How to Make Money from A Social Enterprise
Previously, on Stunited News Feed we had discussed on Social Enterprise, How they Work and How they’ve made their ways to the world of Mainstream Business. With hundreds of aspiring Social Entrepreneurs in our readers list, today we are going to find out how to make money from a Social Enterprise!
Read here: What are Social Enterprises and How they Benefit Students
Social Enterprises are essentially oriented with one or more than one social objectives. These concerns work to bring better changes in society and to improve certain social conditions. But, to work for the society and impact it with a positive approach, social entrepreneurs need to establish themselves on a stable financial foundation first. Here the question arises that, how to found a Social Enterprise that can fund its objective and its founders and workers, all at the same time.
Get a Clear Vision about the concept of Social Enterprise
A social Enterprise, when founded with both a business aspect and for a social cause, it is not a not-for-profit concern. There is nothing wrong in earning profit from a Social Enterprise as long as the profit is used for the social purpose it serves and for paying its employees, founders and core members. Running a Social Enterprise is nothing different than running a mainstream commercial business when it comes to earning revenue.
Speak More About Your Business and Make the Network Wider
Business experts advise that a Social Entrepreneur should speak equally about the enterprise’s Business Vision and Social Objective. It means, instead of focusing on one purpose, a social entrepreneur should prioritize both purposes of their business; first, generating profit by selling its products or services and second, fulfilling the company’s social commitment. In this process, at times, emphasizing on the business aspect more than the other one should not be considered as a wrong step. Also, making new people aware of the business and its objective will engage larger number of people. This will be benefiting the business in different ways.
Read Here: Social Enterprises in the Modern Business World
Marketing Should Be One Major Component for Your Social Enterprise
Correct and sufficient marketing of the goods and services provided by a Social Enterprise is of huge importance. The right marketing strategy involving right platforms and right marketing tools get your business affiliations and generate sales. A good marketing strategy planned according to the business mission, geographical position of enterprise, economic status of the business and the community it is working for, target customers and business products or services of the enterprise may influence investors as well. In this era of Social Networking, Social Platforms are highly consequential and recommended media for marketing.
Know Your Investors Before Making A Move
Look for right investors and know everything about them before you appeal for funding. Knowing your investor well helps you choose the right approach minimizing the chance of refusal. This process requires persistent research and good understanding of your organizational requirement and the investor’s interest. Although, this step can be tricky, it is significant to ensure an undisrupted funding process for your Social Business.
Want to establish your own Social Enterprise or work for one? Keep an eye on Stunited News Feed to get relevant articles and more!
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