If you’re thinking of starting a business of your own, your number one concern is probably profits. After all, you want your entrepreneurial endeavor to be a success. It might seem like taking steps to make your business more eco-friendly will hurt the bottom line. According to OliverWyman, the truth is that going green can help boost a company’s profits. This article provides a step-by-step guide for building a green business and offers tips for eco-conscious marketing to help you make it a success.
Determine what Kind of Eco-Friendly Business Model you Want to Pursue
If you want to commit to going green in business in a big way, you might start an enterprise with an eco-conscious angle. Many types of businesses support a healthier planet, from an ink refill business to green finance and eco-friendly retail shops. However, your business doesn’t have to be specifically eco-focused to be eco-friendly. For example, simply sticking to a work-from-home business model is one way to ensure your business will preserve the earth. Since this eliminates a daily commute, it shrinks your carbon footprint.
Calculate your Future Business’s Overhead Costs, Taking into Account Sustainability
Starting a business takes money. Figure out how much you’ll need upfront by listing all your potential expenses, from technology to employees. Masterclass provides a quick guide to explaining how to calculate your overhead costs. As you tally up your expenses, consider ways to embrace sustainability. For example, you might purchase recycled paper products for printing or skip paper altogether by going digital. Other ideas include green shipping and delivery services and embracing sustainable storage solutions.
Look for Eco-Conscious Sources of Funding to Cover Startup Costs
Once you know how much money you need, it’s time to get your funding. Note that you’ll want to first prepare some paperwork, such as a comprehensive business plan. This will provide potential investors or lenders with key details about your company, like how it’s run, financial projections, and a marketing plan. When looking for funds, consider options targeting eco-friendly businesses such as Environmental Protection Agency Grants and Department of Energy Grants and Loans. Crowdfunding is another option.
Invest in Invoicing Software to Manage Invoices and Reduce Paperwork
As a business owner, you know that invoicing is an essential part of keeping your finances in order. But you may not realize that invoicing software can save you a lot of time and hassle, and by emailing invoices, you’ll reduce the amount of paper you use. With an online invoicing tool, you can create and send invoices with just a few clicks. You can also keep track of payments and manage your customer database all in one place. In addition, many invoicing software programs include automatic late payment reminders and online payment processing features.
Take a Green Approach to streamline your Daily Operations
Once you’ve got the funding you need, you can start actually setting up your business operations. As you do, implement earth-saving measures. Examples of steps you can take include using energy-saving lighting, purchasing office supplies and other goods locally, and going digital to cut paper consumption. You can also consider installing a recycling and composting system. Often, efficiency and environmentalism go hand-in-hand. For example, by skipping paper and going digital, you save time, money, and trees.
Find Earth-Friendly Ways to Promote your Business to Other People
Once your business is up and running, it’s time to attract customers. Marketing will help you generate leads and boost your business. However, don’t ignore traditional marketing methods. Digital marketing is a great way to avoid using paper while promoting your business, for example, via websites and pay-per-click ads. A personalized business card is a great way to leave a lasting impression with potential customers, as it’s something tangible you can give them.
Expand your Green Network of Professionals to Further Boost your Business
Another way to help promote your business is by networking. Meeting other people in your field will help you make business connections, meet potential partners, and potentially get new clients. If you want to focus on sustainability, consider attending networking events for ecopreneurs. There are many eco-business events out there. A strong network can also be helpful when dealing with the hurdles of entrepreneurship. Running a business can be tough, and having connections and mentors you can turn to can be both practical and emotionally comforting.
Wrapping Up
Running a business and helping the planet can go hand-in-hand. If you’re thinking of becoming an entrepreneur and want to make a difference, consider becoming an ecopreneur. The above guide provides tips to help you make your new business green.