If you are considering setting up your business, a lack of entrepreneurial experience and knowledge could be putting you off. Not only that, though, but you may not have the resources or funds to get your own business off the ground anyway. Going it alone could be a real struggle.
But is going it alone your only option? In actual fact, it isn’t! You could consider setting up a cooperative. This is a type of company that is owned by its customers and clients. They can become members to have their say in how the business operates as a whole. Not only that, though, but you can then also utilize their resources and any funding that they may be willing to provide.
Sound tempting? Here are some great benefits of a business cooperative.
Hands-On Ownership
With all other forms of business, you will need to find investors who are willing to backup your company with the sufficient cash needed to keep it going. Depending on the size of their investment, they could then become sleeping owners. That basically means they own a percentage of the business but aren’t involved in running it. That isn’t the case with cooperatives. If you take a look at the River Country Cooperative as an example, you can see that all members have a hands-on role to play. So, there will be plenty of people bringing their skills and ideas to the table, helping your coop to become a big success.
Good Credit Potential
Cooperatives are often highly trusted in the professional world and especially by financial lenders and banks. So, if yours ever does run into money troubles and you need to source some credit, you should find that it’s quite easy to get accepted for a loan or other form of funding.
Network Advantages
You will find that bringing so many different people together in the way that a cooperative does has many different advantages. One of the main ones is that it will help to increase your business network. You will be able to call upon your members for any help and advice if you ever need it. If no one can help you directly, they may have a contact who they can put you in touch with. As a result, you will find that networking with other business professionals becomes a lot easier.
Provides A Good Mix Of Skills
Your membership will also be made up of unique individuals who all bring different skills, creative ideas, and personalities to your business. This can be fantastic for your company, as it can aid decision making and creating new campaigns, such as in your company’s marketing. As most members are also customers, you will also find that it is easy to sense when customer tastes and trends are shifting, allowing you to adapt your company accordingly.
Setting up a cooperative is a great first step for any new entrepreneur. You can take advantage of all the above benefits as well as many more!
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