When you’re looking to start a new business, you should really be looking for ways to start a green business. A green business will be a bit more costly to start, but in the end, it is certainly worth it. When your business is green, you’re committing to yourself and your customers that you’re going to do your part for the environment. Are you considering becoming an entrepreneur? Become an ecopreneur by starting a green business! Today, we provide some simple tips that can help you during your journey as an ecopreneur.

What is a Green Business?

Green businesses are described as companies that make no negative impacts on the environment, the economy, or their community. They practice sustainability, often looking into alternative methods of traditional business techniques. An example of this is using green packaging, normally made from entirely recycled materials.

When you look at the current market, green businesses are held in high esteem. With the impending environmental crisis we have on our hands, people are looking to businesses to do their part. Most customers would rather work with a green business when given the opportunity.

Building Your Business’s ‘Greenprint’

The most difficult part of getting up and running when you’re ready to start a new company is making your business plan. Your business plan, or in this case your “greenprint,” should outline all of the things you need to do to get your business off the ground. When starting a green business, there are a few things to keep in mind.

How Should My Business Be Structured?

Choosing the right business structure for your company is essential. Your options are many, but two entities stand out for new entrepreneurs. An S corp Georgia registration is a good choice for ecopreneurs who are interested in claiming their company losses as deductions on their taxes. If you’re hoping to get self-employment tax savings, this may also be the right path for you. On the other hand, a limited liability company (LLC) is a safe choice for many, since an LLC in Georgia provides you with asset protection of your personal belongings from any business dealings (which is extremely important should your company ever face financial hardship).

Take some time to explore these options as well as partnerships, sole proprietorships, and corporations to decide which makes the most sense for your company. You can work with an attorney to help you file the paperwork, but their prices are steep. Online formation services are a fraction of the price and will ensure your filing is legally compliant.

What is My Business Going to Provide, and How Will it Be Green?

Starting a business requires inspiration, or an idea, to provide a product or service to customers. When you’re starting a green business, your products tend to be centered around sustainability and environmental action. What is your business going to provide, and how can you keep things green? You need to plan for the way your business is going to keep things environmentally friendly. For instance, you can select the best invoicing software to help you with your bookkeeping and practically eliminate the need for wasteful, old-fashioned file cabinets you hardly use.

How Am I Going to Fund My Business?

Starting a business is going to require funding. In most cases, a standard startup business is going to cost between $5,000 and $10,000 to get things going. This figure includes all of the legal fees for setting the business up, as well as any supplies you may need and facilities. When you’re starting a green business, you’ll likely need considerably more. Sustainability comes at a high price, but it has a higher payout in most cases, too.

One option for funding a green business comes in the form of grants. There are plenty of grant opportunities for green businesses. However, green business grants are only awarded to startups that illustrate a high level of expertise, and you have to be mindful of the grant application process. When seeking to obtain a grant for your small business, you’ll need to have a solid business plan, and you’ll need to do some searching for grants within your industry. Practice creating stellar grant applications as well. 

Some grants are made for raising climate change awareness specifically, while others offer assistance for businesses that create no plastic waste. If you’re simply working toward reducing your carbon footprint as a business, then you’ll want to consider other grants or funding opportunities. 

How Will I Market My Green Business?

When you’re marketing a green business, you want to make sure that you’re touching on the sustainable parts of your business. Packaging should be labeled as being recycled or sustainable. Advertising needs to refer to the good you’re doing for the world around you. Play to your strengths.

Starting Any Business is a Risk

When you start a business, even if it’s green, there are some risks involved. Your business may take some time to prosper, and in some cases, it may never get off the ground properly. When you’re starting a business, be mindful of the process. It may seem stressful, but when done wisely, starting a green business is worth it.

Join the Henry County Chamber of Commerce to arm yourself with resources that will help your small business thrive!