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 Table 5.1: Resourcing and investing different types of trading venture Sustainability objectives for existing charities and community groups Diversify income sources to be less dependent on grants, and aim to be significantly independent of grants in the long term Funding and resource implications • train staff to run existing activities in a more businesslike way • secure funds for feasibility studies and business plans to develop new trading activities • introduce charges for services, or make prices more realistic • secure commercial contracts • make better use of building assets through lettings • move existing activities into subsidiary companies and make use of Gift Aid Adapt to changes in the way services are commissioned by public bodies Expand the range of services offered without increasing the need for grants • turn existing grants into contracts • bid for new contracts in open competition • identify new markets for existing services • develop associated services • trial new business ideas with low-level ‘pilot trading’ 108
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 Sustainability objectives for existing charities and community groups Develop sharper fundraising strategies and management to make grants go more further Funding and resource implications • include management fees in bids • fill spare space with rent-paying projects • explore options for involving volunteers more productively • share equipment more effectively • introduce ‘cost centres’ to improve financial monitoring Sustain services such as village post offices and shops which have become non viable for commercial operators Undertake local regeneration by acquiring and developing building assets • raise grants and/or loans to purchase/lease premises • raise grant and/or loans for start up working capital • identify income-generating uses for premises • secure mortgages for building purchases • raise grants and loans for upgrading and redevelopment • raise grants to staff the development process Find new markets to generate jobs, environmental benefits, and local wealth etc by developing more substantial ventures • raise grants for feasibility studies and business plans • secure commercial loans for equipment and business start up • raise grants where available 109
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A guide to third sector trading - WCVA

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