By: Lisa Walker
How New Business Owners Can Implement Sustainable Practices
New business owners who are invested in the ethics of sustainability may be curious about how integrating green practices into their business could affect overall profitability. They may be wondering how best to balance their interest in ecological responsibility with their need to keep their business successful. Clearly, it does not benefit an entrepreneur, if a sustainable business is unable to make a go of it. So it’s important to work sustainability into a business model in a manner that promotes rather than compromises business success and profitability.
The importance of sustainable practices.
As an entrepreneur who is asking these questions, you are likely already aware of why sustainability is important. It has to do with your ethical responsibility toward the earth, its resources, and other living things you share ecosystems with. But it is practical, as well: you want to look forward to a future where you have access to needed resources and don’t have to scramble to survive in an economy dominated entirely by scarcity. Pursuing sustainability benefits not only the world and your community, but your own comfort and well-being.
What about profitability?
The issue, of course, is whether you can make a living off your business while also taking advantage of sustainable opportunities. This is a valid concern since going green can mean spending more on sustainable products, opting out of cheaper alternatives that may harm the earth, and spending time learning or retraining for eco-friendly business processes such as green transportation or eco-friendly waste disposal. While it’s an unavoidable fact that green practices can be more expensive, especially at first, they can also ultimately improve profitability, especially as consumers become more interested in buying green.
Sustainable opportunities for your business.
Depending on the nature of the business you are starting, the green options available to you may differ. For instance, if you are planning on starting a clothing or fashion boutique, you should invest in organic and fair-trade items. Whereas if you are going into marketing, you will want to think about sustainable design and transitioning to digital marketing techniques that involve less use and waste. However, there are some ways all businesses can work towards increased sustainability in their practices. Use recycled products and packaging. Rely on eco-friendly transportation of goods. Shift over to digital to reduce paper. Rely on green energy. And reduce the use of electricity and water whenever possible.
Challenges to sustainable business practices.
As well as concerns about loss of profit, entrepreneurs with an interest in green practices may worry about consumer response. In some areas, customers will be more likely to seek out companies that emphasize sustainability. But sometimes, consumers may react negatively to a transition to green, or worry about increased expenses. This is why it’s important to get your messaging right when you talk about your business’s sustainability.
Marketing sustainability.
When you brand your business as green, think about the message that will be most attractive to your target audience. You need to know what they value, and what they worry about. If your customers are already tuned into the idea of environmental responsibility, this should not be difficult. But if they are in a demographic likely to be more hesitant about the idea of sustainability, you may have to pitch it to them in terms of their concern for the well-being of their own community, how sustainable goods can benefit health, and so forth.
Getting your green business launched.
If you’re preparing to get your business off the ground, there are a few key steps you should take to help keep it profitable. First, start with a comprehensive business plan. Next, write up a budget and stick to it. Seek additional funding if you need to. And be sure to choose the right structure for your business for the sake of any tax advantages that might be available. If you need help registering your company as a Massachusetts LLC, Zenbusiness can offer you the assistance you need, affordably. And entrepreneurs interested in learning more about how their green business initiatives can make an impact may benefit from the leadership training resources offered by Emzingo,
Incorporating sustainability into your business may mean extra work and expense initially, but it is a good long-term investment, for you and for your business. Green initiatives in business are an integral part of a broader movement toward sustainability.
About the Author: Lisa Walker
Lisa Walker is a proud SAHM (Stay at Home Mom). She enjoys trail hiking and beach-coming with her husband Jake when not busy with her boys and home improvement projects. She created Neighborhood Sprout as a passion project to share her love of homeownership with others.