Green Entrepreneurs Can Use This Guide to Build a Thriving Business

Starting a green business takes quite a bit of planning, from figuring out how you’ll incorporate eco-friendly practices into your daily operations to making sure your products or services fit your business plan. Marketing a sustainable business can also prove to be tricky as you learn to navigate both digital and traditional methods. Fortunately, there are lots of tools available for eco-minded entrepreneurs who want to contribute to the earth’s wellbeing. Here are some key considerations to make as you get started:

Start with business basics

Before you swim too far out into entrepreneurial waters, take care of a few must-dos of startups, including choosing a company name and structure. Looka notes that you should brainstorm some business name ideas that are catchy, unique, and will age well. You’ll earn bonus points (and potentially, a following) if you can incorporate the fact that your company is sustainable.

When it comes to your business structure, you have no shortage of options, but keep in mind many budding entrepreneurs choose an LLC or S corp. An LLC in Colorado protects your personal assets from liability in any legal matters your company may face, and you’ll enjoy a few tax benefits. A Colorado S corp offers the benefits of lower self-employment taxes, pass-through taxation, and deductions on business losses. An online formation agency can do the paperwork filing for you so you can rest assured your business is properly registered with the state.

Plan for reducing your carbon footprint

If you’re going to have a sustainable business, then it stands to reason that you’ll run things as efficiently as possible. Think of several ways you can keep your business going while reducing your carbon footprint, such as using only recycled materials, having employees work remotely when possible, and utilizing energy-saving appliances or tools (such as laptops rather than desktops, which are much more energy efficient). If you need to have a storefront or collaborative office space, ensure that you’re making the most of things like solar energy, which comes with several advantages. When you can show your customers and clients that you’re taking the green lifestyle to heart, they’ll feel much more comfortable putting their trust in your products.

Know your startup costs

Once you know what type of materials and tools you’ll need, it’s essential to create a realistic budget for startup costs. The average cost for a new green business to get up and running is about $14,000, but of course, the number will vary according to your specific needs. Much of those funds go toward software and other tech that make going green easier, but there are several free and low-cost resources out there for small business owners. Look for inexpensive marketing methods, such as a free DIY business card maker that allows you to customize a professional-looking template with your logo and chosen colors. Once you have the design, you can print them out onto recycled card stock.

Look to those who came before you

While starting a green business has become a popular option for entrepreneurs recently, it’s not a new idea. Take a look at what other eco-friendly business owners are doing to find out what works and what doesn’t, especially where marketing is concerned, such as Thando’s, a shoe company that utilizes ethically-sourced materials and creative social media advertising. Brightly is a woman-owned company that aims to help customers make small, impactful changes to their lifestyles. Do some research on these companies and others that make it their mission to remain sustainable.

Don’t underestimate the work involved

There may be lots more resources available today than ever before, but starting a business of any kind still takes a lot of hard work, especially where marketing is concerned. Considering the outcomes before you make even the smallest move could help you avoid disaster down the road, so utilize a go-to-market strategy template to help you keep your business plan, marketing strategy, and product details on track before you begin a launch. There are pre-made templates available that will make the process much easier so you can focus on the work ahead without worrying that something is being overlooked. 

Starting your green business will require quite a bit of research and a solid understanding of sustainable materials and tools, so give yourself time to prepare before jumping in. Look for a mentor who can help guide you along the way as well.

Join the Summit Chamber of Commerce to build relationships and access resources that will give your business a boost.

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