Impact Goal Rush
Impact Goal Rush

Episode 13 · 1 year ago

Kat Luckock - What's a social enterprise and how you can be one too?

ABOUT THIS EPISODE

Kat Luckock, Social Entrepreneurs Coach and Impact Strategist, founder of ShareImpact talks to us about what makes a social enterprise and how you can become one.

Connect with Kat Luckock

ShareImpact 

What is a social enterprise and how do you become one? And that's what we're going to be talking about in this episode. So keep listening. Hello and welcome to the impact go rush podcast. This is the podcast for impact entrepreneurs. This podcast aims to amplify the voices of impact entrepreneurs addressing the United Nations global goals, Akata sustainable development goals. Listening to fellow impact entrepreneurs on their journey in this new goal rush of making a bigger impact. Get inspired to learn how to entrepreneurship. You can grow your impact to make the world a better place, leave a legacy and live a more meaningful life. I'm your host, woundtern. So we have kettle cock of share impact talk about the key challengers of being a social enterprise and why selling can be a difficult thing for some social entrepreneurs. So listening to this fascinating conversation. So if you've missed the last episode, that was episode twelve. We had Kathleen Hamilton of Geniusu. She talked about becoming a digital nomad and location independent and how the education system is being transformed with the platform that they're building Geniusu. So, withoutferther do. Let's jump into today's conversation with cattlecock. Welcome to the show. Thank you, it's great to be here. Thanks very much having me. Why is it important for businesses to be more impact driven? I think for me, it purely profit driven in our current times just doesn't make sense. I think for any business that doesn't have some sense of a need to reconfigure and have a balance with social environmental aims is just really disconnected from what actually what's going on in the world today, like socially, environmentally and also economically. Like I just don't think it makes sense to perpetuate global inequality and I think purely private profit driven businesses who are there to increase private game, sorry, profit for private game, are part of that problem and also negating the fact and ignoring the fact that we have a huge sustainability crisis that...

...we're facing now and it's imminent and it's with us, and lots of other social issues. So I think for businesses to not recognize what's going on and to not kind of think, okay, profits important, but we have to have profit as a business to be sustainable. I'm not saying that profits not important. However, how we choose to operate as a business, how we choose to interact with the with all our stakeholders, customers, etc. And how we choose to use our profits is important and we make a decision as business owners to decide whether that's important and put values on that or not. And so for me I think purely profit driven businesses are not going to survive long term. They won't be here in a hundred years time. And on a positive note, businesses are a force for good. There's so much opportunity for businesses to create change in the world and so I think lots of business owners and leaders are making that change because they want to be part of that transformation. So for me that's the kind of the key. You are known as the social driven a coach and infecture of the use and you've been working with a lot of social entrepreneurs who are starting. Oh, what would you see is a social enterprise? And you know, I know the different definitions of it and you've really looked into douce a lot in could you share what are some of the key things that people are missing or what the things that people might not think about? Yeah, definitely. So for me there's kind of five or six key principles. Really it's social entrepreneurship for me, and being a social enterprise is an approach to business. So it's not a particular business model as such. It's more of an ethos and of an approach that you choose to take as a social enterprise which is really locked into your governance documents in the way that you operate. So there's kind of I've got a list here the six key areas that, if you can tickle six, or you choose to tickle six, makes you a social enterprise. And this is specifically here in the UK, but actually increasingly these six principles are in some way or another reflected in across across the world in terms of how social enterprises...

