In case you are new to the field of social enterprise, this is a quick introductory help guide to what it's all about. Social enterprises have become particularly well-liked by politicians in the UK, yet many people haven't been aware of them, or aren't well versed about them. No apologies for contentious or irreverent views. - huffe pte ltd
What is a social enterprise? "A business or service with primarily social objectives whose surpluses are principally reinvested for your purpose in the neighborhood, instead of being driven through the have to maximise profit for shareholders and owners" is the greatest that Futurebuilders attended up with, and despite being a bit wordy, it can get close. Lots of people attempt to develop their own definitions, but life is too short to bother with it too much.
How do I recognise one? Not-for-profit, and Community Interest Company are a couple of easily identified labels which some enterprises adhere to themselves. Charities which trade are, generally, also count. Beware, though, that some savvy private sector businesses have woken to the beneficial cache of having a social purpose.
What's the Third Sector? The Third Sector itself isn't new, however, this a pleasant trendy new name for everything that isn't private or public sector.
Do you know the great things about being a social enterprise? In fact, sadly there are few financial great things about being labelled as one instead of a private business. Corporation Tax continues to be levied, and there are few other tax benefits available as yet. The true benefit is in the branding and associated image of as being a business which is wanting to "do good".
How do I set one up is? It's kind of harder to set up a social enterprise than the usual private business, however, not much. The actual challenge is in coming up with a workable business plan which is not dependent on grants or hand-outs.
Where can I go for help? Find someone that knows what they're discussing. You will find any number of 'professional advisors' with little hands-on experience of how a social enterprise actually works. If you can locate an accountant or legal expert who are able to recognise a social enterprise, you're successful. Find someone inside the sector is the best bet and pick their marbles.
It is possible to down-side? The 3rd Sector is filled with a novice, relatively small establishments. Many social enterprises only have a handful of staff, reliant to some large extent around the energy and vision from the founders, as opposed to over a robust and sustainable business model. Like a fragmented and diverse sector, the long run is uncertain, however it is definite that many of these enterprises will not achieve longevity. In reality, it is rather similar to the private sector. - huffe pte ltd