There were plenty of panels that took place during 2024 EnterCircle at the link in Nocatee, including a social enterprise panel.
The panel included Kristin Keen, founder and CEO of Rethreaded; Monte Walker, president and CEO of Habijax; and Cindy Funkhouser, president and CEO with Sulzbacher Center.
This panel focused on nonprofits and the different approaches and aspects considered compared to other for-profit businesses.
“I feel like sometimes nonprofits can be talked down, but I feel like what unites us is the business side of it and how the members of the staff are all working toward the same goal,” Keen said. “We engage with businesses and still create those partnerships, because we still have a service that we offer.”
They each shared some of the lessons they have learned over the years and what they have found are the keys to sustainability.
According to Walker, there are still plenty of ways where nonprofits must think like any other business.
“We recently combined two stores into one on Beach Boulevard and we’ve started to call it a home improvement superstore,” Walker said. “We have new and used products and a lot of people don’t know that half of our products are new. We’ve pretty much got everything you would see at a big-box store like Home Depot or Lowes.”
He explained how developing partnerships over the past 16 years has made all the difference and helped make the store what it is today.
“We have developed a really robust network of liquidators across the country so we are constantly looking for great buys on new merchandise that we can make available to our community here,” Walker said. “The proceeds from the store we use to build homes, and at least 15% to 20% of our homes are built because of what we make from the store, and it also creates a good cash flow for us with our retail sales.”
Funkhouser explained how its all about finding an social enterprise approach that works for a specific organization because not everything will work or be the right fit for every nonprofit across the board.
“Our social enterprise is called ‘Inside the Box,’ which is a lunch catering program, and I have to say it wasn’t our idea,” Funkhouser said. “We have some good friends in Tampa, which is considered like our sister agency called Metropolitan Ministries, who had been doing this for more than 12 years, and they said they would love to franchise and for us to be their Guinea pig. We’re always happy to take a risk and now it’s been less than a year, but we’re already breaking even and getting the word out.”
The ability to not let fear of taking a risk get in the way of growing the business is something that is a common thread both in the nonprofit and for-profit worlds.
At the end of the day, the panel’s message was clear that getting a message out to the local community is always something at the back of their minds and it is the case no matter what business it may be.
