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How to start a small ethical business
Wednesday, 27 November 2019

How ethical a company is usually determined by how they run their business – and what their customers or clients think of them. If you are considering starting a small ethical business, it is important that you adopt a culture and set of values that set you apart from other companies. If you are honest, fair, trustworthy, loyal, show a concern for others and follow good moral standards, the chances are that individuals will be more inclined to buy your products or use your services – rather than opt for one of your competitors.

How are you going to ensure a culture of ethics at your company?

Within the workplace, ensure that you offer environmentally friendly, safe working conditions for all your employees. They will soon spread the word about what a great company it is to work for.
After setting up your small ethical business, ask for feedback and more importantly, act on it. Choosing to ignore it could work against you and could damage your reputation. This also goes for feedback or complaints from your employees. Excel ethically by opening up communication and asking all employees to discuss their thoughts on the workplace.
If your company is going to be producing products, ensure that the process of doing so does not harm people or the environment. Clothing companies can choose to use organically grown cotton for example, while small cafés can be committed to offering 100% sustainably sourced coffee.
If instead you are going to be sourcing products, there are also many ways to do this ethically, such as making sure that each product is legally compliant and transparent.

What policies and procedures will you create?

Before starting your business, it’s essential that you consider how you are going to assess risks. How will you offset risks by reducing the impact of problems? Set a standard and stick to your values – they will determine how you are going to conduct business.
While starting a new business can be hard work, with dedication and commitment, you will have more chance of success. If you have big ideas for your new company but don’t have the big bank balance to match, consider a small business loan to give yourself every chance to hit the ground running.
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