What to think about when starting up a social enterprise

Below are a few things to consider if you are thinking about starting up a social enterprise

Set clear aims, objectives and activities for your enterprise

Choose the type of enterprise you want to start, ie Limited Company or Co-Operative

Choose the most suitable legal format and management structure and develop the relevant supporting documents. For more information contact the Social Economy Network (SEN) or NICVA (Governance and Charity Advice)

Sell your idea to stakeholders, possible members and/or partner with local companies who share the same area of interest

Research the market of interest

Design and develop a sound business plan, which considers the feasibility of the idea, and design a finance plan - foreseeing costs and income generation.

Search for funding and financial support. For more information see NICVA's www.granttracker.org

Get support and business advice from umbrella bodies and local economic development networks. For more information contact NICVA or SEN.
 
Involve your potential directors from an early stage and ensure they are aware of their roles and responsibilities For more information contact NICVA

Register the enterprise appropriately
 
Open a business bank account

Ensure all health and safety requirements are met

Recruit members and volunteers

Employ staff

Make sure finance records are registered (PAYE) and up-to-date

Ensure you have Insurance for every situation Market and advertise the products/services within the business

Set up administration systems and organise and minute meetings

Begin sales

For more information on starting a social enterprise go to; www.nicva.org www.granttracker.org , www.nibusinessinfo.co.uk/bdotg/action/layer?topicId=1077475650&site=191&r.s=sl www.socialeconomynetwork.org, www.diycommitteeguide.org