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What To Know About Incorporating Charity Into a Business Model

A lot of small businesses are interested in incorporating some element of charity or giving back into their business. There are plenty of business reasons to do it, and of course, there’s the personal element of happiness it can bring to you as a business owner.

Incorporating charity into a business doesn’t have to be a massive effort. It can be as simple as sending money to Ecuador to support your favorite conservation charity or partnering with a local charity to host an event in your own city.

Regardless of the specific ways you opt to incorporate giving back into your business, the following are some things to know.

What To Know About Incorporating Charity Into a Business Model

Business Benefits

If you’re wondering the business benefits of giving back, there are plenty.

Consumers, and particularly the Millennial demographic, say they’ll spend more with a business that’s socially responsible and that gives back.

Being a charitable organization can help boost employee morale, and top talent wants to work for companies that they see as having similar values to their own.

Having charity be part of your business is good for marketing as well, and you may save on your taxes.

Decide on Your Mission

While giving back is about choosing things that you value, you also want to be strategic since this is something you’re including as part of your larger business model.

Think about what you want to achieve, and also what organizations or opportunities are in-line with the general concept of your business. If your charitable donations can line up with your business purpose, that’s always a plus, and it can make for cohesive marketing messages.

One general decision you have to make is whether your philanthropy efforts will be year-round, or seasonal. For example, some small businesses start out by participating in Giving Tuesday, and that gives them an idea of what they’d like to do for the rest of the year. Maybe you give back during a particular season, such as the holiday season.

Ways To Give Back

There are seemingly endless ways to give back. You can opt for something that you’re personally passionate about, but also something that fits the scale of your business. If you’re a really small business, simply donating money to an organization you believe in domestically or internationally is a good start.

You can also start small by donating your products or services. Some businesses also donate a percentage of their sales or a percentage of the sales of a certain product.

If you think you’re ready for something bigger, you can put a team together to participate in local charity events, or you could travel elsewhere to give back. You may get your employees involved in your local community, such as partnering with youth mentorship charities, or you could even start your own organization or charity movement.

No matter the specific direction you choose, customers want to spend money with companies they see as doing good in the world. You have to commit, get the message out there, and above all, hold true on your commitments. Philanthropic incentives are incredibly popular among modern consumers.

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