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Like Christine Poirier, you might be drawn to a social issue through your own experience, but the cause you choose needs to be important to many others.
You should also provide information on all the various markets within the industry, including any new products or developments that will benefit or adversely affect your business.
Market strategies are the result of a meticulous market analysis.
Even if you have personal experience with the social issue you’re hoping to solve, that doesn’t make you an expert.
You need to have a full grasp on the nature of your endeavor, so take the time to do your research.
Related: How to Start a Business With (Almost) No Money The business description usually begins with a short description of the industry.
When describing the industry, discuss the present outlook as well as future possibilities.A market analysis forces the entrepreneur to become familiar with all aspects of the market so that the target market can be defined and the company can be positioned in order to garner its share of sales.The purpose of the competitive analysis is to determine the strengths and weaknesses of the competitors within your market, strategies that will provide you with a distinct advantage, the barriers that can be developed in order to prevent competition from entering your market, and any weaknesses that can be exploited within the product development cycle.Here’s a 10-step framework for starting up a Social Purpose Business.Most social entrepreneurs are inspired by something.Christine Poirier of Montreal, Quebec designed her own nursing top to feel more comfortable breastfeeding in public.Her desire to help other women have positive breastfeeding experiences is what inspired Christine to co-found Momzelle, which makes quality, fashionable nursing apparel, sponsors breastfeeding events across North America and donates tops to women’s centres.It helps to first understand the different types of financing that are available, including various sources of private sector financing or financing from non-governmental organizations.Only then can you assess which financing options best suit your Social Purpose Business.What is your competition and how will you stand out from it?What is the value you want to bring to your customers?