If you have a business idea, and it is a niche you’re really pleased with, know there is a market for, and want to get the idea going, then where do you start? So many business ideas these days need to be about creating a solution to an environmental or social problem, as for many consumers, that is what they are all about. There is a choice in business, and there is a choice for consumers. We are seeing more and more of them opt for more sustainable or green choices. So if you want a new business to be able to stand a chance, then it needs to have an element of that, and really think about the processes used, the materials, and where things are sourced.
So with that in mind, here are some steps that will help you get on the way, to get your business started successfully. All while helping you to strike the right kind of balance between business and being sustainable.
Making money and a scalable business
Although many business owners go into owning a sustainable business to solve a problem or provide a more sustainable solution to something, they would be lying if they didn’t want to make money at the same time. If you focus too much on the impact of charitable PR, rather than focusing your business growth on solid economic principles, then your business could come to a bit of a stop. There will be interest with business when they first open, but you don’t want that to tail off. You need to look for ways to grow the business in an economically sustainable way, in order for the business to survive.
Deciding the kind of business structure you will have
When you are getting a business up and running, there is more to decide than the initial business plan. To start with, you need to think about the kind of business you will have. Will you choose to have it as a registered charity, for example? How about an S corp or a C corp? If you are wondering what is the difference between S corp and C corp, then you need to know before you set up your business. One advantage of an S corporation is that it gives the business owner limited liability protection, meaning that any personal assets to the business owners aren’t at risk, should the business fail. For a C corp, it means that there is unlimited potential to grow, and can benefit from tax deductions for things like expenses. So think about the business structure that you want to have before you kick-off.
You don’t need to reinvent the wheel
There is much demand for sustainable businesses, solutions, and products, in nearly every industry. But don’t think that you need to have a brand new concept in order to start your business. Even common household items that are made in a more sustainable way, such as a hairdryer that uses less electricity or dries without getting too hot, could be an example of a solution. There is an audience out there waiting for more sustainable options, so don’t hang around.