Erin Arnheim Erin Arnheim

The True Cost to Start a Fractional Services Business (and the Systems That Actually Matter)

Starting a fractional services firm doesn’t have to break the bank. Here’s how I built Lense Advisory for under $1,700/year and the operational systems that keep it running efficiently.

Starting a fractional services firm doesn’t have to break the bank. Here’s how I built Lense Advisory for under $1,700/year and the operational systems that keep it running efficiently.

Just like I would for a client, I built a solid infrastructure with as much automation as possible with cost as a significant consideration. I believe in building things correctly from the beginning, so that I don’t have to waste any time later going back to redo them. I also chose systems that can scale WITH Lense Advisory.

My Real Startup Costs

In addition to the city, state and federal costs of launching my LLC, I have kept my total annual expenses to $1,634.20 (or) $136.18 per week. These prices include taxes - some bill monthly and some annually.

The Free Tools That Keep Me Efficient

  • Trello: A project management tool; I also use their grants management template

  • Calendly: An automated calendar/meeting planning tool

  • Google Suite

  • I am still looking for a time keeping app that I like for client work - Do you have any suggestions?

The Mindset Behind Lean Operations

My goal wasn’t to spend the least or be cheap, it was to spend wisely. I invest where efficiency and professionalism matter most!

Lessons for Other Founders/Operational Leaders

  • Start with scalable systems

  • Integrate automation early

  • Create your SOP’s as you go

  • Start tracking KPI’s from month 1

  • Track recurring costs quarterly

  • Lean on AI as much as you can - learn how to use it well! As a founder it will be your key to wearing all of the hats!

Closing CTA

Building a business is one thing. Building one that runs efficiently is another.

If you’re a founder or nonprofit leader looking to bring order to your operations, let’s talk.

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5 Things to Consider When Vetting Nonprofits

5 Things to Consider When Vetting Nonprofits: Thinking about donating or volunteering? Before you do, make sure you know how to vet a nonprofit. We follow these tips for every nonprofit we engage with!

1)        Do they currently have 501(c)(3) status and are they in good standing with the IRS? When it comes to vetting nonprofits for their standing with the IRS, we suggest going straight to the source! You can go to IRS.gov and search for the nonprofit, whether they are eligible to receive tax-deductible donations, as well as pull their prior tax filings (referred to as 990’s). Link to IRS.GOV Another great website is Guidestar! You can sign up for a free account and pull similar information available on IRS.gov. You can research nonprofits that you have already heard of and want to vet. But you can also put in criteria based upon your location and cause area to find new nonprofits that may interest you! They also have a great seal of transparency system ranking nonprofits in their system. Link to Guidestar

2)        How do they allocate their budget? This is a very important question when looking at a nonprofit. First of all, do not be hesitant to ask a nonprofit budget questions when considering making donations to their organization. However, remember that different types of nonprofits will need to allocate resources differently. For example, a nonprofit providing literacy programs to students may have materials or books as their largest expense. While a nonprofit providing legal aid services would allocate most of their budget to administrative and personnel expenses because their largest expense would be compensating lawyers to help their clients. There is not a hard and fast rule for what percentages should be allocated to what budget line items. You should look closely at the materials available to you, ask questions, and feel comfortable with where the funding is being allocated based on the organization's needs and services provided. This is also why we recommend Guidestar over some other options: they look at the bigger picture.

3)        Do their missions and practices align with yours? This is one of the most important questions that donors often overlook! We think to ourselves "sure we care about issue XYZ so we give to an organization addressing XYZ". But we don’t always look closely enough at their mission, and how their employment and client service practices align with ours. For example, you might believe in diverse voices at a table, that a nonprofit serving a specific community should have someone with lived experience in leadership, or you may have specific religious values that you may want to align with. Think about what is important to you personally. What are things you fight for? Does the organization you are considering feel the same way?

4)        Are there other ways for you to get engaged (if you would like to?) Many of us would like to get involved beyond just supporting an organization financially, and most nonprofits appreciate the additional support! Feel free to reach out to them and ask if there are ways you can volunteer with them, advocate for them, mentor a staff member or client, share their social media or blog postings, or even serve on a Board or Committee!

5)        Other tips and things you should consider... How are their executives paid? Do they accept in-kind gifts? Look at their website & social media pages as well as Google the organization & their leadership. Make sure you are comfortable with what you see. Ask questions if you need to. And go with your gut!

