As a small business owner or entrepreneur, it can be difficult to rationalize charitable donations. Office space, equipment, insurance policies and payroll are just some of the items that take priority when setting a budget, which can leave little for other endeavours.
However, the evidence is clear, supporting charities is good for business. Recent studies have shown that the millennial market (people born between 1987 – 1996) spend $600 billion in the United States each year (Law, 2019). This demographic is incredibly important to businesses as they makeup over a quarter of the population and average a median income of $69,000, according to a Pew Research Center analysis (Elkin, 2019). Furthermore, the most crucial thing about the millennial market is their spending patterns. The Gen Y market prefers to support businesses that are aligned with charitable causes or partake in ethical business practices or social causes. Meaning, your philanthropic choices could be your point of difference.
Of course, the financial return is only a small reason why it is important to support charities. Giving back to the community which has helped you grow your business is an incredible feeling and can make a real difference. Sponsoring a local sports team or donating goods and services are just a few ways you can make a big impact in an easy way. Need a little more inspiration? Here are a few companies we would like to highlight.
Blume: This company has revolutionized the market of women’s sanitary products by delivering an organic and sustainable product, paired with educational, relatable information about female health and biology. The company, created by BC sisters Taran and Bunny aims to assist teens and tweens through the sometimes-difficult transition of puberty, whilst offering an eco-friendly product to the masses. The duo has created a subscription service, whereby girls can create their own custom box designed by them for them. The fun part? You can even add sweet treats, face masks, ointments and teas to your monthly box, anything that will make that time of the month a little more bearable. The girls have received global recognition and received ‘$3.3-million in seed funding in February from a group of American and Canadian investors’ (Peesker, The Globe and Mail, 2019). The company plans on using the funds to help grow the company by doubling its staff, develop new products and create educational video content. They are certainly a company to watch.
Sand Cloud: The success story of Sand Cloud is what every entrepreneur dreams of! Three boys from San Diego, Bruno Aschidamini, Steven Ford and Brandon Leibel begun their journey in 2014 and left their corporate jobs to sell beach towels. After many years of ups and downs, the turning point for the team was their appearance on the widely popular television show Sharktank in 2017. The company landed a $200,000 investment from Robert Herjavec in exchange for a 15% market share of the business. Herjavec stated that the company’s social responsibility was what really won him over, with the company pledging to donate 10% of all sales to marine conservation. On top of their monetary contributions, the company has grown to include ecofriendly accessories, such as clothing made from recycled materials, reef-safe sunscreen, reusable glass water bottles and reusable metal straws.
ONEHOPE Wine: This one is for all the wine lovers out there! Next time you are browsing for a bottle for your next event why not consider ONEHOPE, where every bottle helps a charitable cause. ONEHOPE was founded in the Napa Valley by eight friends with a lofty vision: to create exceptional products that inspire people to indulge while doing good. The point of difference in this company is that they do not donate to a singular charity but many. The group wanted to help as many organizations as possible and has since donated over $3million, provided 46,000 people with global health care, 49,000 forever homes for shelter animals, 1.8 million meals for children, 163,000 life-saving vaccines and much more. Shoppers can also choose to be ‘grapeful’ at the checkout and donate 10% of their sale to a charity of their choice. The company is also passionate about community, and how sharing a bottle of wine can bring friends and families together. They demonstrate this through their host program, which allows individuals to host wine parties from the comfort of their own home. These parties allow guests to check in with their loved ones, enjoy a bottle and contribute to a cause.
here are so many ways that your company can give back to the community and promote goodwill. Aligning with a charitable cause is a great way to re-energize your team, develop partnerships, boost sales and of course give back.