"Fastlane" is an entrepreneur discussion forum based on The C.E.N.T.S Framework outlined in the two best-selling books by MJ DeMarco (The Millionaire Fastlane and UNSCRIPTED®). From multimillionaires to digital nomads to side hustlers who are grinding a job, the Fastlane Forum features real entrepreneurs creating real businesses with one goal in mind: Freedom— both financial and temporal.
100% exactly what I believe as well.Anything relating to ANIMALS or CHILDREN because they're purely innocent.
Grown adults, not so much.
And I'd make sure that the charity wasn't paying their board of directions millions per year and isn't a carbon copy of the Clinton Foundation -- millions of dollars in contributions, but only a tiny portion actually went to help anyone.
One of the things I am extremely grateful for is the NHS we have in the UK, there was no way on earth we could have afforded my wife's treatment/operations/surgery, and to put it bluntly she'd now be dead.I would love to put a portion of the income into giving them out to people who can't afford them.
How does doing it directly from your business play out?I have considered forming a charity for the longest time but having sat on the board of a few non-profits, I know for a fact that many of them are broke and the ones that are not broke, are not efficient with their money.
So the other month, I was listening to a podcast which was discussing for-purpose businesses, which is essentially corporations, designating a % of their profits for charitable causes.
This has a net positive effect on the business as many more people want to back businesses that give back.
We are now are discussing plans to further develop our software, so we can implement in underprivileged countries. Our product will enable communities to access our online tools so they can generate incomes.
Governmental restrictions are a huge problem for us, which is why we are taking Blockchain technology as a serious contender in our applications.
Great question!How does doing it directly from your business play out?
In the US, you can get gov't and private grants to kickstart your projects. Then procure donations from companies with a PR + tax incentive, for them. (As a 501c3 Nonprofit Corporation)
Supply Chain Transparency | TOMS®Great question!
The simple answer is that we don't know the full implications of how it'll affect our business.
Its works the same way in the UK with Non-profits, we have several tax incentives to encourage charities.
However, I believe that by doing the work we do, this will naturally increase business because I am of the firm belief that people want to do business with companies that give back + it gives me a major advantage on the USP front. Just take a look at Toms shoes. Personally, I don't really like the shoes but they can take on the bigger brands because of their involvement in community and social enterprise projects.
Hopefully, the increase in business would negate the benefit of a tax incentive that running a non-profit would bring.
I would prefer that if a company wants to help us, then simply buy our products.
Fortunately, we have a product that is on the increase in terms of usage, so we are working towards development before it becomes disrupted.
Essentially, we are breaking the system - way before it needs to be broken.
Wow, thank you, this is pure gold.Supply Chain Transparency | TOMS®
It looks like TOMS uses "partners" which I'd wager are non profits. Some even directly controlled by them. (I'm speculating)
(US) You can get tax deductions for simply donating inventory:
Understanding the Charitable Giving Tax Deduction – What Can Your Small Business Write Off? | The U.S. Small Business Administration | SBA.gov
The vast majority of businesses are involved in some sort of philanthropic endeavor. But it seems TOMS was smart to leverage what everyone else is already doing.
(2 birds with one stone. Image of a non-profit, with all of the benefits of donating to one)
It reminds me of a commercial from Shell Gas. They told everyone they use additives that make for a cleaner engine with Nitrogen. Turns out, everyone was doing that. They were just the ones to say it.
If You Could Start a Charity What Would It Be and Why?
Been there, done that. With 4 friends, starting in the late 1980s and through most of the 1990s, in the greater Los Angeles area -- in an ugly, dirty ghetto setting, we started the first shelter for homeless women where we also took in their children. Before us, there were only shelters for women, or for men. We were just five concerned women, who had no special connections or training -- but, we had a dream to help. And we did. I was chairman of the board for 5 years.If You Could Start a Charity What Would It Be and Why?
Don't like ads? Remove them while supporting the forum. Subscribe to become an INSIDER.
Join Fastlane Insiders.