A guide to third sector trading - WCVA

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It’s an idea, but is it business? A guide to third sector trading 1: Getting started 2: First steps 3: Business planning 4: Legal and governance 5: Funding and resourcing 6: Financial controls 7: Managing growth 8: Management and governance 9: Social enterprise 10: Sources of support Further information For further information on subsidiary trading companies see the Charity Commission’s guidance leaflet CC37 Charities and Public Service Delivery or ask for advice from a support agency which specialises in third sector trading. Chapter 5 considers a range of funding and finance issues for charities and trading enterprises generally, including legal restrictions on charities and tax advantages. 104
It’s an idea, but is it business? A guide to third sector trading 1: Getting started 2: First steps 3: Business planning 4: Legal and governance 5: Funding and resourcing 6: Financial controls 7: Managing growth 8: Management and governance 9: Social enterprise 10: Sources of support 5: Funding and resourcing the business 5.1 The right investment for your new businesses Advocates of social enterprise trading who are not directly involved in community groups or charities sometimes promote an idea of third sector trading which is more about what they would like to see than about what organisations need. It is simply misleading to suggest that groups could be creating jobs or taking over council services if they are struggling to deal with expected grant cuts and cover their core costs. This section focuses on some key issues to think about when you are starting a third sector business – what exactly are you trying to achieve with your trading activities? What resources do you need? And where will you get them? In other words: how will you invest in your new business? Planning ahead Does ‘business investment’ apply to us? The idea of investing in and starting to develop your business. Newcomers may feel that business investment is something which only larger projects do. But even a modest pilot trading activity is likely to require some resources to get started. A more substantial enterprise will certainly be a costly exercise to get off the ground – both in purely financial terms and in the time, effort, goodwill, and quite possibly the materials and equipment contributed by the people and organisations involved in supporting the venture. It is essential that you spend time planning what you will need to invest in a new business and how you will secure these resources. First steps: This section is mainly addressed to new trading ventures and covers: • clarifying your business goals – so that you can make the right kind of investment • funding business planning 105
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