Lense Advisory does not provide tax, legal or accounting advice. This material has been prepared for informational purposes only. You should consult your own tax, legal and accounting advisors before engaging in any transaction.

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3 Powerful Ways to Support Nonprofits

3 Powerful Ways to Support Nonprofits

Nonprofits are the heartbeat of social impact—working tirelessly to address everything from homelessness and education to mental health and environmental justice. But supporting them doesn’t always mean pulling out your credit card.

If you’re looking to make a difference, here are three meaningful ways to support nonprofits and amplify their mission.

Blog Post: 3 Powerful Ways to Support Nonprofits 

Nonprofits are the heartbeat of social impact - working tirelessly to address everything from being unhoused and education to mental health and environmental justice. But supporting them doesn’t always mean pulling out your credit card.

If you’re looking to make a difference, here are three meaningful ways to support nonprofits and amplify their mission.

1. Give Your Time

One of the most valuable things you can offer a nonprofit is your time. Many organizations are running lean teams and are incredibly grateful for dedicated volunteers. Whether it’s stuffing envelopes, organizing an event, mentoring someone in their program, or just showing up to support - they need people who care.

Pro Tip: Reach out and ask how your availability could fit into their current needs. Even a few hours a month can make a big impact.

2. Offer Your Talent

Do you have a specific skill set that could help a nonprofit thrive? Think beyond basic volunteering. Could you help with accounting, marketing, IT, or HR? Many organizations need pro bono professional services but can't afford to hire experts.

You might also consider joining a Board or Committee, where your insight and experience can help shape strategic decisions.

Ask yourself: What do I do professionally, and how could I use that to support a mission I believe in?

Or take another spin on this: What is something you want to learn or grow in professionally, that you could use volunteering to learn or expand upon a skill?  Maybe it’s running AV equipment or fine tuning your strategic planning skills.  Volunteering is a great way to learn new skills as well!

3. Share Your Treasure

Of course, financial support is critical. And there are more ways to give than you might think:

  • Donate via cash, check, credit card, or other online services like PayPal, Venmo, GoFundMe, or ApplePay

  • Contribute appreciated assets like stocks, mutual funds, or cryptocurrency

  • Give property such as cars, real estate, collectibles, or art

  • Make gifts through Donor Advised Funds, Charitable Trusts, or Foundations

  • Donate qualified IRA distributions directly to nonprofits (a tax-savvy option for those over 70½)

  • Include a nonprofit in your will, trust, or as a retirement account beneficiary

Pro Tip: Talk with your financial advisor about planned giving options that fit your philanthropic and financial goals.

Final Thought: Supporting nonprofits isn’t one-size-fits-all. Whether you give time, talent, treasure—or a mix of all three—you’re contributing to something bigger than yourself. And that kind of support is what fuels lasting change.

BONUS TIP: Who can you introduce to your nonprofit that could give of their time, talents, or treasures?  That helps them more than you can imagine!

(Written by Erin Arnheim while at Legacy Collective)

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Schooley Mitchell: A Partnership of Savings

Schooley Mitchell: A Partnership of Savings

At Lense Advisory, part of our mission is to connect nonprofits and businesses with trusted partners who can help them thrive. One of those partners is Erin's sister-in-law, Kris Arnheim, who works with Schooley Mitchell.

At Lense Advisory, part of our mission is to connect nonprofits and businesses with trusted partners who can help them thrive. One of those partners is Erin's sister-in-law, Kris Arnheim, who works with Schooley Mitchell.

Kris and her team help organizations review and negotiate existing and new vendor contracts to reduce business expenses across areas like telecommunications, shipping, payment processing, waste disposal, office supplies, and more. Their model is risk-free—fees are funded entirely through the savings they find, with clients saving an average of 28%! For nonprofits, business owners, and CFO's, this is an incredible savings for your bottom line!

If your organization is looking for ways to cut costs without sacrificing quality, we encourage you to connect with Kris. She brings integrity, expertise, and a commitment to helping organizations redirect dollars back into their mission.

📩 You can reach Kris directly at kris.arnheim@schooleymitchell.com or we would be happy to connect you with her directly!

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Elevating Their Impact Podcast: Mandy Tuong speaks with Erin Arnheim about generosity

September 2021 | Elevating Their Impact Podcast: Mandy Tuong, President & CEO of Thrivent Charitable speaks with Erin Arnheim of Legacy Collective about generosity

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