Did you know that over 90% of Gen Z-ers and millennials choose vegan labels? According to a V-label survey conducted on over 23,000 young consumers, 91% preferred products with Vegan labels. B Corp certification is one such sustainability label that attracts younger consumers.
Sustainability practices are slowly becoming a norm, and those days aren’t far ahead when consumers would only prefer sustainable brands. If you want to build a brand that stands the test of time, you’ll have to consider sustainability. That’s why we need to talk about B Corp certification.
Here’s what you need to know about it.
What does it mean to be a B Corp brand?
A B Corp-certified brand declares its business to be purpose-driven rather than just profit-driven. B Corps operate with legal accountability, transparency, and increase sustainability practices through innovation and technology.
Who can become a B Corp brand?
Any business can become a B Corp brand as long as they adhere to the Triple Bottom Line Framework, which includes the three P’s of sustainability: People, Planet, and Profit.
Being sustainable doesn’t mean that you can’t care for your profits; it simply means that you find a balance between profit and purpose. Companies like Pangaia, Allbirds, and Athleta rely on sustainable materials to create products that look good and do good.
Who awards B Corp certification?
The certification is awarded by B Labs, a non-profit organization responsible for the sustainability movement that drives companies to become planet-friendly.
What are the benefits of becoming a B Corp brand?
There are several benefits:
– You can reach new audiences who are planet conscious and increase your profitability.
– You can find new resources to identify needless spending and improve business operations for long-term profitability.
– You can increase awareness about sustainability and contribute to the circular economy.
– You can proudly display your B Corp logo and help your brand become trustworthy.
Is it difficult to become a B Corp?
Not at all. All you have to do is fulfill a few requirements to become eligible for the certification. These requirements are mentioned below.
What are the requirements to become a B Corp brand?
There are four primary requirements for the B Corp certification:
1. Pass the B Impact Assessment Test
This test analyzes your current company practices and gives you a score based on how well your company is doing in terms of sustainability. Before you apply, you must be already geared towards sustainable practices and have been in the business for at least 12 months. The assessment measures performance against several areas including legal, environmental, social standards, and transparency and accountability.
2. Pass the interview
A B lab representative will review your test score and have an interview with you on the phone. If your company scored above 80, it will be eligible for the B Corp certification. If you are eligible and certified, the certification would last for 3 years after which you’ll have to re-certify.
3. Adopt the B Corp legal framework
Once you are eligible, you will have to incorporate the B Corp legal framework into your current company operations.
4. Sign the declaration
Sign the declaration that makes your B Corp certification official.
How long does it take to become a B Corp?
It can take anywhere between 6 to 12 months.
How much does it cost to be B Corp certified?
The fee depends on your revenue. Companies with revenue under $200,000 have to pay around $500, while companies with more than $1 billion revenue may have to pay up to $50,000.
And that’s it! Join the sustainability movement with a B Corp certification.