Launching an Eco-Friendly Business Concept
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Launching an Eco-Friendly Business Concept
If you’re entrepreneurially minded and you have a passion for eco-friendly sustainable living and business ventures, you may have the right formula for a “green” business concept. The first step is assessing your options, researching the competition, and considering your funding needs. The Virtual Consulting Firm has some guidance for getting started.
What Drives You?
Are you interested in developing or selling sustainable products? Providing eco-friendly services? Or possibly greening your current operations?
- Explore the marketplace and look for a “green niche” you can fill using your existing talents, education, and skill sets.
- Financially Simple suggests creating a business plan that includes a market analysis and feasibility study to determine how viable such a venture would be.
- Determine the appropriate business structure for your company — you could be a sole proprietor, LLC, or form a company in your own name while creating a “DBA,” or “doing business as,” a named entity.
- Try to locate your business in a walkable area near mass transit to reduce your environmental impact.
Define Your Business
Part of developing a business and marketing strategy involves defining specific operational functions of your company.
- What products or services will you offer? Will you need to retain employees or freelancers, or identify suppliers and vendors to meet your objectives?
- Will you need a storefront, a home office, or will your operations be entirely virtual?
- What technologies, such as accounting software, will be necessary for your business?
- Who is your target audience? CMA notes that you’ll need to know who they are and how to reach them before devising a promotional strategy.
- What steps will you take to reduce waste and make your business more eco-friendly? Perhaps you’ll opt to save energy by installing solar panels on the roof – just be aware that there’s a price range associated with the panels themselves (which vary depending on wattage) and installation costs.
Create a Marketing Plan
Your marketing plan should speak to your specific demographic and will ideally promote the sustainable benefits and eco-friendliness of your product or service.
- “Green” products and services are often more expensive to produce and provide, so your marketing message should focus on the Earth-friendly solutions you’re offering.
- Use messaging that keys in on the consumer’s altruistic side, and find marketing channels that reach this audience.
- Create a robust social media presence and an interactive website that fully outlines your mission, your products or services, and the ways in which doing business with you contributes to the health of the planet.
Eco-entrepreneurship is growing, and there’s no better time to harness your passion for sustainable living with a winning business concept.
This article was written by a guest writer, Adam Evans.
Adam Evans has worked in a variety of educational roles, from substitution to full-time teaching to administration positions. Currently a full-time private tutor, he likes to spend his free time exploring museums and natural wonders of the West Coast with his wife and their sons.
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