...are operating, but also depending on the legal structure. I mean the specific legal structures and opportunities are different in each country, but generally these six principles applies. The first one is obviously having a very clear social or and or environmental mission that's written into your governing documents and so that you're actually driven by a commitment to prioritize and pursue this mission rather than just being in existence to pursue profits. So the second one is being independently owned or managed, so I autonomous and able to manage your affairs in lines, in line with other requirements, without undue control by shareholders or members and who do not share the key purpose of your business and that social environmental mission. Third thing is earning the majority of your income through trading, obviously because it's a business, and I think this is often where lots of people coming into social enterprise space get a bit unstuck, because they think it's like this sort of in between charity and business and in some sort its sense as it is in terms of very much purpose driven, but actually it is a business and has to be have beat in terms of it being sustainable. needs to have at least fifty percent income through trading. The fourth one is having a commitment to maximizing income to pursue their mission and any profits that are made, having these reinvested back into the business operations or donated to further pursue the social environmental mission. And then fifth and six are being transparent about how you're operating and the impact that you create and actually communicating and demonstrating this through impact reports or can your external communications. And then the final thing is in most cases, particularly here in the UK, social enterprises are required, not required, but choose to have an asset lock, and an assetlock is a governance thing but means that if you were to close as a business, then you're committed to distributing and the residual assets of that business to another organization, a social enterprise of charity or a...

...business that also shares your social environmental purpose. So that's any assets and really that that particular thing is only really relevant to those social enterprises that are applying for some grant funding because it's to protect the grant funding and the assets that are generated through that grant funding to make sure that it's it goes on. I suppose there's kind of a circular element to making sure that those assets are passed on for that social environmental purpose. So those are the six principles of being a social enterprise and I think it's just that for me, how it provides like a really good checklist for people to think, is this what we want to be? Can we sign up to these? Is this how we choose to operate? But apart from that, social enterprises can be literally any type of business, as really interesting I'm in the the second point around the ownership is something that I've never taught about. You're trying to try to make sure it's independent, and then everyone's a line. I mean there's kind of a because, yeah, I wouldn't have todd M on it. Yeah, and often like because a lot of social enterprises will maybe, you know, I think there's. So you can be social enterprised by myself on your own as a solo prenaire. And but then it's kind of thinking through will. How do I justify not just, you know, taking the profit for myself? And that's all written in my governing documents. But then if you're a social enterprise that does have like a board, more of a charitable style and trustee board or government structure, it's really making sure that the people that you're bringing on board get the governments and understand what a that they're on board with the purpose and this new approach doing business. Absolutely, but really are are restricted as well in terms of they're not there for personal gain, private but financial game necessarily, although they can be paid. They're there to pursue the social environment. Commission, with the business cool, one of the things that you do is you also your sort of beginnings. You've worked with invent measurement. Is that in a right? That's the key. Yeah, yeah, for you share. What was your journey that? How do you end up,...

...you know, becoming coach? Yeah, so I started in two thousand and thirteen as a social entrepreneurs. So before that I'd worked and led of working the third sector, leading a variety of social impact programs and organizations, predominantly around and community cohesion and interface dialog and I worked mainly in the education and training sector. And in two thousand and thirteen me and my best friend and board were given an amazing opportunity to take over an education program that had really been struggling. It's been very much grant funded dependent and we were just given this amazing opportunity to take it on. And we jen had recently done a master's around Social Entrepreneurship and so we knew there was this option to actually create a sustainable income model through being a social enterprise and that really started my journey working with lots of other social entrepreneurs at the time in lots of peer groups and accelerator programs, learning about how to build a social enterprise and we took the particular decision to sell our program to corporates and generate income from selling to corporates and really made a shift from not asking for sponsorship but selling a service that corporates wanted to and would invest a lot of money into to kind of cover the cost of our organization and program so we've done that and Gen's now successfully can doing that. Eight years on, when I stepped away from that operational role as Codirector, I am really wanted to pursue my career in supporting others in this journey of setting up social enterprises, and I saw one of the things I could most help with was at the start, was helping social entrepreneurs communicate who they were, why they exist and their impact better, because that's what I felt me and Jen has succeeded at where others were struggling. So where other social enterprises at similar level to us, we're struggling to make sales and generate income through trading. I saw whether that was for corporates or in you know, retail or consumers, I felt it was because they...

