A guide to third sector trading - WCVA
A guide to third sector trading - WCVA
A guide to third sector trading - WCVA
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It’s an idea, but is it business? A <strong>guide</strong> <strong>to</strong> <strong>third</strong> sec<strong>to</strong>r <strong>trading</strong><br />
1: Getting<br />
started<br />
2: First steps 3: Business<br />
planning<br />
4: Legal and<br />
governance<br />
5: Funding<br />
and<br />
resourcing<br />
6: Financial<br />
controls<br />
7: Managing<br />
growth<br />
8: Management<br />
and<br />
governance<br />
9: Social<br />
enterprise<br />
10: Sources<br />
of support<br />
A suggested approach: The steps described below involve:<br />
• Step 1 – Working as a group <strong>to</strong> brains<strong>to</strong>rm a number of<br />
different possible <strong>trading</strong> ideas.<br />
• Step 2 – Preliminary assessments of all the ideas <strong>to</strong> reduce<br />
the list <strong>to</strong> a small number of possibilities.<br />
• Step 3 – Some initial financial calculations <strong>to</strong> see if any of<br />
these ideas still stand up.<br />
• Step 4 – Now s<strong>to</strong>p and plan carefully how you will take you<br />
<strong>trading</strong> idea forward.<br />
Step 1: If you want one good idea,<br />
think of several<br />
The general approach: In many cases, including community<br />
regeneration projects and development trusts, your aim should be<br />
<strong>to</strong> build up a short list of possible <strong>trading</strong> ideas for your business.<br />
Later you can refine your list systematically <strong>to</strong> find out which is the<br />
most promising, and fix your sights on starting that one.<br />
• If your group starts with no idea at all of what you want <strong>to</strong> do<br />
(except vague things like ‘create jobs’ or ‘improve the quality of<br />
life in our community’) you will need <strong>to</strong> have a brain s<strong>to</strong>rming<br />
session first <strong>to</strong> list all conceivable possibilities and then <strong>to</strong> refine<br />
that in<strong>to</strong> a short list.<br />
• Aim for a short list of at least 4 or 5 suggestions even if you think<br />
you already know exactly what you want <strong>to</strong> do. If your original<br />
idea really is red hot it should stand up well against others, and,<br />
if it isn’t, the time <strong>to</strong> find out is now and not later.<br />
• Be flexible, open minded and inventive, especially with ideas<br />
which seem <strong>to</strong> you <strong>to</strong> be winners already.<br />
• Don’t dismiss anything at this stage, even off-the-wall ideas<br />
because they just might be winners.<br />
Ask the community: A public consultation exercise (calling a<br />
public meeting or circulating questionnaires, for instance) can be<br />
extremely helpful for many reasons:<br />
• finding out what types of commercial services and community<br />
services people would like <strong>to</strong> see<br />
• identifying services which already exist – and which you should<br />
probably avoid<br />
• producing a hopefully lengthy preliminary wish list <strong>to</strong> select from<br />
• encouraging your steering group <strong>to</strong> broaden its thinking, since<br />
even unrealistic suggestions can stimulate other ideas<br />
• providing a general indication of whether business markets<br />
might exist<br />
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