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THE COOPERATIVE OPTION IN DOING BUSINESS

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THE COOPERATIVE OPTION IN DOING BUSINESS

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Cooperatives are another option in doing business for those who desire to opt for it, especially those with inadequate know how, resources and other requirements to venture into business all on their own. A Cooperative is an autonomous and duly-registered association of persons with common social, cultural and economic interests. Members of cooperatives usually make stipulated monetary contributions towards the common goal(s). A major feature of cooperatives in business is that they exist and operate for the benefit of members.

To start a cooperative, there is need to establish a steering committee, an EXCO , to organize the affairs.  It is also important to carry out a feasibility study around the cooperative and her interests and objectives. Another important step is to draft an article of incorporation, as well as the bylaws guiding the cooperative. Next is to develop a business plan, and finally, work to raise and secure the needed funds. After getting all these done, you are now ready to launch the business.  Initiate periodic meetings aimed towards charting a course for the smooth running of the cooperative’s business.

When you engage in a cooperative organization for business, you are basically positioned to provide self-help and mutual help. The primary objective of any cooperative in business is to provide services to its members, while also making investment in other opportunities such as assets that will yield funds for the members. A cooperative is a member-oriented business structure with at least 5 members, all with equal rights, sometimes regardless of their level of investment or involvement.  All members are expected to help run the cooperative for the success of its business.

Cooperative business is an ideal model for those with low startup facilities. A cooperative can be small or large, but when you become a member of a functional one, you become positioned to enjoy the benefits of group efforts such as purchasing, pooled risks and empowerment opportunities that will enable you eventually own and control a business. YOU DO NOT NEED TO WORK ALONE IF YOU CANNOT; THERE IS ALWAYS A GROUP SUPPORT SYSTEM YOU CAN EXPLORE!

By Susan R. George

 

Susan R. George

Susan is the Founder and CEO of Rotdinnah Business Blog. She is an Ex-Civil Servant, Business Consultant, and Entrepreneur who has a passion for mentoring young persons and retirees on the importance of going into business. She believes that business is the best avenue for maximizing potentials, achieving financial success and providing sustainable means of livelihood

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