Most businesses operate with one goal in mind: earning a profit. For a new generation of entrepreneurs, there’s a more important bottom line: the environment.
These entrepreneurs use private sector approaches to achieve conservation goals like raising awareness, reducing waste, protecting ecosystems, and developing innovative solutions to conservation problems.
What does it take to start a successful conservation business? Let these resources from Care for the Climate guide your next big idea.
Developing a profitable business model for your conservation
Balancing business interests and conservation is arguably the greatest challenge facing nature-based start-ups.
● First, validate your business idea. Business validation assesses the feasibility of your business idea by evaluating its industry, competitors, and market.
● Too many conservation start-ups fail because they fail to properly identify the end user. To overcome this, experts recommend a lean start-up approach to business model development.
● Do you have the capital and cash flow to meet your company’s financial needs? Project start-up costs, ongoing business expenses, and monthly revenues to ensure financial sustainability.
Learn what’s involved in starting a business
Beyond the business plan, starting a business involves a variety of legal and logistical steps.
● After selecting a business name during the market research process, register the business name in your state, purchase a domain name, and trademark your brand.
● Your choice of business structure has lasting tax implications. Talk to a business attorney or CPA to choose a legal structure for your start-up.
● After legally establishing your business, get an UTR number. Also known as a unique taxpayer reference number, this information needs to be provided when paying taxes and employees.
● Managing your accounting is also a crucial part of running your business. Invest in quality business software tools that offer an array of features like real-time financial reporting, insights and analytics, and inventory management.
Where to get help developing your conservation business
From funding to mentorship, here’s where to find help launching your start-up.
● Many conservation businesses rely on private finance. To attract investors, start-ups need a clear project pipeline and business plan.
● Crowdfunding through websites like Kickstarter and IndieGoGo is another popular route, especially for small projects.
● Eco-friendly businesses may be eligible for green small business grants.
● The Department for Business, Energy & Industrial Strategy maintains a listing of business incubators and accelerators targeting green businesses.
Business gets a bad reputation when it comes to the environment. However, the business community has a big role to play in solving the planet’s environmental challenges. Use these resources to launch your conservation business and show that stewarding the planet makes economic sense.
If you would like to read more from Amy Collett, please visit her website at: www.bizwell.org