Social enterprise and fair trade are seen increasingly as redefining capitalist relationships through revaluing social impact and ownership in enterprise activities. One of the dilemmas in such activities is the tension between operating a viable and commercially-sustainable enterprise and maximising social and developmental impacts. This article explores this tension through an engagement with the phenomena of volunteer travel and pro-poor tourism in the developing world. It argues for a fair trade labelling system for organisations involved in volunteer travel. (Contains 9 notes.)