Business Brain Food

Building a Successful Social Enterprise with Katie Wyatt

Want to use your business skills and the power of the market for social good? Then you may want to consider social enterprises a.k.a not-for-profit businesses. Katie Wyatt is a wellness and business coach for social enterprises, which are businesses that raise money for and support a social cause. These businesses may employee people who would not otherwise be able to find a job, including the homeless and those with disabilities. It is not easy to start a new business and be successful. It is a big undertaking and not for everyone. Achieving social purpose as well as profit is twice as hard! But the payoff can be well worth it.

So, how do you create an enterprise that has social benefit? Or how do you retrofit what you currently do in business to serve a social benefit? You have to have two main things: passion and business sense. What’s going to get you out of bed each day? A passion to help others. But you also need to address the business side – purpose, metrics, outcomes, business models, legalities, etc. Therefore, any business needs to be profitable – to put money back into the business and help its cause. Otherwise, the social purpose would not matter at all. So ask yourself these questions in order to be successful: Why are you starting the business? How much money you will need? If you can succeed with a social enterprise, you can succeed anywhere. Now, get out there and do some good!

In this episode of Business Brain Food you will learn:

** Definition of social enterprises/not-for-profit businesses

** Differences between social enterprises and regular businesses

** What is needed to have a successful social enterprise

** How to obtain money for startup capital

** Steps to start a social enterprise

** Types of employees at social enterprises

** Importance of identifying ideal customers

** Development of foundations and charities

Resources mentioned in this episode:

** ActionCOACH (http://actioncoachanz.com/itunes)

** ActionCOACH (http://actioncoachanz.com/stitcher)

** ActionCOACH Session (www.businessassessment.com.au)

** Skype (www.skype.com)

** The Voice (https://en.wikipedia.org/wiki/The_Voice_(Australian_TV_series))

** Thank you Water (https://thankyou.co/)

** Daniel Flynn (http://actioncoachanz.com/bbf039-daniel-flynn-thankyou-group)

** Australian Charities and Not-For-Profits Commission (https://www.acnc.gov.au/)

** Social Traders (http://www.socialtraders.com.au/)

** Dwayne Martens (http://actioncoachanz.com/bbf059-from-uni-dropout-to-a-multi-million-dollar-business-with-dwayne-martens)

** Niulife (https://www.niulife.com/)

** The Wellness Entrepreneur (http://www.thewellnessentrepreneur.com.au/)

** Pinterest (www.pinterest.com)

** Life in Half a Second (http://www.lifeinhalfasecond.com/)

  Subscribe on iTunes

Do you want to make a difference with your business?

Then, use the advice provided in this episode to get started. Also, if you are enjoying these Business Brain Food podcasts, then make sure to share them via social media sites or email the links to family and friends. A lot of time and effort goes into producing each of these podcasts with the goal in mind of the more people we can inspire about business the better. You can help us do just that! Until next time, have a profitable day. Cheers, Ben Fewtrell (02) 9111 5000

Direct download: BBF061_Building_a_Successful_Social_Enterprise_with_Katie_Wyatt.mp3
Category:general -- posted at: 12:00pm AEDT