Many entrepreneurs find themselves looking for the next challenge and when entrepreneurs are looking to give back, either to the community or want to change the world, a social enterprise is a feasible next step. Ambition is one of the most important components for starting a healthy social enterprise, but what are the other fundamentals you have to consider?
Be Clear With Your Objectives
You need to have a clear vision. When you have this, much like in a business plan, it will help you to map out and communicate what you really want to achieve. If you have a very wishy-washy plan or idea, you may want to go back to the drawing board or get inspiration from the others out there. There are various social Enterprise companies all doing their own amazing and unique things. The Collective Impact website is one such example of a company that is helping youths at risk find their direction in life. The best thing you can do is to address your passions and use this as inspiration to feed into the project.
Look at the Market
If you have a passion to help underprivileged children but there’s already a social enterprise out there doing this, is this going to put the brakes on a plan before you start? There are many charities and social enterprises out there that work concurrently with each other, but you’ve got to think about the funding. If there is a need for what you are propositioning, you will need to consider the market demand. Because if there is a clear need for additional mental health services in a very specific section of society, this can help bolster your application when you are applying for funding.
Understand the Social Impact
A social enterprise doesn’t need to hit the ground running; you can be slow and steady. Social enterprises are always looking to burst out of the gates so they can make an impact right away but, for the sake of the business side of things, you will need to slowly measure your impacts and make tweaks gradually.
Sales and Marketing Will Help!
You may feel that it’s more important to focus on dealing with the cause and addressing the inherent problem, but you have to think about ways to reach the people that matter. For example, if you are providing support for disabled children, you must understand what it takes to reach out to the parents and provide that help. When you understand what your USP is, but also your target market and where they congregate online (and in the real world), you will be able to gear your promotional materials better.
Find the Right People
Just because somebody is skilled in marketing and communications doesn’t necessarily mean they’re a good fit for the company in a cultural sense. You have to build a great team of staff and supporters to ensure you are achieving your vision and are doing it in accordance with your true self rather than doing it for the purposes of business. A social enterprise is a business, but you shouldn’t view it exclusively in this sense.
