FAQs
Our FAQ list below gives you the answers to some of the question we're asked the most.
General Information
How is a social enterprise different to the voluntary sector?
Social enterprise looks to make a profit and sell a product or service to enable it to meet social aims. While in early stages a social enterprise may still access grants to get established it does not plan to apply for grants in the long term. This may mean it has a different approach to risk, costing and decision making.
What are the advantages of trading and being a social enterprise?
If you earn your own money YOU decide exactly what it is spent on. You are not reliant on making a ‘project’ fit funders outcomes and you would not be subject to additional reporting that funding incurs.
What kind of legal structure do I need to be a social enterprise?
Social enterprise can take a variety of legal forms. Most are established as Companies Limited by Guarantee with a non-profit distributing cause. Others may be registered charities or Community Interest Companies. To compare the variety of different legal forms please see our 'office in a box' section of the website or call and ask to speak to a member of our business support team.
Can I be a paid director of a social enterprise?
Yes. You can also be a paid director of a charity as far as OSCR (the Scottish Charity Regulator are concerned) but not ALL funders will give money to initiatives with paid directors. If you are registered as a CIC you need to publicise the salary of your highest paid director.
Do I have to have a board of directors or trustees?
To be a registered company you must have a minimum of two directors.
How do I find out more on start up awards for social entrepreneurs?
Click on the start up awards section of our web site. If you are looking for advice on loans or other money for getting started you can contact our office.What is the relationship between Firstport and Scotland UnLtd?
Firstport have an agreement with UnLtd in London to oversee the day to day management of their awards programme in Scotland though Scotland UnLtd. With further money for the Social Entrepreneurs Fund from Scottish Government we have brought these two programmes together with ONE application route for new start entrepreneurs in Scotland.
What is the cost of getting support from Firstport?
With funding from the Scottish Government we are able to provide most of our support for free . Exceptions include access to some of our more intense training courses though these are still heavily subsided we charge a small fee to ensure participation.How do I protect my idea?
You can get free advice on protecting intellectual assets/registering a patent from the Intellectual Assets Centre.Do I need a business plan to develop a new enterprise?
We take the view that a well thought through “fag-packet” plan is of more use than a “nicely” presented plan with few real facts and information. To develop a successful enterprise you will need some idea of what your business is, who you are targeting and what you will need to implement your plan.Do I need a business plan before I come to Firstport?
No. We can work with you to develop a plan. You do not need a plan to come to us. We may ask you to send through some information prior to a meeting so we can make the most of time we spend though you can still approach us if you a vision you need help to turn into an action plan.What is a business plan?
A business plan is used as a document for your enterprise. Key information includes a market analysis (who you are selling to), an operational plan (how you will do this) and cash-flow (the costs and time of spend and income) for your idea. We can work with you to develop this.