In Good Company is always looking to share the different types of  ‘good’ or ethical businesses. You may have heard the term ‘social enterprise’, but what does it actually mean? Well, social enterprises are a great model for a way to turn business into a force for good -  we’re here to explain why.

What is a social enterprise?

A social enterprise is an organisation that prioritises its social or environmental impact over profits.

They can be found in a wide range of sectors, delivering both commercial success and significant positive impact. From consumer products and services to local community resources, from creative agencies to arts organisations, from cafes and restaurants to cleaning services, social enterprises are here to make a real difference in the lives of communities across the country. 

In order to be accepted by membership body Social Enterprise UK organisations must earn at least half their income from trading/selling or be working towards it. That sets them apart from charities who rely primarily on donations and grants. Organisations must also reinvest or give away over half of their profits to their social or environmental mission. That's also the case for businesses accredited by Social Enterprise Mark CIC.

Some of our favourites

At In Good Company, we LOVE social enterprises.

As you know, coffee is a favourite of ours and one of the best cups comes from Change Please. Change Please is tackling homelessness one cup of coffee at a time. They have raised over £2.5 million in grants and donations to support people with a living wage job, housing, training and future opportunities. They are scattered across London; you can find them at Borough Market, Elephant Park, Here East, Canary Wharf, Timber Lodge in Queen Elizabeth Park, Bishopgate Institute and the Change Please Academy in Peckham.

But social enterprises expand beyond coffee shops – Sohaila, on Shoreditch High Street, is a great example.

The latest restaurant from the social enterprise Fat Macy’s, Sohaila trains and supports Londoners living in temporary accommodation and helps them move into their own homes.

After completing 200 hours of training, the Fat Macy’s programme lets participants access a deposit for their own homes. So far, they have saved their graduates over £46k in housing deposits. Fat Macy’s trainees also leave with vital employability skills: food hygiene, cooking, financial planning, curating and running events, and practical work experience.

And, they do all this through serving a delicious array of contemporary Lebanese-inspired sharing plates, with a selection of over 100 natural wines.

Another favourite of ours is zero-waste, refill store Get Loose.

Staffed by volunteers, Get Loose is fully committed to the reduction of waste in the supply chain, and bringing the community together. This cupboard refill store provides fairly priced, high quality, tasty and ethical food made by small producers.

Get Loose also uses its profits to fund community-based projects such as the Ethical Information Screen which helps to signpost customers to amazing waste-saving events and organisations in the local community.

Why support social enterprises?

There are over 100,000 social enterprises in the UK, so from shopping and dining to changing where you buy your morning coffee, there is every opportunity to champion the great social and environmental work they do.

Not only do social enterprises provide great services and social outreach, but they are a vital force in the UK economy. Social enterprises have created around two million jobs and economic opportunities in communities and for individuals who may otherwise have limited access to employment. This new market drives innovation and more sustainable practices in UK business, and contributes £60 billion to the UK economy each year.

The current cost-of-living-crisis poses a threat to our beloved social enterprises with 4000 risking closure this winter. So, wherever you can, shop local and support the incredible work of social enterprises.

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