should you start a for-profit or
nonprofit company if you really want to
help people if you really want to have a
big impact and reach a ton of people for
the better then in my opinion the best
way to do it is to have a for-profit
company that gives back to the community
I got a great question from a reader
Greg who he wants to start up a business
he wants to help nursing homes and
artists and he wants to start the
business around that that can give back
and he’s not sure if it should be a
for-profit or nonprofit business here’s
the thing okay if you are just doing a
nonprofit if it’s just you if you’re
trying to raise money through donations
you’re always gonna be limited if you
are out just volunteering for a company
you can have an impact and that might be
a really meaningful contribution and you
are giving your time to something but if
you really want to have a big impact if
you want to help more than a few people
then the best way to do it is to build a
highly profitable business and invest
the money that you make back into the
causes that you support here’s an
example of a friend of mine he runs a
design shop and he’ll help create great
products for companies and one of the
challenges he had when he was starting
up was I love working with with these
nonprofits with these charities because
I love that they’re all about I love
their cause but if I do that I’m not
making money right I either do it at a
loss I do it for free I do it at cost
I’m not making money so his opportunity
here is either do I go and basically
just work with these nonprofits and give
them my services and I love doing that
work and this may be personally
fulfilling but he’s always going to be
limited by how much time he has he’s
never gonna be able to grow and scale
and build a team because he’s not making
money
whereas if he were to go out and build a
design shop that is for profit that is
doing work for companies who pay him who
baked him what he’s worth that he has
mad skills and then
donate 10% of his time 20% of its time
whatever it is back to helping those
causes then in the longer run he’ll have
much more impact because it’s not just
gonna be him and his time it can be his
team where if you’re just volunteering
if you’re just donating your time your
your belief in a cause you just invest
in your time into something you’re
building a non-profit then it’s gonna be
so limited he could be 100 percent of
your time but it’s harder to build up a
team around you whereas if you’re a
for-profit company you’re making lots of
money you bring on our team so you’re a
10 person company a 20-person company if
everybody’s giving 20 percent of their
time to this cause with tons of
different skill sets you’re gonna have a
much greater impact so that’s my
challenge to you how much of an impact
you want to have and really the decision
you have to make is the first option you
can get personally involved and it will
be very personally fulfilling for you
because it’s your time but you’re not
gonna make a lot of money doing it if
anything but you’re giving everything
you got to it whereas the other one
you’re not given as much time to it but
you’re having a bigger impact because
you have a business that can support the
cause that you belong to I’m a big
believer that entrepreneurs need to give
back to their community if it’s through
sponsorships if it’s through you know
dollars if it’s through time if it’s
through mentoring whatever it is
something that you proudly believe in
make that part of your business bring
that into what you do as a company but
then it’s still a for-profit business
and the bigger that I can grow my
business the bigger that you can grow
your business the greater positive
impact you can have in your community
and afford to give more dollars and
resources and time of yourself and your
team to support the cause that you
believe in so if I was ever given the
option I would always pick go for-profit
have a huge impact change the world and
believe those are watching like the
video please give it a thumbs up below
it always makes want to do more for you
and let me know what you think leave a
comment underneath you like this video
stop just being a stalker leave
right say something I love to hear from
you and you give a question leave it
below I’ll make a video response thank
you so much I’ll see you soon
nonprofit company if you really want to
help people if you really want to have a
big impact and reach a ton of people for
the better then in my opinion the best
way to do it is to have a for-profit
company that gives back to the community
I got a great question from a reader
Greg who he wants to start up a business
he wants to help nursing homes and
artists and he wants to start the
business around that that can give back
and he’s not sure if it should be a
for-profit or nonprofit business here’s
the thing okay if you are just doing a
nonprofit if it’s just you if you’re
trying to raise money through donations
you’re always gonna be limited if you
are out just volunteering for a company
you can have an impact and that might be
a really meaningful contribution and you
are giving your time to something but if
you really want to have a big impact if
you want to help more than a few people
then the best way to do it is to build a
highly profitable business and invest
the money that you make back into the
causes that you support here’s an
example of a friend of mine he runs a
design shop and he’ll help create great
products for companies and one of the
challenges he had when he was starting
up was I love working with with these
nonprofits with these charities because
I love that they’re all about I love
their cause but if I do that I’m not
making money right I either do it at a
loss I do it for free I do it at cost
I’m not making money so his opportunity
here is either do I go and basically
just work with these nonprofits and give
them my services and I love doing that
work and this may be personally
fulfilling but he’s always going to be
limited by how much time he has he’s
never gonna be able to grow and scale
and build a team because he’s not making
money
whereas if he were to go out and build a
design shop that is for profit that is
doing work for companies who pay him who
baked him what he’s worth that he has
mad skills and then
donate 10% of his time 20% of its time
whatever it is back to helping those
causes then in the longer run he’ll have
much more impact because it’s not just
gonna be him and his time it can be his
team where if you’re just volunteering
if you’re just donating your time your
your belief in a cause you just invest
in your time into something you’re
building a non-profit then it’s gonna be
so limited he could be 100 percent of
your time but it’s harder to build up a
team around you whereas if you’re a
for-profit company you’re making lots of
money you bring on our team so you’re a
10 person company a 20-person company if
everybody’s giving 20 percent of their
time to this cause with tons of
different skill sets you’re gonna have a
much greater impact so that’s my
challenge to you how much of an impact
you want to have and really the decision
you have to make is the first option you
can get personally involved and it will
be very personally fulfilling for you
because it’s your time but you’re not
gonna make a lot of money doing it if
anything but you’re giving everything
you got to it whereas the other one
you’re not given as much time to it but
you’re having a bigger impact because
you have a business that can support the
cause that you belong to I’m a big
believer that entrepreneurs need to give
back to their community if it’s through
sponsorships if it’s through you know
dollars if it’s through time if it’s
through mentoring whatever it is
something that you proudly believe in
make that part of your business bring
that into what you do as a company but
then it’s still a for-profit business
and the bigger that I can grow my
business the bigger that you can grow
your business the greater positive
impact you can have in your community
and afford to give more dollars and
resources and time of yourself and your
team to support the cause that you
believe in so if I was ever given the
option I would always pick go for-profit
have a huge impact change the world and
believe those are watching like the
video please give it a thumbs up below
it always makes want to do more for you
and let me know what you think leave a
comment underneath you like this video
stop just being a stalker leave
right say something I love to hear from
you and you give a question leave it
below I’ll make a video response thank
you so much I’ll see you soon
Please follow and like us: