What You Should Know Before Starting a Social Enterprise

business, business solutions, law, accounting, visa, set up, incorporate, new business, wi-fi, cafe, deli-cafe

In the previous articles, Social Entrepreneurship was explained in the simplest way. In this article, you will be given some tips on how to start your own Social Enterprise. What are the factors to consider? What should your business include?

When starting this kind of business, you should be able to address the following:

1. What is the current social need or issue? In your country, what is the most prevalent social issue today? Is it poverty, unemployment, or lack of support to the people doing the dirty jobs? At this point, think of one problem that you want to alleviate, if not resolve. Let’s face it. There are some issues that the government can’t resolve completely. Good thing is, common people like us can still do something. One big social issue is unemployment and the lack of support to the poorest of the poor. Is this the concern that you want to be part of?

2. What is a product or service that can address this social need? Once you have identified the social issue that you think needs attention and support, next is think of what will you do. Are you going to create a product that can satisfy the need? Or, are you thinking of offering a service instead? This is a very important question that you need to think of since this will be the start of your social enterprise. Once you have it, think hard on how it will address the social need that you have chosen.

3. How unique is your product? If you are thinking of using a market-driven approach, which means selling a product, consider your competitors or any similar product that’s already in the market. How tough is the competition? If there are similar products and you still want to pursue yours, how different is it? What could be your edge over the others that are already in the market? Your answer to this question will determine the success of your social enterprise though profit is not your main focus.

While many of us are aware that businesses are profit-oriented, there’s still one type that is focused on what it can do to the community rather than how much it will earn. While these companies are not so much these days, it’s still good to know that there are some that still exist.

See Previous Posts