Written by: Julie Morris
When you’re writing your business plan, you’ll need to pinpoint the principles that drive your company. If you are passionate about the environment, this principle might be sustainability. Implementing sustainable business practices isn’t easy, though. Small Small Business explains that aspiring ecopreneurs should consider the following pros and cons that they may encounter when starting a sustainable business.
1. Pro: The Environment Will Benefit
The most obvious benefit of an eco-friendly business plan is its positive impact on the environment. Sustainable business practices such as a reduced carbon footprint and a recycling program can play a huge part in preventing problems like pollution. Businesses can also implement practices that improve air quality and preserve natural resources.
2. Pro: You Can Reduce Paper Waste
Taking steps to reduce paper waste is another way that small businesses can benefit the environment. If there are any paper processes that can be digitized — for example, invoicing — doing so can help reduce your business’s waste. Using an electronic invoice system allows you to customize pre-made templates with your brand’s logo, colors, and text. The result is a professional and polished document that you can easily send to clients.
3. Pro: Your Business’s Profits May Increase
According to BusinessBecause, sustainability is profitable for small businesses. This is true for many reasons, but profits are primarily driven by the increasing demand for sustainable business practices. Consumers want to shop with businesses that align with their values, and for many people, sustainability is at the top of the list. You can turn this crowd into loyal customers by emphasizing your eco-friendly business principles.
4. Con: Sales May Not Increase as Anticipated
Of course, while increased profit is a possibility, it isn’t a promise. When your sustainable business practices don’t boost sales, it’s time to focus on other elements of your business strategy, such as your marketing. Advertising the advantages of your business’s sustainability can transform your sales and promote environmental action. Prospective customers will be inspired by your business’s commitment to protecting the planet.
5. Con: You May Need to Adjust the Budget
Sustainability may eventually yield bigger profits, but before this point, it will require an investment. Implementing sustainable business practices may be an expensive endeavor when you’re shopping for new products for your business that meet your sustainability standards. To accommodate this, Deloitte points out that you’ll need to allow some extra room in your budget for eco-friendly expenditures.
6. Con: Getting Started Can Take Time
Most people who start sustainable businesses aren’t experts. They’re just people who took the time to do research and develop eco-friendly strategies. These steps can take time and cause delays in establishing your business. At a certain point, though, you need to stop delaying and start doing. Establishing an LLC with help from a formation service can help you finally start your own business. Check the laws in your state before proceeding, and enjoy the flexibility an LLC can offer. But first, to help you make an informed decision regarding which formation service to use, go online and compare the various service providers – Legalzoom reviews for LLC by BestLLCServices.com is a great place to start.
Develop the Best Plan for Your Business
Establishing a brand that’s built on sustainable business practices can be a profitable endeavor. More importantly, though, it’s a way to reduce the negative environmental impact that your business may have. If you’ve considered all the pros and cons, and you’re ready to proceed, you can use electronic invoicing to get started.
About the author:
Julie Morris is a life and career coach who is passionate about inspiring and helping people live their best lives. She’s living this passion by the use of her site: http://juliemorris.org. She spent years in an unfulfilling career in finance before deciding to help people in other ways.