10 Challenges and Opportunities for Australian Social Enterprise
Based on recent statistics culled from diverse sources, the social aspect of Australian business sector, though mature, has some years to catch up in comparison to its colleague sectors in Europe. There have been major moves made in order to make available resources, as well as support for numerous Australian social companies. But overall some challenges continue to present themselves, and these are challenges affecting almost all social enterprise companies in this country, and opportunities have also begun to spring up.
Here are some of the challenges and opportunities:
- Funding and Support
Finances are needed to sustain any enterprise meaning that it should have some sources of funds. This is encountered by most businesses. However, it presents an opportunity in itself in a case where an establishment gets funded by getting to provide valuable products /services that will be appreciated by customers. An example is a coffee shop for coffee lovers. This gives the business a platform to gradually build up capital base while making consumers happy.
In comparison to big cities like Melbourne, smaller towns and counties offer a better scope of reach through posters, banners, etc. This can also become an opportunity if a social business gets to team up with a bigger, already established company with a solid customer base in that city.
3. Targeted public
Some entrepreneurship businesses struggle with whom to advertise or market their product to; youths, singles, couples — each of them have their unique taste. Some social entrepreneurs try to offer services that attract all groups without good results. They can turn this into an opportunity by focusing on one public group, e.g., instead of creating a dance gym for working class people who obviously won’t have time for that, you can make this work for older people by introducing activities that help them stay fit for a fair price. That way you get to find out other interests they have.
For a sector which is said to contribute about 2% on the mean to the total GDP of Australia, creating key marketing strategies can be tough considering the fact that it is a developing sector in the country. In spite of this, it is possible to bring out lasting strategies using this fact carefully, hereby boosting the contribution that can be made by all enterprises that fall under the category ‘social entrepreneurship Australia’.
Social businesses in Australia face serious competition when it comes to certain services as each one is trying to present the ‘trend of the moment’ in a more enticing way than the other guy. This is often met in big and expensive cities like Sydney, Victoria, and the likes. This particular challenge presents the affected entrepreneur an opportunity to take his product or services to rural areas where the competition is not as fierce. It can be seen as an opportunity to get rooted then extend branches or outlets to other places.
‘Social business Australia’ is a not so popular term. It is quite possible to find many people who have no idea what it means. People would never support or talk about something if they do not grasp what it entails or what it is about. This challenge requires patience to work through. It can be tackled by setting up a stand in a busy place with the services offered by the business. Passers-by can easily stop by and check here for prices, browse through tiny pamphlets offering details about what that particular social company represents. Even a little essay co-written by one or two satisfied customers can help propel a better image for prospective clients.
7. Organization and order
This industry in Australia is at very young stages of growth, meaning some actions and strategies might be put in the wrong order, or disorganized at best. Keeping a journal detailing weekly and monthly achievements, even newly encountered problems can help social businesses keep track of issues encountered and how to work around them.
Sometimes it takes two to tango. A partnership from a country like Malaysia, for instance, can expand a company’s reach not just within Australia but with countries that border Malaysia.
Certain products and services depend on the weather or climate in order to have good sale ratings. This can be explored as an opportunity to diversify and add new services to your company’s catalog.
It’s hard sometimes to find people who are like-minded and share your vision about a thing or two. But once you find them, seize the opportunity and make the best use of it.
Lisa Griffin is an active editor and enjoys making tamales for festive days. Lisa began her career as an academic writer and professional proofreader; nowadays she shares her writing experience and in-depth guides on various business topics. You can always find Lisa reading books in the park and strolling with her dog near a country house.
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