As a would-be social entrepreneur, you may want to get going, but simply don’t know how. The good news is that anyone starting a small business faces similar issues, so rest assured that there are resources already out there to help you and your social enterprise.
Before starting, ask yourself a few questions as a social entrepreneur. Your answers could guide decisions you make along the way.
- What is your mission? Are you trying to fill a gap in the community?
- Which issue or problem are you planning to tackle with your project?
- What or who will benefit?
- Do you have a viable business idea?
- What product or service are you planning to sell to make money?
When at the planning stage, be prepared to define social enterprise. Explain your goal of starting an organisation while generating income by selling your product or service in the marketplace, such as:
- a catering service that hires community members with barriers to traditional employment
- a landscaping business that trains homeless or at-risk youth
- a low-cost laundry that serves a low-income neighbourhood
With your goals and mission established, make sure your organisation is ready and has identified a solid idea for your social enterprise. Then focus on steps involved in launching a start-up:
Gathering information and statistics helps determine how to lay the foundation for business success.
This sales tool can convince others of your business’ potential to succeed and is essential when seeking financing.
(for-profit, not-for-profit, charity, co-operative) Cemvo Training workshops can help you understand not-for-profit and charity structures and how they generate income.
Which municipal, provincial or territorial regulations govern your social enterprise?
A solid business plan will help you approach sources such as credit unions and banks, foundations, philanthropists and social impact investors. There may also be government sources of funding for your social enterprise.
Your social enterprise may need a specific type of setting. Having both local customers and local social enterprise clients who could work in the business may be crucial to its success.
If you need employees, look into recruiting and employment standards, and payroll and taxation obligations.
Our toolkit can help you navigate the start-up phase. Please contact us for information on starting a social enterprise in your area.