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Even if you have personal experience with the social issue you’re hoping to solve, that doesn’t make you an expert.
It’s time to turn your research into a business plan.
A business plan should have defined goals and tasks, effective strategies and measurements for success, such as: Remember, a Social Purpose Business is a for-profit endeavour that will be competing with commercial enterprises that are concerned only with financial returns.
What is your target market, and what assumptions are you making about it?
Is there a real need for your Social Purpose Business?
Here’s a 10-step framework for starting up a Social Purpose Business.
Most social entrepreneurs are inspired by something.
Like Christine Poirier, you might be drawn to a social issue through your own experience, but the cause you choose needs to be important to many others.
For example, a recycling business that helps reduce the amount of plastic water bottles in landfills can resonate with a wide audience, in turn making a greater positive impact on the environment.
What is your competition and how will you stand out from it?
What is the value you want to bring to your customers?