How Much Does It Cost To Start Your Own Nonprofit?
If you are thinking about starting a nonprofit, you likely have lots of questions. One question we get a lot from our clients is “How much does it actually cost to start my own nonprofit?” The truth is, the cost of starting a nonprofit depends on many factors. First, you need to figure out the structure of your nonprofit and what you want to do. This will determine how much money you will need. Once you have that established, there are a few different costs associated with every nonprofit that you should keep in mind.
When you register and set up your nonprofit there are a couple of different fees you need to pay the government when you file your paperwork. Some of the fees are for the registration with your state government. These fees range from state to state, but they can be as low as $30 or as high as a few hundred dollars. You also have to pay for your federal filings, which is the filing fee to the IRS. This cost varies as well, but can be anywhere from a few hundred dollars up to $600, depending on what you need. At a minimum, you should plan for paying at least $700 just for the filing fees.
On top of the filing fees, if you choose to seek advice from a specialized attorney or any other experts in the field, those will have additional costs. These fees will vary depending on who you’re speaking to and what services you require. At Chisholm Law Firm, our packages are flat-rate services, so you get unlimited representation with no extra costs. You know exactly how much you’ll need to pay upfront so you can account for that in your savings goals.
Other fees for starting your nonprofit could include the cost of a building, employees, marketing expenses, or any other day-to-day costs of a typical business. It all depends on how your nonprofit will run. But whether you have a team of one run out of your home office or a large-scale nonprofit with lots of employees, you should keep these fees in mind when budgeting for your nonprofit.
All in all, it can be expensive to start a nonprofit, but you have a lot of different options when it comes to funding. If you want to discuss specifics of your organization and what you need to budget for, call Chisholm Law Firm today. We have a team of experts who will help you start and grow your nonprofit and ensure it is done right the first time. We can help you with all the steps of the process from completing your 501c3 filings, to registering your trademark, and even applying for grants.