A community business:
- Is locally rooted
You are based or working in a locally defined area/place based within the community. You build on your links within a defined geographical area. For example, a ward or constituency in a Local Authority.
- Generates income through trading, with profits reinvested to benefit the community
You have a clear trading model built into your community business, for example this could include an onsite café, hiring rooms, selling services or products, with profits then reinvested back into the community business. This will be identified within your accounts as ‘income’.
- Is accountable to its local community
You can demonstrate that the local community is involved in planning and supporting the community business. This can include, an open membership structure, local people on the board and evidence to support local accountability, your social media reach to highlight how the local community can influence the decision making.
- Has broad community impact
How can you demonstrate the impact your business has on the local community? Do you carry out an annual survey with people who use your services? Have you published an annual report? Do you engage other community businesses in the local area and share knowledge?