Before you decide upon a legal structure for your business, be sure to do your research, speak to other entrepreneurs about their experience and make sure you understand the impact your decision will make on your business.
It’s time to turn your research into a business plan.
A business plan should have defined goals and tasks, effective strategies and measurements for success, such as: Remember, a Social Purpose Business is a for-profit endeavour that will be competing with commercial enterprises that are concerned only with financial returns.
Christine Poirier of Montreal, Quebec designed her own nursing top to feel more comfortable breastfeeding in public.
Her desire to help other women have positive breastfeeding experiences is what inspired Christine to co-found Momzelle, which makes quality, fashionable nursing apparel, sponsors breastfeeding events across North America and donates tops to women’s centres.
Your business plan needs to engage and convince stakeholders, investors and funders.
Social Entrepreneurship Business Plan
One of the greatest challenges for entrepreneurs is finding the resources and capital to start their venture – even more so for social entrepreneurs.What is your target market, and what assumptions are you making about it?Is there a real need for your Social Purpose Business?The purpose of the design and development plan section is to provide investors with a description of the product's design, chart its development within the context of production, marketing and the company itself, and create a development budget that will enable the company to reach its goals.The operations and management plan is designed to describe just how the business functions on a continuing basis.Related: How to Start a Business With (Almost) No Money The business description usually begins with a short description of the industry.When describing the industry, discuss the present outlook as well as future possibilities.Here’s a 10-step framework for starting up a Social Purpose Business.Most social entrepreneurs are inspired by something.It helps to first understand the different types of financing that are available, including various sources of private sector financing or financing from non-governmental organizations.Only then can you assess which financing options best suit your Social Purpose Business.