For-profit ventures help nonprofits shore up the funding they need to maintain and expand their programs

By Abny Santicola

One thing’s for sure: There has to be a commitment to success throughout the entire organization, from the executive director and the board of directors on down, even to outside stakeholders — constituents, communities, government officials, donors, etc. Peeler recommends engaging stakeholders, letting them know about the earned-income venture early on, and being transparent about why the organization is doing it and what the benefits are going to be. In addition, support from the board can be vital not only for the different perspective it will bring to the table, but also because board members often are in business or run businesses and might know of people who can be brought in to help with initial planning and/or making the business operational.