ecopreneurship

Ecopreneurship! 6 Essential Steps to Running a Sustainable Business

This article explains how aspiring entrepreneurs can build a successful business based on eco-friendly principles.

Perhaps reading the life lessons on Parting Stories has motivated you to finally part from your job for entrepreneurship. You want to dedicate your entrepreneurial career to helping the environment – but you’re concerned that trying to put sustainability first in your approach business will be too difficult. However, “ECOpreneurship” is absolutely a viable approach to business management, and you don’t have to sacrifice your ideals for success. Here’s how to step away from traditional business practices and embrace ecopreneurship!

Look to Role Models

You might worry that running a truly eco-friendly business will be too hard – but finding role models in this niche can help you stay motivated. You can look up to examples of CEOs who put environmentalism and ethics first, like Lush CEO and co-founder Mark Constantine. The Big Issue states that Constantine has always avoided testing the company’s cosmetics on animals and aims to formulate products with eco-friendly ingredients.

Ecopreneurship! 6 Essential Steps To Running A Sustainable Business
Image Source: Mikhail Nilov on Pexels
Image Source: Mikhail Nilov on Pexels

Develop Your Business Plan

Your business plan should include details about your overall business idea as well as current market trends in your industry. Furthermore, you’ll want to write out your business budget. Include typical startup costs like product materials, operating expenses, shipping costs, and more – overall, Shopify states that most business owners spend about $40,000 in their first year. As you put your budget together, don’t forget to estimate elevated costs for eco-friendly processes. 

Ecopreneurship! 6 Essential Steps To Running A Sustainable Business
Image Source: Oleg Magni on Pexels
Image Source: Oleg Magni on Pexels

Secure Funding

If you’re concerned about covering typical startup costs as well as the increased expenses that can come with purchasing eco-friendly materials, you may want to apply for small business grants. Should you receive a grant, you can simply invest the money into your business without worrying about paying it back.

It’s important to note that applying and qualifying for grants can be quite challenging and time-consuming. Before you begin the process, you’ll have to outline a business plan that demonstrates your funding needs. You’ll also want to research which grants are currently available for entrepreneurs in your industry. You may be interested in grants like the Regional Opportunities Tax Investment Credit or the Canada Agricultural Partnership. Go over your application to ensure that you’ve gone above and beyond the requirements!

Operate Sustainably

How can you keep your company’s carbon footprint small and make a positive impact on the environment instead? Looka recommends sourcing eco-friendly, fair trade materials for your products and packaging, storing and sharing digital documents to avoid using paper, hiring a green cleaning service, and cutting down on waste produced in your office.

Ecopreneurship! 6 Essential Steps To Running A Sustainable Business
Image Source: ready made on Pexels
Image Source: ready made on Pexels

Devise Your Marketing Strategy

Plenty of consumers want to buy from eco-friendly brands, but they don’t always know where to look! That’s where your marketing strategy comes into play. You’ll want to establish social media profiles for your business, create educational marketing materials that explain your commitment to the environment, and start a company blog with helpful product guides. You can even come up with a color scheme that incorporates green hues to help convey your values! 

Ecopreneurship! 6 Essential Steps To Running A Sustainable Business
Image Source: Alena Koval on Pexels
Image Source: Alena Koval on Pexels

Avoid Possible Obstacles

As you get your business running, you might deal with some pitfalls along the way. To avoid stressing over your finances, it’s a good idea to save up a hefty emergency fund that you can dip into during your first year. Furthermore, remember that you want to direct your marketing and advertising efforts towards customers who are interested in eco-friendly products – honing in on your ideal audience can bring better results.

Doing things your own way as a business owner can be scary, but it’s also liberating! Keep in mind a few key takeaways, like the importance of proper funding and a strong marketing plan. Now that you’ve brushed up on the basic principles of ecopreneurship, you’re ready to reach for your goals!

Need inspiration to start a new chapter in life? Check out stories about letting go on Parting Stories! Browse our blog or pitch your own story today. Thank you so much for reading this article – hope it has been informative and fun!

©Parting Stories 

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