Find Out if Your Idea is Viable
So you have read the information above and have decided that starting a social enterprise is in fact the right route for you. The question now becomes: Is your idea viable?
Before you start your business, you need to come to a conclusion on the viability of your idea. That means conducting research on both the social cause you want to contribute to and the sector that you intend to enter to make profit.
There are two aspects to focus on when conducting your market research. Firstly, you need to be sure that there is a big enough need for the cause you plan on contributing to and also that there is a gap in the market for the service or product you are offering.
There are multiple ways to conduct this research. You can:
- Take a look at existing market research.
- Ask the opinions of people from your potential client or customer base.
- Contact those from communities that your business aims to help.
Make sure to conduct this research thoroughly. Speak to as many people as possible and be prepared to take any feedback you get. You may not always like the answer to the questions you are asking, but if you want to save yourself a lot of time and heartache, it is a wise idea to take any negative feedback seriously. If it looks like there isn’t a market or if the market is already saturated, it may be best to rethink your idea rather than continue and discover years down the line that it isn’t going to work out.
Check out the competition
Once you are sure that there is in fact a big enough cause and that there is also a solid market for your product or service, it is time to conduct a little research on any competition you may have. There may be other organisations working to tackle the same cause or providing a similar service. These won’t necessarily be social enterprises. They may be charities or traditional businesses so bare that in mind when conducting your research.
The more you understand the services and products that are already on the market, the better you will be able to frame and position your brand, create a service that stands out and has its own unique selling points.
A note on the term ‘competition’: It is important not to take this term too literally. People who are working to tackle similar issues are not your enemy. In fact, communicating and collaborating with others in your sector could prove to be invaluable for your own business and help to accelerate progress for your common cause. Building up a network of like minded contacts and creating a strong support system is an essential part of social entrepreneurship. Which brings us onto our next point…
Agency For Good are an ethical marketing agency.
We provide completely free marketing consultancy, coaching and training to 3rd sector organisations to help you focus and improve your income and in turn your social impact.
In 2019 we delivered 419 hours to 111 charities and social enterprise and we want to increase this to 500 hours this year so please get in touch.
We also provide high quality but subsidised web design, graphic design, video, social media, SEO, PR and copywriting services.