Social Economy Set-Up

What to think about when starting up a Social Enterprise

• Set clear aims, objectives and activities for your enterprise
• Choose the type of enterprise you want to start, ie Limited Company or Co-Operative
• Choose the most suitable legal format and management structure and develop the relevant supporting documents. For more information contact the Social Economy Network (SEN) or NICVA (Governance and Charity Advice)
• Sell your idea to stakeholders, possible members and/or partner with local companies who share the same area of interest
• Research the market of interest
• Design and develop a sound business plan, which considers the feasibility of the idea, and design a finance plan – foreseeing costs and income generation.
• Search for funding and financial support. For more information see NICVA’s www.granttracker.org
• Get support and business advice from umbrella bodies and local economic development networks. For more information contact NICVA or SEN.
• Involve your potential directors from an early stage and ensure they are aware of their roles and responsibilities For more information contact NICVA
• Register the enterprise appropriately
• Open a business bank account
• Ensure all health and safety requirements are met
• Recruit members and volunteers
• Employ staff
• Make sure finance records are registered (PAYE) and up-to-date
• Ensure you have Insurance for every situation
• Market and advertise the products/services within the business
• Set up administration systems and organise and minute meetings
• Begin sales

For more information on starting a social enterprise go to; www.nicva.org , www.granttracker.org , www.nibusinessinfo.co.uk/bdotg/action/layer?topicId=1077475650&site=191&r.s=sl www.socialeconomynetwork.org , www.diycommitteeguide.org