If you’ve been following the hashtag #doingthegoodwork, then you know that a lot of the marketing for my business Good Mayweather Consulting takes place online. What you probably didn't know is that my journey started when I decided to teach a class on diversity and inclusion for free. Yup, I was so passionate about social justice work and learning how to educate others that I knew that I had to take the opportunity whether I was getting paid or not. Fast forward 3 years and my social entrepreneurship journey has afforded me the opportunity to reach over 20,000 people and earn over $20,000 in revenue in addition to being a full time PhD student, husband, and parent. At the time, I was just working, I didn't realize I did something special. Now, I'm teaching people exactly what I did in my free webinar Hashtag To Cash!
Social entrepreneurship is the process of developing, funding, and implementing solutions to social, cultural, or environmental issues. For me, I teach diversity and inclusion to other leaders. Do you have a cause that you are passionate about? Something that keeps you up at night, but you’re not quite sure how to turn it into a profitable business. Check out 4 ways that you can start your journey in social entrepreneurship below.
Find Your Passion
Before you can start your journey as a social entrepreneur you have to discover your passion. Think about what you love to do or what makes you the happiest. Do not think about it with a business mind just yet. Make a list of your ideas as you brainstorm. Then put some of your ideas into practice by actually doing them to ensure it is a good fit. For example, if you’re passionate about feeding the homeless, you should volunteer at a homeless shelter and research how you can make a difference in your city. Maybe you’re passionate about supporting victims of sexual abuse. Figure out a way that you can volunteer with that population firsthand and learn what type of support they really need from others. You may be thinking that you’re too busy to make time to volunteer, but here’s the catch: If it’s something that you really love, you will find the time to do it. Once you have found your passion then you can begin to think about it with a business mindset.
Create Your Business Plan
Create a business plan based on your passion. It’s important and beneficial to have a solid business plan before your official launch. Keep in mind that your business plan will evolve over time. As your business grows so should your plan.
Areas of your business plan:
Executive summary and company description: A detailed description of your business including the mission, operating plans, goals, purpose, and vision.
Market Research: Include the results of your market research including target customers, industry information, and competitors.
Products and services: List services and products that you plan to offer, including how you will sell it, the benefits to customers, your retail price, and the estimated cost of production.
Marketing and Sales: Create strategic marketing and sales strategies to promote and sell offerings to targeted customers.
Financials: Include a detailed budget including start-up costs, operating costs, and projected sales.
In my free resources library, you’ll get a step by step strategic plan, strategic budget, & create an LLC outline. Click here to get the password to my library!
Define Your Social Impact
Now that you have your business plan completed, it’s time to start to define your social business impact. Ask yourself the following questions: How will your business make an impact? Are you going to start a movement or help strengthen an existing movement? Who’s your audience and how will you measure your impact? Once you have done those things you will be able to define your social business impact.
Share Your Knowledge (Help Others Benefit)
So before you begin asking people to support your business ideas financially, you need to show that you are knowledgeable about the topic and that it has helped someone. Getting results for others puts you on the fast track to getting noticed by influencers, leaders, and clients. Here are a few ways to share your knowledge with your audience.
Mentor new folks in the field by joining a professional organization mentorship program. By sharing your knowledge and experiences you'll be helping them build their own careers, which will get you connected to folks who want to pay for your help.
Offer coaching services as an income stream and another way to share your knowledge. Coaching services can be conducted in a group or one on one setting. Develop a coaching program that will help aspiring social entrepreneurs start or a program that will help established social entrepreneurs find success in their careers.
Educate others by offering educational products such as courses, workshops and training seminars. You could also even educate others by participating in Facebook groups related to your social cause by answering questions and providing feedback. An even simpler way to educate is to share knowledge and tips on your social media platforms. Establish credibility always equates to dollars.
Networking helps to build your net worth. Networking can be conducted online and offline. Networking is mutually beneficial for you and your peers. Exchange ideas and beliefs with industry peers to help strengthen each other’s goals.
Share your financial tips and success with your network. Be transparent in revealing how much it cost for you to operate a business or how you’ve reached financial success. Educate your network on budget friendly resources that will help them grow.
Professional Development is essential to growth and entrepreneurial success. Participate in professional development opportunities as much as possible. But also create your own opportunities by helping your peers at little to no cost. Test a new product or strategy. Perhaps there is a peer at the beginning of their career that you can help by giving them some strategies to try.
Now before I end this, I want to stress that starting a business is a process. Be patient with yourself. It is very realistic to start a business and launch a product in 3 months. It's unrealistic to think you'll be able to leave your job and make millions of dollars on that one product lol. But if you want to make a million dollars, pace yourself. It won't happen overnight and you're not racing against anyone, so you might as well have fun with it! I did it with #doingthegoodwork, and I had an absolute blast launching my website, brand, and products. So if you’re interested in learning my super easy step by step small business cashtag marketing system click here!