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 1: Getting started – the absolute basics This chapter is a checklist for absolute beginners to show what will be expected of them if they are going to develop a trading operation. New and established organisations Established community and voluntary organisations can be assumed to have a head start on new groups which are starting social enterprises. They are likely to have: • objectives and aims as an organisation • a constitution • a basic management structure • committee skills and decision making procedures • some financial record keeping arrangements. You can’t assume that these advantages will be suitable for or robust enough to run trading activities. But it does mean that you can probably skip over much of the groundwork on starting new organisations (sections 2.1 to 2.4). Knowing where you are starting from • Avoid preconceptions: Groups of people who are exploring trading possibilities can easily become distracted by preconceptions and confused by the assumptions of others about what they are trying to achieve and which types of activity are realistic or appropriate or legitimate. In fact, every new business is different. There are not many rules which apply equally to everyone who is starting out – the choices are yours. • Be clear what you want to achieve: So if you are beginning from scratch and planning to use this guide, you need to think carefully about where you are starting from and generally what you are trying to do. • Share your ideas: It’s also particularly important to share these with those working with you so you can minimise misunderstandings and false expectations. 10
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 The start up checklist Working through this list of questions should help you and your colleagues to start clarifying where you are heading and what help or planning you are likely to need. For example: • will this be a new organisation or the development of an existing one? • what are your reasons for starting to trade (and does it matter what sort of business this is)? − to achieve your charitable or social objectives directly? (ie will the trading itself have social benefits?) − to extend or improve the benefits of an existing service or services? − to generate income to support an existing project or organisation (will the trading have only indirect social benefit? − to provide jobs, training or some other direct economic benefit? • what are the particular benefits you want to achieve? − what geographical area or which group of people will you benefit? − what are the needs of the community or group of people you aim to help? − do you have evidence of these needs? (even if you are sure of the need, funders and potential supporters may need to be convinced) • is there any good reason to limit your trading options, or should you improve your chances of success by taking a broad view of your possible activities? • what type of organisation (if one already exists) is starting the initiative? − is it well established? − is it well run? − is it a charity? − does it have community support? − do you/will you work in partnership with other organisations? who? 11
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