In the first of a series on sustainability and eco-friendly business practices, we’re taking a look at tips for launching your own green-friendly business.
At this stage, we’re all keenly aware of the urgent need for action on climate change. While many turn to the government for solutions, businesses are playing an ever-increasing role in sustainability. As a result, the demand for environmentally friendly, green products continues to grow each year.
The sustainable sector is a financially and ethically rewarding market to move into. Sure, you’re placing an artificial barrier into the start-up process, but you’ll also benefit from more support and goodwill from your clientele once you get your business off the ground. Below, we’ve rounded up some key tips for starting a green business.
What’s Your Environmental Passion?
Before you move on to nuts and bolts elements like securing financing or crafting a business plan, you’ll need to get to the core of your “Why.” A motivating force behind many green entrepreneurs is their desire to make a difference. For some, it’s a passion to reduce reliance on single use plastics. For others, it can be a desire to cut down on carbon emissions or helping other businesses operate in a more sustainable way. No matter what your motivation is, make it central to your business decisions.
What’s the Ultimate Goal?
The World Trade Organization estimates that global trade in environmental goods and services will top $2 billion in the next year. It’s an enormously rewarding sector to be a part of but you need to decide what your aim is. Growth means different things for different businesses. Most want to maximize profits, while some are happy to remain small, supporting the entrepreneur and one or two key personnel. If you’re looking to stay small, or operate as a non-profit, that’s completely fine. However, if you want to grow into a more substantial business in the long term, you’ll need to chart your roadmap toward this growth in your business plan.
Do Your Research
Each business needs a hook; a unique value proposition that forces customers to take note and want to do business with you. In simpler terms, what is it you do that you do better than all the competition? If you can’t establish clearly what this secret sauce is, then you’re in for an uphill struggle. The good news is a little research on your behalf can make this process go smoothly. Do some recon on your main competitors. Write down what they do well and try to identify their unique value proposition. What’s their approach to social? How is their marketing? Try to identify inefficiencies in their work and find aspects of it you can do better.
Network and Learn
Starting a green business presents several unique problems. The best way to wrap your head around the difficulties you face is to speak to other people who have gone through the same issues. Attend networking events, strike up conversations and listen. Employ the 80/20 rule in your conversations (80% listening and 20% speaking) and don’t be afraid to take notes. If finances allow, plan to attend conferences and trade shows you can use to boost your business acumen.
Ready to Help
No matter what area of your business you need assistance with, GD Commerce is standing by to help. Contact Us and find out how we can lessen the load.