Everybody wants to have their own business and be a millionaire someday. A few of us want to do something for the environment and society. Social entrepreneurs are the people who combine profit with purpose. If you have a business idea that will solve the world’s major problems, then congratulations! You are already on your way of becoming a social entrepreneur.
If you have the idea but don’t know how to start a social enterprise, then don’t worry! You will have your answers by the end of this article.
How To Start A Social Enterprise
Believe it or not, it only takes 3 steps to start a social enterprise. Yes, you have to hustle and grind to build it up from the ground.
#1 Establish a Business Plan & Legal Structures
To start a social entrepreneurship business, you have got to conduct thorough market research so that you can come up with a business plan with your social mission being the cornerstone. The best way to do is to meet and connect with people who are already running successful social enterprises. You may also look into organizations like PwC Social Entrepreneurs, UnLtd, etc., who are associated with social entrepreneurs. You must also choose a legally recognized business structure before you get started in order to safeguard your social interests.
#2 Get Funding
If you want people to invest money in you, then you truly have to be passionate about your concerns and beliefs related to your social enterprise. You need to convince them that you are dedicated and your business model is sustainable. Investors would want to know where their money is going and how they can profit from it. This is what your pitch should address.
To get money in order to start your social enterprise, you can take a loan from a bank or a private investor. There are also grants available to social entrepreneurs like you to set their startup. You may look online or check with organizations of such nature.
#3 Get The Word Out
Next you need a marketing plan. Just like any other startup, you need to identify your target audience and their values so that you can align them with your business principles. In order to build a relationship with them, you need to make them feel interested in both your product and your mission. Make use of social media platforms to reach people out and get a following. Blog about the vision and mission of your social enterprise to educate them. If you have a great story behind your social mission, you can get media coverage.
Hope this straightens out things for you. Now, get out and get started if you want to see progress in society.
Featured Image: news.gsu.edu
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