Keep These Steps in Mind While Starting a Green Business
As an aspiring ecopreneur, sustainability needs to top your list of agendas for the sake of the environment and business. Creating a sustainable business requires the right setup and strategies which this article by Sustainable Living Association will explore.
Establish a Green Business
To ensure the long-term success of the business, you need to lay strong foundations, which includes the following steps:
- Find a Niche: Find a target group of customers that have a demand for the product/services you plan to sell. Common examples include — green landscaping, furniture refurbishing, organic food products, and eco-friendly cleaning supplies.
- Register an LLC: As a limited liability company, you’ll be able to use business expenses as tax write-offs, resulting in more funds for core areas of the business, according to Chron.
- Get an EIN: An employer ID number is often referred to as the social security number for businesses. EINs are a 9-digit number required to open a business bank account, hire employees and be eligible for external financing.
- Invest in Accounting Software: Once your business is legally registered, look for an accounting system that will work for your business. Look for one with many features that will scale with your business needs.
For ecopreneurs who seek to develop better skills and expertise to manage their business, pursuing an Master of Business Administration degree is a viable option.
Develop a Sustainable Workplace
To establish credibility as a green business, you’ll need to embrace sustainability daily, through the following steps:
- Use a Green Energy Supplier: Switch to a green energy supply for your commercial or home office. These suppliers generate electricity from renewable sources and have almost zero carbon footprint.
- Recycle Regularly: Implement a recycling scheme in your office which includes collecting items such as cardboard packaging, ink cartridges, scrap paper, etc. Partner with a recycling agency that will handle the collection and recycling of these items.
Commit to Green Initiatives
Your commitment to sustainability needs to extend beyond the workspace as well and include initiatives such as:
- Reducing Plastic Use: Whether it be in manufacturing, packaging, or promotional material, seek to eliminate the inclusion of plastics and replace it with sustainable substitutes.
- Adopting a Local-First Approach: If you’re a food-based business, make it a point to partner with local suppliers. As reported by Sustainable Connections, buying local foods reduces the wastage of resources due to transportation, and stimulates local economies.
In a nutshell, each decision you make as an ecopreneur needs to be oriented towards sustainability and keeping emissions to the minimum.