You can have a for-profit business with a not-for-profit purpose.
How do you run a for-profit business with a not-for-profit purpose?l
This question goes straight to my heart, and it speaks to a need that was fulfilled when I was 33 years old. Back then, I almost quit real estate because I was burned out. That’s when I asked people about running a for-profit business with a not-for-profit purpose. This took me on a multi-year journey that ended with a nonprofit 501(c)(3) embedded in the core of my business: Project Lamp Light.
If you want to start your own Project Lamp Light, here are the six steps you must take:
1. Open a checking account.
2. Transfer a percentage of each commission you make into that account.
3. When serving a client or talking to your database, ask the following question: Who do you know in the community with a random, urgent need we can serve? You’ll be surprised how quickly your inbox fills up with calls that answer this question.
4. Ask this question over and over again. Consistency is key, so keep asking for six to 12 months if you want to grow your referral index.
5. Set up an eight-question Google form for each urgent need. Think of it as an application for the funds you’ll potentially distribute.
6. If the “application” passes, approve the form, and send the funds anonymously. With Project Lamp Light, we don’t attach our name to any checks. Whenever a form comes across our desk, someone deploys it anonymously and tells the person in need that a faith-based local business wanted to help them.
If you have questions about this process or would like to take a look at our eight-question Google form, don’t hesitate to reach out to me. I’ll provide you with all the information you need to integrate this type of initiative into your business. I look forward to hearing from you.