...weren't really getting their communications and marketing right, and so that's why I kind of became an impact strategist and particularly started around helping people communicate why they existed and their impact better so that they could attract more of their ideal clients and customers and generate more income. And for me that's the biggest threat in the socials preceptor. We're not focused on how to generate sales and creating them. And that's really just evolved over the last three and a half years since running share impact to now being and supporting much more in a coaching and mentoring capacity. So both mentoring through the experiences I've had, but also coaching and social enterprise leaders to well create the change that they want to create, in whatever way that means, but particularly focusing around many mindset, profit and sales. That's really cool. So, you know, I know you. You've got a monthly membership and you one to one with soortial entrepreneurs. What is your top two for someone who's starting out as a Susian entrepreneur? I think one of the key things is not getting started because of fear of not being ready, and I think the truth is we're never ready, like we're just not ready and I think we just need to get started. So one of the things is don't worry about what you don't know and just focus on what you do know. Because when I engage and have conversations with people who are social entrepreneurs or are just about to start that journey and like set up a business, and they are incredible people, they've usually got amazing lived experience which is relevant, or they've got professional experience which and huge amount of skills and knowledge, and they often don't focus on that and that the kind of the amazing qualities they do have. They tend to focus on their fears and doubts and what they don't know, which creates a bood block, you know, to actually making progress and I think through coaching often, but also just reminding them that they have knowledge and bills or lived experience which is absolutely relevant that people want to know about, learn from here about and really it's just about taking those first steps. So start doing I would say, and you don't need to have you know, lots of people think, all, I need to...

...have my government sort it out and need to set up the business. They need to have a business plan, I need to have bank, a bank account and stuff, and yes, all those things are helpful, but they're not. They're not what makes a business. What makes a business is you getting started and doing what you want to do. And and so that for me, is building connections with the people you want to have as customers and stakeholders, you know, creating very simple strategy for how you want to generate income and figuring out what you're offering. So I generally focus with service based businesses, but if your product based as well, like what is it you're offering to people? And then just start talking about it, talk about in a way that actually people want to hear about it, that engages those particular target audience and just recognize that all the things you don't know, you'll learn along the way or you'll find people to support you or your build your team around those gaps in your knowledge. Like no social entrepreneur knows everything. It's just not possible. You know, any business owner starts out with what they do know and what they don't know, and you're no difference. So I think focus what you do and start taking steps to achieve your vision. Cooled, and one of the things that you have done is you've actually got your podcast as well. How you know, what's been your experiencing podcasting? An interview others social differnurse. I think that, I think I told you this before as well. Like them, the only reason I really started a podcast is because I just wanted the opportunity to speak to amazing people and it kind of gave me an excuse to do that. It was kind of like, or can we just have a call for forty minutes and I asked you some really great questions or, you know, have a conversation with you. And I suppose the second thing when I first started my first podcast was I knew so many amazing female social entrepreneurs, and this was back in two thousand and seventeen, but I didn't and hear those voices out there, you know, and I suppose it was at the earlier stages of podcast in one sense as well, like podcasts have grown hugely in the last three or four years. So, but I thought, I know, I kind of started because I...

...was like, I know at least fifty female social entrepreneurs who are amazing and I want to share their stories. I want more people to hear about the amazing work that they're doing. And so that was one of the main reasons, behind a very selfish reason of just wanting to have conversations with those amazing women. So and that's now changed, like my podcast now is, is hopefully a bit more, not more practical, I suppose, but more focused on how to help social entrepreneurs and grow their businesses. It still has amazing women sharing their insights and their businesses, but we try and add in a lot more top tips and practical support for them as well, so that they kind of go away with something they can implement. Yeah, I love that. I didn't notice that you have a lot more monlocks. I thing this you were last you. Yeah, I think that's got more to say hour as well. Like I've I've got more more confident in my message and I really want to share that through the podcast as well, which I think it's great for anybody that's sort of starting out in business, and podcast is a great way to do that. Like is a great platform, right. So just share the things that you know to be true, that you want to share with your audience and to build an audience around awesome. And so anyone who's listening you can check out your podcast, sharing thegnot old. That's your website and it's also the same name, like your podcast. It's and creating social impact the podcast and it's on spotify and apple podcast. So yeah, cool. Before we end this conversation, what do you have on off you know, hold you with other social entrepreneurs? Could you share that? You know what's what's happening in your business, in your cooging sort of programs that you have? Yeah, absolutely, and you've already mentioned like I've Got Onetoone Coaching for social entrepreneur leaders who want that kind of want to one private support and on a weekly basis for twelve weeks. I've got my thright society membership and for anybody that's looking for a more, I suppose, cost effective way to get support from me weekly, not a monthly, basis. And then what's coming up right now is my aligned sales mastermind, which is a really so I've only got ten spaces for my mastermind each time and it's an amazing...

