Interested in the benefits of creating an eco-friendly business? Learn everything you need to know about becoming an “ecopreneur” in this guide written by MAYO Designs.
What Is An Ecopreneur?
An “ecopreneur” is an entrepreneur focused on creating and selling environmentally-friendly products and services. Ecopreneurship is a new way of doing business – a way to create sustainable business models, and work together with (and for) the environment. Using innovative approaches to old problems, ecopreneurs are looking for ways to capitalize on the environmental problems that our world faces.
The “Triple Bottom Line” Method For Ecopreneurs
One important thing to understand about ecopreneurship is that it’s not focused only on financial goals. Startups begun by ecopreneurs often use the “triple bottom line” method, consisting of:
- Social bottom line – How does the business give back to the community, and help those around it in need?
- Environmental bottom line – How is the impact on the environment reduced, and how can it be further improved to care for our world?
- Financial bottom line – How profitable is the company, and how can these profits be used and re-invested sustainably?
By focusing on more than just financial profitability, ecopreneurs can give back to their community, protect the environment, and build a truly sustainable business.
Industry Trends For Ecopreneurs – New Green Business Start Up Ideas
The market for sustainable items is expected to grow from $8.7 billion in 2019 to $28.9 billion by 2024 – so demand is only heating up! Here are a few ideas that you may be able to take inspiration from if you’d like to become an ecopreneur.
- Upcycling and rehabilitating furniture that would otherwise be thrown away
- Starting an organic garden or food stand
- Creating and selling locally-sourced products at farmer’s markets
- Making eco-friendly soap from sustainable materials
- Setting up a house-to-house composting service
- Refurbishing electronics that would otherwise be thrown away
Want more ideas? Take a look at this article for more suggestions!
Demonstrating Credibility As An Ecopreneur
One of the most important things any ecopreneur can do is demonstrate their commitment to sustainability, and validate their efforts to “go green.” If you’re interested, the Green Business Bureau is a great option. Their EcoAssessment and EcoPlanner tools help businesses understand, implement, and prioritize environmentally-friendly and sustainable business practices.
Walking The Walk And Talking The Talk Is Critical As An Ecopreneur
When you begin a startup as an ecopreneur, it’s important to recognize the importance of integrity. If you preach green values – but you don’t live them out through your business – you may be seen as greenwashing, and can turn off customers who are interested in working with a sustainable business. Commit yourself completely to eco-friendly practices – and let your actions speak for your company!
Businesses With Sustainable Values Benefit From Increased Sales
So, why bother becoming an ecopreneur? Beyond the benefits for communities and our environment, businesses with sustainable values can enhance their ability to sell to customers. Sales growth for sustainable products is extremely high, and 65% of surveyed customers say they would be more interested in buying from “purpose-driven brands…that promote sustainability.”
So don’t wait. If you’re interested in starting a small business, becoming an ecopreneur may be the best option for maximizing your sales – and for giving back to your community and minimizing your impact on the environment.