Social Enterprise in Focus : BAM Essentials, U.S.A

This week, whilst browsing LinkedIn, we came across some very useful (and free) tools and resources for social entrepreneurs at socialgoodimpact.com. So check them out! They were posted by Beth Palm who is also the founder of BAM Essentials, a social enterprise that produces organic personal care products benefiting programs for young women from disadvantaged backgrounds in Minnesota. We caught up with Beth to find out more.
How did BAM Essentials start and where is it today?

I’d been creating organic personal care products for friends and family for years, and started getting more interest in where people could buy these items. I wrote a business plan and vetted partners for about a year before formally launching in May 2015 with an online shop and 4 SKUs. Now BAM Essentials has over 30 SKUs, is sold on two online platforms, and 4 retail shops in Minnesota.

What legal entity did you choose for BAM Essentials and why?
BAM Essentials is an LLC, and I chose that legal structure because even though this would qualify as a nonprofit, I didn’t want the loss of control and red tape of nonprofit operations when starting my self-funded business. I’m happy to pay taxes on my profitable social enterprise, and have full control of reinvesting in the social enterprise where I see it’s the best. I wanted to leverage an existing network of supporters and expertise at a nonprofit organization, rather than start from scratch.

Can you give us an idea of one of the challenges you face at the moment?
One of our largest challenges is the competitive landscape and low barriers to entry in the personal care product market. It’s tough to stand out in a crowded marketplace!

Finally, what would be the piece of advice you offer to social entrepreneurs at the beginning of their journey?
My number one most important piece of advice to budding social entrepreneurs is to WRITE A BUSINESS PLAN. The social enterprises I’ve seen fail do so because they don’t have a business plan and/or don’t run their social enterprise with a profitable mindset.

__________________________________________________________________________________________
So perhaps you have a hobby or a skill that you think could grow into a social enterprise. Check out her tools or drop us a message and we can work on taking it to the next level, just like Beth did!

Leave a Reply

Your email address will not be published. Required fields are marked *