ensure sustainability. When you operate as a social impact brand you are ensuring your revenue is distributed to benefit the public, not private interests. According to the National Council of Nonprofits, 49% of nonprofit revenue is earned from private fees for services. So, if you are not focused on diversifying your organization's revenue streams then you are bound to fail. In 2021, I founded my 501(c)(3) nonprofit organization, Head to Speech, Incorporated
. I soon realized that the more diverse our organization’s revenue streams were the greater our chances of aligning our brand with social impact and achieving massive growth and sustainability. I dive deeper into the type of revenue streams I created inside my book, Align Your Brand with Social Impact
.
- Myth #2: Nonprofits DO NOT have to solely depend on grants, contracts, individual donations, foundations, bequests, and corporations. However, these charitable giving types require a strong social impact strategy. Throughout 2024, I'm going to especially highlight various types of grants, contracts, donor stewardship, giving circles, corporate sponsorships, and various types of exhibitor activations.
- Myth #3: Nonprofits CAN generate 5, 6 and 7-figures from multiple revenue streams supporting their brand values, cause, mission and vision. Throughout 2024, I'm going to talk about becoming comfortable with your value proposition so your value matches the prices of your social impact brand offerings. No money = no mission. Your mind needs to believe that your social impact brand is worth 5, 6, and 7-figures. However, your mind also needs to understand how to demonstrate its value to achieve massive growth and sustainability. Your mindset is everything!
BIA BRAND with Dr. Tabia Pope
Owner of BIA Communications ([email protected]
)
President & CEO of Head to Speech, Inc. ([email protected]
)
A Disciple. A Professional. A Life-Long Learner.
10 个月Wow! I had no idea that Non-profits could actually make a profit. I learned so much in this quick and insightful read. Thank you for sharing! Happy 2024, looking forward to learning more from you!
??Award Winning Chief Makeup Artist ★ NYFW Runway Artist ★ Founding member of VOGUE CLUB/VOGUE Published Artist ★ Chief Executive Officer of Inner Beauty Makeup BY: Story Falu ??
10 个月Happy New Year 2024????????
Founder at Liricare
10 个月Tabia Pope, Ph.D., CCC-SLP , thank you for sharing this nsightful article! Would you be interested in sharing it on our platform? This way, other speech therapists on Liricare can benefit from your work and help dispel the myths surrounding non-profits.