Social Business Plan

Posted by / 13-Mar-2020 12:08

Social Business Plan

When you are writing your first business plan you should aim to answer the following questions: Who are your competitors? Take time to think about what they do well and learn from them, it’s unlikely your idea has never been done before so use others experience as a tool for learning. You might not make a profit in your first year but you need to have an idea of when and how you will become financially sustainable.

What resources you will need to make this happen – people, premises, materials? When you are first starting out you might be able to beg, steal and borrow but if you want to become sustainable you need to be realistic about the resources you need. When you are writing your first business plan the Business Model Canvas can be a useful structure to follow.

As a start-up you will find that funders, investors and stakeholders will request to see your business plan.

Once you have your plan on paper it will be quick for you to pull together the information requested by funders or investors.

They have to meet specific legal requirements for their organizational structure, and demonstrate the transparency of their funding.

Once you’ve written your first business plan ask for feedback, then listen to the feedback you’ve receive.

Be open to constructive comments and willing to add detail where it is needed.

The basic idea behind a Benefit Corporation is that it is a for-profit, non-tax exempt entity that is legally able to emphasize it’s stated social or environmental goals ahead of maximizing profits for shareholders. The Huffington Post reports that as of 2012, 31 percent of those defining themselves as social enterprises were LLCs.

Some business leaders make the argument that any good business can be a social enterprise.

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According to the Harvard Business Review, in most U. states for-profit companies can accept donations and nonprofit companies earn revenue, which dispels the myths that a nonprofit can’t make money, or a for-profit venture would miss out on donations. Overall, the consensus among the experts is that the structure of the social enterprise should be decided by what will best serve the organization, facilitate its charitable mission, and, of course, keep it sustainable.