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1.  Get to grips with social enterprise

The term ‘social enterprise’ isn’t as well-known as it should be, right? This blend of business and social change can be confusing for people to get their heads around. Other terms used in this space include - but aren’t limited to - social impact organisation, community business, business for good, and social business.

Do some research and figure out what works for you, how these terms may differ, and what they look like in practice. The School for Social Entrepreneurs (SSE) has plenty of resources, Social Enterprise UK has a brilliant FAQ, and UnLtd, the foundation for social entrepreneurs, also has a learning area with lots of start-up advice.

2.  Figure out your market

You’ve got a brilliant idea that’s going to have a massive positive impact in society. But it’s got to make money in order to be sustainable. Time to do some more market research.

Is your product or service filling a gap in the market? What’s your competition like? Are you offering something different, better, and more innovative? You’ll need customers to get your business moving, so do your research and figure out the market you’re going into.

3.  Speak to other changemakers

They’re a busy bunch, but they’ve got heaps of knowledge and wisdom to impart, so reach out for a quick chat. Hopefully, they’ll fill you in on the good, the bad, and the ugly, so you’re a bit more prepared for the adventure ahead!

You might even find yourself a mentor.

4.  Be clear on your social mission

Your social mission is what makes you stand out amongst similar businesses that are only in it for the money. Nail your elevator pitch. Be prepared to explain your social mission to funders who want to make sure they’re investing in the right social enterprise (yours!), as well as customers and clients.

You’ll also have to state your social purpose in documents and applications if you’re planning on setting up your company as a community interest company, or for grant funding and business support programmes.

5.  Figure out the money side to things

All businesses need some cash to start up. How will you fund yours? Check out these grant providers – they’re keen to help changemakers get the ball rolling. If you are a little further on in your journey, have established a trading income, check out the ‘Is It Right For Us’ tool from Good Finance to see if social investment is a viable option for you to grow and scale. 

You’ll also need to figure out the cost of running your business – whether you need to rent office space, buy materials, employ other people to support. If finances aren’t your strong point, is there an accountant or financial advisor in your social enterprise circle? Speak to others in the community for their advice and wisdom. Some may even be in the same boat as you.

6.  Legalise it

There’s a lot of jargon floating about when it comes to legal structures. But it’s important stuff! There are pros and cons to each of the potential legal structures to choose from, so do your research and figure out what’s best for the future of your social venture. Here’s a handy guide from legal firm Anthony Collins and more information and advice from Unltd.

7.  Get sharing and shouting

Having a product or service that people need is all well and good, but how are your customers going to find you? Will you need a website? Check out build-your-own website companies Wix and Squarespace. Will you have social media profiles? There are quite a few out there so have a think about which one your customers are most likely to use, then go from there. When you’re ready, work on your social media strategy.

8.  Write your business plan

Your business plan doesn’t have to be perfect, but it does need to give people a good insight into what you plan to achieve and how. It’ll include all the thinking you’ve done so far, giving you something tangible to refer to when things don’t go to plan.

Here’s some guidance to get you started on your first business plan.

9.  Prove you’re doing great things

How do you know if you’re making a difference? Measure your social impact! This could be anecdotal, but data-driven results are easier to analyse. Plus, potential funders love numbers! They want to see hard evidence of the positive impact you’re making through your social enterprise. 

Check out the Good Finance Outcomes Matrix to measure your social impact in 4 quick and easy steps, which provides you with a personalised Outcomes Matrix in Excel format to share with key stakeholders and investors. 

This article is a good starting point. 

10.      Consider business development programmes and social investment 

We all need support now and then, especially changemakers who are putting all their time and energy into making the world a better place. SSE supports over 1,000 leaders of social change every year. Our workshops and free programmes are tailored to changemakers at different points of their journeys. Other organisations providing brilliant support programmes: Unltd, Hatch, Impact Hub.

If you’re looking for financial support, here’s a list of grant providers who you can get free cash from. Social investment is another great route. This is repayable finance to help an organisation achieve its social purpose. Luckily, you’re in the right place! Stick with Good Finance to find out more about social investment and explore their Fundmapper tool to find social investors that are right for your organisation.

A fantastic recent is example is The Freedom Foundation, explore how they harnessed the power of social investment to scale impact to reach even more vulnerable young people and children.