• Home
  • Blog
    • Business Partner Magazine Archive
  • Free Contests and Giveaways
  • Resources
  • About Us
    • Cookie Policy
    • Disclosure Policy
    • Privacy Policy
    • Terms of Website Use
  • Contacts

Business Partner Magazine

Tips and advice for entrepreneurs, start-ups and SMEs

  • Business Success
  • Marketing
  • Finance
  • Employees
  • Technology
  • Start-up
  • Productivity
  • Communication

Guide to Starting a Social Enterprise Business

June 12, 2020 by BPM Team

Click here to get this post in PDF

Too long to read? Enter your email to download this post as a PDF. We will also send you our best business tips every 2 weeks in our newsletter. You can unsubscribe anytime.

Enter your NameEnter your Email Address
Social enterprise business - charity shop thrift shop

Starting a social enterprise business is, in many ways, similar to starting any other company, but there are many significant differences as well. It is essential to be mindful of the business side as whatever cause you are starting good solid business practices will only further the organization to serve you well. This guide to starting a social enterprise business will give you some of the critical things to be aware of when beginning.

Have a Solid Business Plan

Every business needs a solid plan, and non-profit or social enterprises are no different. Neglecting this can be one of the most common mistakes. You will need to know where cashflow and funding are going to come from and if this can meet all expenditures? It would help if you had detailed and accurate costs worked out and from where everything is being supplied. Don’t use estimates; get exact quotes for everything.

Ensure the Correct Mix of Volunteers and Staff

When considering costs, staff is often one of the biggest ones for a young enterprise, and we could mitigate some of that cost by using volunteers. This is an excellent way of getting some extra bodies around the place; however, we should be aware of the limitations and drawbacks of leaning too heavily on volunteers. The disadvantage of using volunteers is that since you don’t have the same contract with them, you can’t expect them to turn up every time you ask, and they could leave altogether with no notice period. This uncertainty makes it essential for you to have enough qualified and trained staff to take care of critical duties and only use volunteers as a top-up.

Negotiate a Lease

If you require premises, it is important to know how to negotiate a lease. You first need to be sure that you find the best place, visit several before accepting anything; if nothing else, it gives you a better negotiating stance. Being a social or charitable cause, you should always try to use that emotional pull to get a discount on the asking price. Take care of any legal aspects, such as making sure you comply with the Religious Land Use and Institutionalized Persons Act or having a professional survey conducted.

Commercialize Where Possible

Even though you are running a business for a charitable cause, it is essential to monetize whatever you can to gain funds. Selling items or merchandise either physically or through an online shop is always an option. Creating commercial partnerships with traditional businesses can be a very effective method; this allows the partner business to do the fundraising, and in return, they get good PR (as do you).

Choose How to Re-Invest Profits

The whole idea of a social enterprise is not to make a profit, but sometimes if we do better than expected in a commercial sense, then we end up with a surplus at the end of the fiscal year. So, what do we do with this? Re-invest, if any vehicles are needing to be repaired or replaced? Perhaps you could expand a service and even take on extra staff to provide a better service.

You may also like: Top Reasons for choosing the best Legal Services for Small and Large Companies

Image source: Unsplash.com

Filed Under: Business Success, Start-up Tagged With: business plan, business success, legal, startup

Trackbacks

  1. The Best UK City to Launch a Business - Business Partner Magazine says:
    August 18, 2020 at 9:34 am

    […] Guide to Starting a Social Enterprise Business […]

  2. 5 Ways Churches Can Save Money This Year - Business Partner Magazine says:
    August 20, 2020 at 9:24 am

    […] You may also like: Guide to Starting a Social Enterprise Business […]

  • Facebook
  • Instagram
  • Pinterest
  • Twitter
  • YouTube

Disclosure

We earn commissions if you shop through the links on this page.

Recent Posts

  • Marketing is Thought to be Evidence of an Evolved Business: A Comprehensive Analysis
  • How Marketing Targets Vulnerable Communities
  • Growing Your E-commerce Business with NetSuite Oracle
  • From Frustration to Profit: How Effective Parking Enforcement Benefits Businesses
  • The Best IT security compliance (Especially When High Security Protocols Are Required)

Categories

Archives

Make Money Online – Free Course

  • Discover All The Shortcuts To Affiliate Marketing Success
  • Find Out How To Fill Your Site With New Leads And Customers
  • Discover How To Turn Your Passion Into Profits
  • Learn How To Write Copy That Gets Results Fast!
  • Discover How To Create Promote & Sell Your Own Products Online
  • Everything You Need To Know About Marketing Money Online
  • Strategies For Successful Web Entrepreneurs Inside
  • Discover How To Invest Smarter Grow Faster And Retire Rich
  • Email Marketing Strategies For Marketers And Entrepreneurs
  • Free training reveals how to build a successful six figure income online
  • Discover The Mindset Hacks You Need To Succeed
  • Free Marketing Memberships – Make Money Online

    Make money online free marketing memberships

    Tags

    Accounting apps bitcoin brand business growth business skills business success communication cryptocurrency Customer Service Data design Digital marketing ecommerce Efficiency employees Featured Article finance finances Health and Safety infographic insurance Investing investment legal legal tips Management Marketing marketing strategy Outsourcing productivity property Real estate sales security SEO Social Media software starting a business startup Technology Trading Training website workplace

    Disclosure

    We earn commissions if you shop through the links on this page.

    Digital Marketing Agency

    ReachMore Banner

    Business Partner Magazine

    Business Partner Magazine provides business tips for small business owners (SME). We are your business partner helping you on your road to business success.

    Have a look around the site to discover a wealth of business-focused content.

    Here’s to your business success!

    Copyright © 2023 - Business Partner Magazine·

    x
    x