3 reasons to start a cooperative

If you’ve been thinking about launching a business, you may want to consider structuring it as a cooperative. Depending on your goals, it may be the best way to develop your project in the long term. Here are three reasons to start a co-op.

1. You hope to meet a particular need
Most co-ops are created with the aim of responding to the needs of their members. It may be to remedy a lack of accessibility to certain goods, to make services more affordable for the community or to help small producers achi¬eve financial stability. Workers, consumers and producers alike can form cooperatives.

2. You want to support your community
Co-ops have the potential to energize local economies. This is mostly because, unlike traditional companies, their main goal is to allow communities to come together and improve their overall situation in a way that helps stabilize and improve the local economy as a whole. This is hugely different than merely trying to increase profits for a handful of investors.

3. You value long-term stability
Democratic decision-making plays a large role in allowing co-ops to survive longer than traditional companies. Each member contributes their own knowledge and expertise, allowing decisions to benefit from varied and complementary perspectives. This allows members to feel like they’re really part of the company and increases the likelihood of sound choices being made for the future of the co-op.

Cooperatives offer many advantages over traditional companies. Their collaborative nature allows them to make the most of their members’ experience and expertise. If you’re interested in learning more about co-ops, visit ncbaclusa.coop.