By Ted James
Many entrepreneurs feel like it’s impossible to follow green practices in their business, or to even make a difference. However, these are misconceptions that need to be squashed!
If you’re curious about entrepreneurship, and you want to help the environment, launching a sustainable business might be in your future. Even if you don’t have any experience as a business owner, you can find success in this segment of the market. With these tips as your blueprint, you can prepare to open your business!
Understand the Pitfalls
Of course, all the inspiration in the world doesn’t guarantee that a company will take off, which is why it’s also a smart idea to consider how you can avoid possible pitfalls. For instance, it might take a while for your company to turn a profit, so you need to save up plenty of money in an emergency fund before you open your business. To build up a sizable emergency fund, try automating your contributions and putting your tax refund directly into this savings account.
Create a Business Plan
You don’t want to make random guesses about your company’s future - instead, you should sit down and create a clear business plan outlining key details about your company. You might be overwhelmed by the thought of putting together a business plan, so to get started, just focus on a few crucial sections. For example, you can write out your market needs, your product solution, your target customers, and your possible funding needs.
This will bring you to the budgeting portion of business planning. As you map out your business budget, Motley Fool recommends factoring in your fixed expenses, variable expenses, and estimated revenue. Keep in mind that in some cases, purchasing eco-friendly materials or implementing sustainable processes can raise your operating costs.
Traditional Marketing Techniques
As you think about ways to advertise and promote your business, you might immediately jump to digital marketing tactics - but don’t overlook the value of traditional print marketing methods, either! For instance, you’ll need business cards that you can use for in-person networking. Potential clients will have a visual reminder of your business that they can hold on to. You may want to look for eco-friendly paper materials!
Digital Marketing
Overall, your marketing plan should incorporate both print marketing and digital marketing. Expanding your company’s reach and targeting online audiences who care deeply about sustainability is essential. But with so many options for digital marketing channels, which techniques should you focus on?
After creating your website, you may want to turn to social media marketing, as it costs nothing to set up social media accounts and land your first sales! As you gain customers, you can establish an email marketing newsletter to build a stronger relationship with your audience and reward loyalty with discounts, freebies, special promotions, and other perks. You can also highlight the ecological benefits of sustainable products like yours in your marketing materials.
The prospect of launching a green business can be exciting. But if you want to execute your launch properly, you need a smart strategy in place to pull it off. With these tips, you’ll be able to chart your course towards entrepreneurship with sustainability as your foundation.
About the Author
As a one-on-one financial coach, Ted James has seen and helped it all. He created his site, Ted Knows Money, to share money tips and help people get complete control of their finances.