It’s possible to make money and give something back at the same time. Philanthropy means ‘love of humanity’ and is all about making a difference to people’s lives. There are lots of ways in which you combine business and philanthropy – here are just a few options for those that want to mix the two.

Start a business with a philanthropic cause

The easiest way to mix business and philanthropy could be to start a business with a philanthropic cause. This could include starting a home care business or setting up your own dog shelter. When mixing the two it’s important to get the right balance between the two – you don’t want to feel as if you’re exploiting a cause, but neither do you want a negative cash flow from being too giving.

Donate some of your profits to charity

Another option could be to donate some of your company’s profits to charity. Many companies do this – it could be something you do with all purchases or simply a select few products. You could also start separate fundraising campaigns as a way of donating to charity. In the latter case, you’ll probably want to set up a charity account to separate charity earnings from business earnings and make it easier when bookkeeping. Make sure to choose a charity that you and your employees feel strongly about.

Invest money in community projects

It’s possible to also help out your community by investing money into projects such as local festivals, sports events, new buildings or new local businesses. On top of giving back to your community, this could help to build your reputation and spread awareness of your brand locally. Try to avoid controversial projects if possible as this could divide people and cause you to lose out on customers.

Think green

More businesses are adopting green methods, both as a way of saving money and saving the planet. Consumers are often more appreciative of businesses that are environmentally aware. Popular ways of being greener could include becoming paperless, recycling more waste and using sustainable energy such as solar power. Driving less often could also be a way of becoming greener by helping to lower your carbon footprint though lower fuel consumption.

Think ethical

The final way in which you can mix business and philanthropy is to adopt more ethical practices. This involves only sourcing materials and inventory from fair trade suppliers and potentially using less animal by-products, especially if harm was caused to the animal. Being labelled as ‘ethical’ can be a selling point in today’s society – more consumers than ever are taking concern in where there are products are sourced.

Building a green business

Consumers want to do business with companies who are ethical and green. Studies have shown that people prefer brands that help them make a difference. The best way to make a real difference is to start a green business, for example a renewable energy company. There’s currently a huge demand for renewable energy, according to Green Match, ‘More economies are finding efficient and creative new ways of producing and storing renewable energy to meet the rising energy demand of the world.’ Renewable energies need to work with the right suppliers to source quality equipment, for instance NEMA 6P equipment.

Businesses across every industry can use their products and services to create positive change. Any type of business can practice philanthropy, there are plenty of ways to make a difference.