...program basically for four months where you get eight weeks of Group coaching and weekly trainings on how to really scale up your sales but in a really aligned way. One of the things that I kept coming across with clients was the resistance to making sales and generating income in their business was actually they just had this perspective of sales being actually quite masculine, aggressive or disconnected from the way they want to run their business. And so this is best of mine. Is All about how to create sales in the way that feels aligned to you, doesn't have to go against anything that you don't believe in or against your values and the way you want to operate your business. It's about creating a sale strategy that really fits the way you want to run your business. And so it covers a lot of mindset and then very practical strategy building steps through the training and then after those at first initial late weeks, there's other just ongoing support as a group for so yeah, if people are interested in that, they can come and find it details at the share the Sharon pact dog thing. That's quite fascinating that you use. You see that people find seals very masculine and I think that is that is kind of how I experience it as well. I think it's a very tradition, is very masculine sort of approach of how people thought or I think that there there's that perception. Yeah, and I think it doesn't. It isn't like that. Like. It isn't all like that and it doesn't have to be like that. And I think as business known as we get to choose and take responsibility for how we choose to sell, and I think as social enterprises we're often doing things in service for people. So even though we're selling services or products, it's being in service to people. It's providing things that people actually want and need. So it doesn't have to be pushy, manipulative, aggressive, like it's purely just putting it out there and people if as long as you've got the audience who are engaged, if it's stuff that they want, then they're going to buy it. If it's stuff that they need, they're going to buy it. So it's kind of just changing this sense of we're don't have to push it...

...out there, we don't have to convince people to buy when it's something that actually they really want to be part of or want to receive. This really cool. So is there any other final message that you want to share to our audience? I would love if you're not already a social enterprise, I'd love for people to listen back think through our you know, you probably might already be a socialerprise if you can kind of follow those six principles and but really ask yourself, like I think for any business, what is our social environmental purpose, even if we are still traditional and focus on generating profit, which is necessary, can we bring more until we create more impact and change through our business operations or how we use our profits? And I think they're two big shifts and for some businesses to consider. I've actually worked with a client recently who has been in business, had her small family business for eight years or so and really just felt like she didn't have this purpose, the her purpose in her business and she wanted to bring that in. So we've actually just shifted her business to become a social enterprise and so that through her operations she's actually employing women who were furthest from the labor market and in her community and really wanted to bring them back in. So ex offenders and people who, women have been going through really difficult times, trauma or had addictions, and she's now, and have it, has a commitment in her business to employ women on a sort of yearlong contract to support them back into employment. Really really powerful stuff. So I think that's just one example, but there's so many ways that traditional businesses can actually change some of their operations or change and aspect of what they're doing to create create less negative impact and be more netpoth as positive. That's awesome. Thank you for sharing the story. So thank you very much for sharing your time here at the impact goal rush podcast. Oh No, thank you so much for inviting me winter and it's been brilliant speaking to you again. So there you go. There was Kettlecock. What's been your biggest takeaway from this episode? Let us know in the...

...common section on our social media peach. If you haven't subscribed yet, please do subscribe. This will really help us grow our podcast and if you can think of someone that would benefit from listening to this podcast, please do share it with them. In the next episode we've got will Richardson of Green Element there and environmental consultancy, and so he's going to be sharing his experiencing helping transform businesses to be more environmentally sustainable. So tuned into next week's episode. Thank you very much for listening in to the end of this episode. We really appreciate you. This is the impact goal rush. My name is Windtun and I'll see you in the next episode.

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