Being a first-time entrepreneur can be challenging since you don't know what comes next after you launch your business. And, of course, you want to make sure that your business will last with your products or services filling a need in the market. But choosing a socially-responsible path will be much more difficult than you expect it to be. Luckily, we've listed a few things you need to know when building a sustainable brand. So, let's get started now!
One of the usual mistakes entrepreneurs make is probably not writing a business plan. It's the initial but crucial part of building your company to thrive in the industry for a long time. Business plans can help you identify the underlying problems with your idea and market it to possible investors or other funding sources.
Thus, when everything is all planned out in your mind, start drafting a business plan that outlines your vision. Turn what you foresee into reality. Put your proposed product or service, the costs associated with it, your funding needs, possible clients, your competitors, and the market opportunity. It's also best to include specific examples of the obstacles your company will likely experience.
Furthermore, as you write your business plan, always consider what you have—know your numbers. This will help you make better decisions as you build a sustainable brand.
Many businesses do not truly understand the weight of being sustainable. Just because projecting your brand as environmentally conscious is profitable, that doesn't mean that you'll end with just marketing it and won't really make any efforts to walk your talk. That is called greenwashing. When a company purposely claims that they're environmentally responsible but doesn't truly put any effort into sustainability, its goal is just to greenwash people.
In light of this, if you're planning to build a sustainable brand, you must first ask yourself, "Why do I want to make my brand sustainable?" If your answer boils down to profits, you must stop now. On the other hand, if you're eager to help Earth thrive for the future generation, you must understand that being sustainable is a commitment. Your purpose and actions should be equally based on economic, environmental, and social considerations. Here's what you need to do:
Since you pledge to help the environment, you must ensure that the raw materials you use for your products are sustainable. Do extensive research to know which materials have less to no environmental impact. In addition, take into account partnering with suppliers following the green approach. This will help reduce your supply chain's carbon footprint.
Besides the raw materials, you must also consider using sustainable equipment. Depending on your product, invest in machines that use clean energy, replacing the coals that contribute a lot to the current climate crisis. That way, you'll lessen your carbon emissions.
If you're choosing this path, you must be transparent about your company's environmental impact. Show your customers how your brand is different from the others that only use "sustainability" as a marketing tactic. You can do carbon accounting to understand how much carbon your company emits. From there, reassess your strategies to align with your goals of sustainability.
Finally, giving back to the community is the most powerful way to show your commitment. If you can't do it alone since you're just starting in the industry, you can partner with environmental organizations or donate a portion of your profits to them. They can fill the things that you might be lacking, such as resources and expertise. Take your time to look for the right non-profit organizations that dedicate themselves to helping the environment.
Challenges and risks are inevitable when starting a business. And when you aim to be sustainable, your budget is one of the greatest challenges you'll be facing. Since sustainability is still new, climate-smart tools and equipment are limited, making them hard to find and expensive.
Besides the tools, getting the right supplier to get that equipment and your raw materials can also be expensive. Getting a supplier is trial-and-error since it's also business. That said, you must be financially ready if you're building a sustainable brand.
Another challenge that you should look out for is how you can be consistent with your green initiatives. Of course, as a first-time entrepreneur, you want your business to be successful. And most of the time, when you turn your focus on that, you overlook your company's mission and vision. As a result, it affects your progress on your sustainability goals negatively.
Marketing is a significant factor in any business's success. That being said, once you have a narrative, create your brand's image around it. This way, the word "sustainability" will be part of your identity. What you can do is include your commitment in all aspects of your marketing approach, including online, in-store, and even the products themselves. But also consider how you can make sure that everything you do supports your commitment to sustainability.
While it's true that sustainability enhances your funding and growth, there are still things you need to know. By considering everything that's mentioned above, you'll be able to manage to start a sustainable brand, even if it's your first time. With more brands pledging to help the environment, we can look forward to a better future.
