Once you understand how the market works, you would have to be strategic with your approach. This would save you money and time by preventing you from making random mistakes while executing the project.
SORT OUT FINANCES TO FIT YOUR BUDGET
As mentioned earlier, funding is very important. However, you need to also prioritize the little budget you have to ensure that you maximize it to the fullest. This is called financial planning, and it would help you separate the important from the less important. It would help you discover sections that can be put in place with little or no funding. For instance, why hire a professional logo or banner designer when you can just use a free online resource like Logocreator to get it done by yourself until you’re able to hire a professional to do it for you?
GET AND ASK FOR HELP
This is the key to success in setting up a social enterprise. You need as much help as you can get, even if it means that you would have to go and ask for it. For instance, you can seek the assistance of a friend with knowledge of accounting to help you with balancing and sorting out your finances to fit your budget. Another smart move is to request help from large organizations. Yes, this is a good idea. Many large organizations would be happy to support and invest in your cause if you are convincing enough.
TIME IS ESSENTIAL
Saving money on starting up a social enterprise would mean that you sacrifice time in return. Either you ask a friend for help, or you get some of the projects done by yourself, you and your friend would still need to make out the time to get these things done. If you have some time to spare in learning how to make furniture or executing other important tasks to set the business running, then do it to save your budget.
Starting up a social enterprise is a noble cause. But just like every business, it needs a lot more than dedication to getting the desired results. With the tips above, you should be able to get things running with a minimal budget and more time.
Share in the comments: What questions do you have about creating a social enterprise with minimal investment capital?
