Why Sustainability Should Be Part of Your Startup's Business Model
Last Updated: By TRUiC Team
In recent years, we've seen a big shift in the corporate world as more and more companies strive to adopt sustainable, eco-friendly practices. This shift is thanks in no small part to the fact that companies are trying to align their values with those of their consumers. However, the benefits of striving for sustainability go far beyond simply winning goodwill with customers.
To help explain why sustainability is such an important goal for today's startups, we'll take a look at several noteworthy benefits a business model that prioritizes sustainability can provide.
Why Is Sustainability so Important for Startups?
Modern corporations play a major role in our efforts to create a more sustainable future. If saving the planet isn't reason enough, though, here are six additional benefits that come with a sustainable business model.
Also Recommended: Check out our list of the top sustainability services to greenify your startup.
Sustainability Drives Innovation
Striving for improved sustainability requires companies to view their operations from a different lens and disrupt the status quo — both of which can, in turn, spur innovation in regard to sustainability solutions and beyond. It's the "beyond" part that is especially enticing since researching ways to make your business more sustainable can uncover other areas of innovation and improvement as well.
Your Startup Gains Consumer Trust
According to data from Eco Friendly Habits, 48% of US consumers say that they are ready to change their consumption habits in order to save the environment. Today's consumers have come to recognize the importance of voting with their wallets, and companies must now do more than offer great products if they want to gain consumer trust.
In other words, every effort your company makes to create a more sustainable, eco-friendly model is a PR and marketing opportunity that will help set your brand apart from the competition. At a time when consumers are more savvy and conscious about their purchasing habits than ever before, showcasing your startup's commitment to protecting the environment is key to building consumer trust.
You Can Reduce Your Startup Costs
In many ways, sustainability is all about doing more with less — fewer materials, less energy, less disruption to the environment, and so on. Of course, doing more with less is also a great way to reduce your startup's expenses. This means that many of the efforts that will make your company more sustainable will make it more profitable as well.
This isn't always the case, and sustainability sometimes means no longer cutting corners at the expense of saving money. Many times, though, the more sustainable solution is also the more affordable one.
You Can Attract More Investors
All of the benefits that a sustainable business model offers combine to make sustainable startups all the more alluring to potential investors. Even investors that aren't personally concerned about environmental issues still recognize the value of a sustainable business model. If you are still actively seeking investors for your startup, therefore, adopting a sustainable business model can be a great way to make your pitch to investors much more compelling.
You Can Ensure Regulatory Compliance
Today, many startup owners don't have a choice when it comes to emphasizing sustainability, as more and more laws and regulations force companies to toe the line. Prioritizing sustainability right from the start, though, makes it much easier to maintain compliance with these laws and regulations as your company grows.
Companies that adopt a sustainable business model often find that they are already compliant with new environmental regulations the moment they are introduced, making these regulations much less of a burden.
You Can Do Your Part to Make the World a Better Place
Startup owners wield a lot of power, and they must use it responsibly. Striving to create a sustainable business model for your company means that you will be doing your part to make the world a better place.
While profits and growth are certainly important, so is knowing that you have achieved success without that success coming at the expense of the only home we have. If you would like to truly be proud of your startup's accomplishments and the impact it makes in the world, sustainability is a great place to start.
