Misty Bower, Plunkett’s Community Business Adviser, highlights the key takeaways from our recent webinar, ‘Community Business: From Idea to Reality.’

Ever thought about starting a business that benefits not just you, but your whole community? A business that alongside trading helps, reduce loneliness, improves the environment, or even catalyses community cohesion in your village. Then a community-owned business might be the answer you’re looking for!

What is a community-owned business?

In simple terms, a community-owned business is one that trades to benefit the community. It has both financial and social goals. Becoming community-owned through the sale of community shares, it’s this unique shared ownership model that contributes to the 94% long-term success rate seen in our ‘Community Ownership: A Better Form of Business’ report in 2024.

How can you take seed of an idea into a thriving business?

Setting up and running a community business is not without its challenges, but it is also a rewarding journey. The good news is that you don’t have to do it alone. The very nature of this model engages your community at every stage, and Plunkett UK can walk you through each stage from idea to thriving.

Our recent webinar: ‘From Idea to Reality’ is a great place to start. With examples of what a community-owned business can achieve, and a step-by-step how to guide, it gives you a clear idea of what to expect and how to do it well.

Draycott Community Shop, Somerset

The Black Bull, Ayrshire, Scotland

4 keys to a successful community-owned business

Your community are the most vital component of your business.

They will be your share holders, your customers, your volunteers and staff, and they’ll also be the ones who champion the business the most. So, every decision should engage your community. By simply listening, communicating and actively engaging you can ensure that your community are at the heart of the business.

This is not a journey you can take alone. All community-owned businesses need volunteers to govern, serve and guide the business. People are your priority, and as you train, encourage and care for them you’ll grow a dedicated team, fully engaged in making the business a success.

Early in the process you’ll set up a governing document (at Plunkett, we call them model rules) that provide you with the blueprint for ensuring your business meets its legal, ethical and social requirements. But this is just the beginning. Behind every successful community business is a hard-working committee taking time to plan, review and stay true to the ethos of their governing document.

Remember that good news? That you don’t have to do it alone? Plunkett UK are here to support you every step of the way, offering expert advice, a wealth of resources, and connection into a movement of community-owned businesses right across the country.

An example of a thriving community-owned business: The Fox and Goose

The Fox and Goose, West Yorkshire’s first every community-owned pub, celebrated its 10 year anniversary in 2024. Their success is rooted in the heart of their community, with social impact embedded in their daily operations and community involvement in every aspect of the business.

The pub has twice won the CAMRA Halifax and Calderdale Pub of the Year Award, earning praise for its knowledgeable staff, the quality and diversity of its ales and beers, its eclectic programme of music and events, and newly converted outdoor space funded through a second share offer!

Are you ready to start your journey?

Building a community-owned business can transform an idea into something truly extraordinary. Take the first step today! Contact Plunkett UK and start your journey toward a stronger, more connected community.

Join the movement: Become a Plunkett member today

As a Community Business member, you have access to a bespoke package of information, advice and support from Plunkett, our advisers, and a network of recommended suppliers who understand the needs of community businesses. You’ll also be amongst a network of over 700 community businesses, organisations and individuals.

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