Being successful in business is hard enough, but what would happen to your business if you formed a real cooperative? Join me on today’s Black Entrepreneur Blueprint episode # 368 as I discuss how you can make more money and get more customers by forming a formal cooperative. Visit www.BEBConnect.com
BLACK ENTREPRENEUR BLUEPRINT – SHOW NOTES EPISODE # 368
Definition of a cooperative is – involving mutual assistance in working toward a common goal.
– The sum is greater than its’ parts
– Potential additional revenue and opportunities from coop partners
– The power of synergistic relationships
A TRUE coop is not just an affiliate relationship, it’s a written agreement between two or more parties to work together for the greater good of the coop. Keys to successful coops is a joint commitment on all parts / being equally yoked / need to formalize your agreement (even if it’s just a non-legal document)
Some things to consider when forming a coop:
- Are you sharing revenues as a group or are you keeping revenues separate?
- If you’re not sharing revenues, you need to make sure each partner is carrying their load in terms of referrals
I owned an ADT alarm dealership and my friend owned a small telemarketing company. We decided to create a coop where he moved his employees into my office, he did telemarketing for my alarm business and he received a commission on every sold deal. He paid for 25% of the office rent and the phone lines. So we were financially tied to each other.
A mortgage broker, a real estate agent/broker, home inspector, credit repair specialist, insurance agent (homeowners), financial consultant, CPA, etc – forms a cooperative where they market the practice as a one-stop-shop.
⁃ Fitness coach and mental health coach or a business coach
⁃ Realtor and a loan officer
⁃ A car salesperson and credit repair
⁃ A plumber and a home improvement company
⁃ An investment advisor and a realtor
⁃ Website designer and an incorporation attorney
⁃ Coop art studio with multiple artists like I saw in Asheville NC (painters, sculptors, etc
⁃ a farmers market where multiple vendors come