Guest Blog submitted by: Lorna Wilkerson So, you’ve got an amazing business idea that you believe can help people. But what’s next? Starting a social enterprise can be hugely rewarding, especially when it’s a cause you feel passionately about. However, it can be challenging, especially if you’re on a budget.
If you’re trying to build a social enterprise with little or no funding, there are still plenty of ways to make your venture a success. Here are some of our top tips to help you make it work:
1. Use your time wisely
If you have limited funding, your time is your most important asset. Because of this, you should make sure you use your time wisely. After working out your budget, you should know exactly how much you have to spend – and you may find yourself having to do lots of tasks yourself.
Doing tasks yourself can save an enormous amount of money. Although it can be tiring, the results that this rule can bring are often well worth the extra effort.
It’s also important to remember that, just because you don’t have expertise in an area, it doesn’t mean you can’t complete the task to a high standard. For example, maybe you could do your own blog writing using WordPress, or your own design work using Weebly or LogoCreator.
2. Be realistic about costs
Once you know how much cash you have to have to invest, it’s important to be realistic about the costs of starting your enterprise so you can plan accordingly. You will need a budget that will cover a minimum of six months, including contingency plans where they are needed.
Then, work out how you plan to cut costs if your income predictions are wrong. For instance, could you move to a smaller premises or run your operations from home? Are there certain parts of your budget you can cut? When you’re on a budget, this can make all the difference.
3. Utilize the power of digital marketing
Digital marketing is an incredibly powerful tool that you need to take full advantage of. One of the biggest benefits of launching your business online is that it allows you to keep your costs very low whilst potentially reaching a large audience.
Some of the ways you can do this include posting on social media consistently using a combination of text, images, and videos, blogging, and asking for reviews and testimonials.
However, it’s important to factor the costs of setting up your online presence, such as domain, paid ads, and any paid tools you decide to use. Overall, though, most businesses find that these costs are well worth it in terms of the returns they see.
4. Ask the right people for help
If you’re trying to get funding and investments for your enterprise, or if you’re looking for other types of support, always ask people that are just as passionate about your cause. This will vastly improve the chances of them choosing to assist you.
When people care about what you’re doing, they will be much more willing to offer their time or money to help you – if you ask the wrong people, it won’t mean as much to them!
5. Start small if you need to
Lastly, don’t be afraid to start your social enterprise on a smaller scale if you need to. Working on your dream part-time can be an excellent solution for many people, as they can continue with paid employment, which provides financial security.
By following this tip, you can grow your enterprise gradually over time. For many entrepreneurs, this is the difference between success and failure, and it’s something worth considering.