Running a green business benefits the environment and your company’s bottom line. Adopting eco-friendly business practices will reduce costs and be in the good books of customers who value sustainability over anything else. In this article by The Story Team, we dive into why entrepreneurs should start a green business and how to do so.
Why Should You Start a Green Business?
Creating a Sustainable Planet
As reported by the United Nations, we’re currently at a critical point concerning climate change. To secure a better future, urgent action is required to adopt a sustainable way of living and reduce our carbon output. By starting a green business, you’ll play a significant role in making this transition. Adopting sustainable practices and selling eco-friendly products not only reduce your business' carbon footprint but enable your customers to do the same.
Saving on Expenses
As reported by ICTSD, new businesses on average spend $6000 a year per employee on renting office space in addition to spending $100/month on stationary. This excludes the money you’ll pay for maintenance, internet, and other miscellaneous expenses. Adopting a paperless approach and a culture of remote working will help you save thousands of dollars and significantly reduce the wastage of resources.
How to Start a Green Business?
Here are the steps you’ll need to take to get your business off the ground:
1. Create a Business Plan
Your plan will serve as an overview of the business and should include the eco-friendly practices you strive to follow and how they’ll allow you to reach your goals and earn a profit. Include the following essentials in your plan:
● An executive summary
● Short and Long term goals
● A financial plan with cost and revenue estimates for 1, 3, and 5 years
● Insights regarding your products/services
2. Focus on the Triple Bottom Line
Following the triple bottom line (TBL) is the hallmark of any successful green business on the market. TBL helps to put sustainability at the centre of your business and ensure all critical decisions are made accordingly. The three keys of TBL include:
● Profit: While making a profit is imperative for a business, it should result from adopting green business practices and selling sustainable products.
● People: This involves following ethical practices and investing in the development of employees and the community.
● Planet: Your aim should be to keep your carbon footprint to a minimum, avoid using toxic chemicals to make products, and contribute towards eco-friendly initiatives on a local and global scale.
To learn more about how to integrate TBL into your company, read about the success stories of these businesses.
What Are the Best Ways to Market Your Business?
Just like other areas of the business, your marketing activities also need to follow the principle of sustainability.
● Utilise Digital Marketing: Compared to traditional marketing methods, digital marketing provides greater reach at a fraction of the cost. Additionally, it helps you overcome the need to use tonnes of paper and ink to print materials for one-time use.
● Work paperless: Within your organisation, use tools like a PDF editor to save paper and printing costs. You can markup and comment on documents collaboratively without reprinting after every iteration.
● Collaborate with Eco-friendly Organisations: Build goodwill in the community by collaborating with local green NGOs or organisations. You can organise events, provide sponsorships or enter into a joint venture. Include these collaborations in your marketing efforts as well.
● Get Creative: Use your packaging materials as a medium to promote your sustainable practices. For example, print the message “this packaging was made from 100% recycled paper" on your packaging. Small messages like these can remind customers of your commitment to sustainability and motivate them to become repeat buyers.
Additionally, with each order, you can include a business card made from recycled materials, which includes a custom discount code. Along with the code, the card can contain information regarding your website and address, which customers can then pass on to their friends or family to refer your business. Use an online business card maker to create designs per your brand guidelines.
Finally...
The keys to running a successful green business include upholding your commitment to sustainability while investing time and effort towards educating your customers about the same. Contact The Story Team today for great copywriting to help turn leads into clients!
Big thanks to Stephanie Haywood from My Life Boost for this article. Check out her website for more mindful practices and to explore tools for growth and self-development.