How do I start up a social enterprise?

There are three key elements to starting up a social enterprise:  research, planning and finance.

These are outlined below and should be incorporated within a business plan. Carrying out these will not guarantee your success but will certainly increase your chances and give you a good foundation on which to build and grow.

Starting any new venture and developing your enterprise idea is exciting, but for some it can also seem daunting and overwhelming. Inspire2Enterprise can support and guide you through the start up process:

Research

You must research your target market to determine that there is a real need for your product or service, and that people will use it. This can also be useful in fine-tuning your ideas. There are a number of ways to research your target market, such as questionnaires and focus groups. Look at your competitors or others who may be providing a similar service and what they offer, and determine what sets you apart from them. 

Our advisers can provide initial research guidance and advice, whilst our Research Team will be pleased to help you with more in-depth and bespoke research.

Planning

Once you have your enterprise idea and know there is a market for your intended product or service, you will need to plan how it will be delivered. This should include your location, what, if any, premises do you need, how many staff or volunteers, how will you tell people about your social enterprise, how will you raise finance (grants, loans, contracts and/or trade), your pricing structure, and how will you manage demand. The results from your research will also be incorporated in the business plan

Our Advisers can provide you with guidance and advice throughout the planning process. 

Finance

From researching and planning you will be able to determine how much initial start-up funding you will need and how long this will last until you receive any income. Your research will have given an indication of how many people intend to use the service/product and how often. From this you can make some realistic financial assumptions.  If you receive grant funding you will be able to determine how long the funding will sustain your enterprise activities.

There are a number of ways to potentially raise finance and our advisers will be able to explain the options available, as well as guide you through financial forecasting.