First things first - what is a social enterprise? There are many definitions but we think this one from Social Enterprise U.K. sums it up best: Social enterprises are businesses that trade to tackle social problems, improve communities, people's life chances, or the environment. They make their money from selling goods and services in the open market and they reinvest their profits back into the business or the local community.
Social Enterprise Canada reminds us that on this side of the Atlantic, we are more likely to define social enterprise as a business operated by a non-profit entity. In the Canadian legal context, “mission-related” businesses are allowed for non-profits and charities. (https://goo.gl/JoEq4i).
Whether you decide to go the non-profit route, or simply make your business wholly or partially a social enterprise, you are just adding a social element to it. Here are seven tips to get you started.
Tips adapted from Social Enterprise: An Introduction by Ken Stratford (a Better Business Content publication).
Trenval Business Development Corporation is Bay of Quinte’s Community Futures Business Specialist, financing business start-ups, expansions or successions in the Quinte region for 35 years. Trenval can help with small business support including small business funding and small business loans.