Updated: Jan 28, 2021
Are you thinking of starting a green business? Whether you have your eye on the Northern Liberties or another Cincinnati neighborhood, these resources will get you started on the path to ecopreneurship.
Must-Know Green Business Statistics
Can you do right by the planet while building a profitable business? These are the key statistics for ecopreneurs to know:
Over 60% of consumers prefer brands that are committed to environmental issues.
Consumers aren't just paying lip service to sustainability. They're following through, with nearly three quarters reporting they buy more environmentally-friendly products today than they did five years ago and more than half saying they'd pay more for sustainable products.
The trends leading the shift to ecopreneurship include renewable energy, plant-based eating, slow fashion, reusable goods, and changes to the way we package, recycle, and compost goods.
Eco-Friendly Practices for Small Businesses
Here's how green businesses can keep the planet at the forefront of their mission:
Start with everyday practices that reduce your carbon footprint. Divert waste through recycling and composting, choose recycled and non-toxic products, and offer remote work or maintain an energy-efficient office. Consider purchasing carbon offsets for what you can't reduce through changes alone.
Green up your supply chain by consolidating shipments, using shared or slower forms of transport, opting for domestic over international suppliers, and accurately forecasting demand to avoid overstock or rush shipments. It's also important to choose suppliers whose ethics align with your own.
Use reusable, recyclable, or compostable packaging. In addition to recycled cardboard and paper, businesses are finding success with mushroom packaging and compostable mailers.
Don't forget branding and marketing! Supporting environmental causes, collaborating with other eco-conscious businesses, and generating awareness through online content are three low-cost ways businesses can show off their green side.
4 Steps to Start Your Green Business
Are you inspired to launch an eco-friendly small business? These are the first steps to take when starting a local business:
Conduct market research to assess the demand for your green product or service. If similar businesses exist in your community, use competitive analysis to find your niche.
Form your Ohio LLC by filing the appropriate paperwork with the Secretary of State. If you have a business name in mind, you can reserve a name for a small fee before you're ready to file Articles of Organization.
Create a startup budget and secure funding. In addition to traditional lending sources, some ecopreneurs find success with crowdfunding, product pre-sales, and other alternative funding options.
Connect with the local small business community by becoming a member of the Cincinnati Chamber and North Liberties Business Council.
The environment is a top concern for consumers today. As you prepare to start your small business, consider the benefits of going green. Not only do eco-friendly practices make a positive impact on the planet, they're good for business too!
This article was submitted to our Grant Park OTR website as a tool to benefit the community.