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 Three basic questions Three basic issues: Starting to trade does not fit into a neat step by step process. Many tasks described here will overlap. You will need to return to some steps from time to time, perhaps repeatedly, to get them right or to make your plans clearer and more specific. Above all you need to establish three absolutely basic issues: • What the business will be – − what is the need for the enterprise? − what will the ‘social purpose’ be? − what will you do to earn money? − will anyone pay you? how much? − how much will it cost to run? • Who will be involved – − who is going to provide leadership to get things started? − do you need community support? − who will form the group which plans the business? − who else do you need to consult? − who will you ask to advise you? − how will you form a board? • What kind of organisational set up will you use – − how will you find out about the options? − are you starting with any kind of constituted group; (if not, set one up now) − will you use a registered charity? − will you need a separate trading company? − when will any new companies need to be formed? Setting the priorities: Many people get bogged down at an early stage with concerns about their constitutional structure. In fact, it makes no sense to worry about companies and charitable status before you have worked out what your business will be. And it’s hard to do this without at least beginning to bring together a group of people to help plan the enterprise or consulting other bodies about your plans. − do you need to involve other partners? 28
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 2.3 Involving the community A small group of people in the South Wales Valleys came up with a bright idea for a social enterprise business to expand tourism. They were convinced it was needed, but they were frightened that people responsible for tourism development in the area would try to stop them. So, despite persuasion by social enterprise support workers, they were reluctant to go public with their enterprise proposal or consult others about it. After a lot of planning but little action, they learned that another local regeneration project was pursuing a similar trading idea without them. They were shut out of the project, as they had originally feared – not because they had consulted with the community, but because they hadn’t. Why involve the community When it’s useful • Most enterprises benefit from community or public support, if only to ensure they can attract customers. For many it is absolutely essential. • Even if you are promoting a project with a narrow remit, obscure social benefits and no specifically local affiliations (as in the case of some specialist charities) you should still consider the potential benefits of consulting with the wider public or involving outsiders as advisors and directors. • Don’t be a control freak. If you are going to do it at all, do so from the start while there is still room to incorporate clever, imaginative and innovative ideas in your plans. The benefits: ‘Involvement’ in this context means getting people who have an interest in the activities you are proposing or the social benefits you are hoping to achieve to contribute, views, ideas, knowledge, skills or practical help to planning and establishing the enterprise. Community involvement can give you: • evidence of support and engagement, which most funders demand • local or specialist knowledge of the market for your business • information about the needs you are trying to meet; evidence for funders that you have researched those needs • your first board members 29
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