In a world where every headline seems to shout louder about the dire state of our planet, the responsibility to act is no longer limited to governments and large corporations—it rests on each of us. Picture this: an opportunity to not just react, but proactively contribute to healing the Earth, while simultaneously earning an income. Intriguing, isn’t it? Eco-friendly side hustles aren’t just about extra cash; they’re your personal ticket to being part of a global solution. If you’re thinking of starting a side hustle, here’s why it should be eco-friendly and sustainable.
1. Global Demand for Sustainable Products and Services is Rising
Let’s talk about money because in the end, that’s very important to survive and enjoy our life’s true potential. According to a Nielsen report, 81% of global consumers say it is extremely or very important for companies to implement programs to improve the environment. This growing demand is driving businesses, big and small, to develop eco-friendly solutions.
2. Eco-friendly Initiatives Boost Your Brand Image
Today’s consumers are keenly aware and highly appreciative of brands that demonstrate environmental responsibility. In fact, Cone Communications found that 87% of consumers will purchase a product because a company advocated for an issue they care about. Clientele in the eco-friendly world are more loyal because they’ve already done their research about how your business practices sustainability. Continue maintaining those standards and you’ll keep getting their business.
3. Government Incentives
Beyond the widely known U.S. Small Business Administration grants, numerous governmental agencies offer financial aid tailored for green businesses. Here are some of them:
1. U.S. Small Business Administration (SBA)
- 7(a) Loan Program: While not exclusively for sustainable businesses, the 7(a) Loan Program offers financial assistance for small businesses, with some provisions that favor green initiatives.
- Grants: While the SBA doesn’t directly provide grants for starting or expanding a business, they facilitate grant programs like the Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) programs. These can be particularly advantageous for businesses focused on green technologies.
2. Department of Energy (DOE)
- Office of Energy Efficiency & Renewable Energy (EERE): The EERE offers financial assistance for projects focusing on renewable energy and energy efficiency. They regularly announce funding opportunities for businesses venturing into sustainable energy solutions.
3. Tax Deductions for Energy Efficient Buildings
- 179D Deductions: The Section 179D of the tax code provides deductions related to energy efficiency in buildings. This allows for a deduction of up to $1.80 per square foot for businesses that enhance energy efficiency in their commercial buildings.
4. Businesses Focused on Sustainable Transportation
- Alternative Motor Vehicle Credit: This tax credit is aimed at businesses that either manufacture or purchase alternative fuel vehicles. The credit amount can vary but has ranged from $2,500 to $7,500 based on the vehicle’s battery capacity and overall efficiency.
4. Reduce Environmental Impact
The World Wildlife Fund reports that 46-58 thousand square miles of forest are lost every year, rapidly depleting safe, natural habitats for wildlife and adding a bigger burden on the environment. By opting for a green side hustle, you play your part in reducing waste, conserving resources, and curbing environmental degradation. One such side hustle is a moving box rental business. Eco-conscious customers are looking for alternatives for the traditional cardboard boxes and a sturdy, reusable plastic box is the perfect solution. To learn more about how to start this side hustle, book a Clarity Call with Carrie.
5. Eco-friendly Ventures can be Cost-Effective
By reusing or repurposing existing materials, you can significantly cut down the costs associated with sourcing new raw materials. For instance, a business that transforms old denim jeans into handbags doesn’t need to invest in fresh fabric. For businesses located in windy locales, small wind turbines can be another source of energy. Like solar, the upfront costs can be significant, but the potential for energy bill reductions and tax incentives can make it a worthy investment.
Green businesses often find opportunities to collaborate with like-minded entrepreneurs or brands, leading to joint ventures, product collaborations, or shared marketing efforts, all of which can be cost-effective strategies to reach broader audiences.
6. Growing Network of Eco-conscious Entrepreneurs
Organizations like the Green Business Network (GBN) play a crucial role in shaping the eco-friendly entrepreneurial landscape. GBN not only offers resources and tools tailored to eco-friendly businesses but also provides a coveted certification program. This certification elevates a business’s credibility, showcasing its genuine commitment to sustainable practices. By joining the network, you become part of a collaborative ecosystem, where you can foster connections between like-minded green businesses.
There’s no better time than now to start an eco-friendly side hustle. Follow our blog for the best tips and advice on starting sustainable side hustles.
