New businesses, don’t usually have enough financial resources. Thus to keep the start-up budget low many options are explored. One of the possibility is “Shop Sharing”. Basically, it means sharing a space with another business. Similar to co-working spaces with some nuances. The concept is relatively new but increasingly becoming mainstream.
Rather than putting the same business outlets with the same target audience in one location as an illustration food court, complementary businesses will share one location. For instance, a laundromat that has a restaurant or a sporting outlet with a gym or a high-end clothing shop with a premium beauty shop. Those businesses are independently managed. It is very effective among small shop owners.
Advantages of shop sharing :
- Space optimization
- Expenses sharing: rent, utility, and others cost like ads or marketing budget. This will allow you to envision prime location.
- Outreach: by working with other brands you benefit from tapping into their following too
- Maximize work hours and productivity: many hands make light work, and the more people you have working together the easier it is to get the job done.
- Prime location because of the shared space.
Wanna learn more about shop sharing:
Read this amazing article: https://www.appearhere.us/inspire/blog/collaborating-on-shop-space
Building a community can yield enormous opportunities for its members. Because at its core logic the success of the community = sum total of individual successes. We have numerous examples that serve as a testimonial of the ability of people to achieve collective greatness.
When people come together nothing is impossible.
Across cultures and history, we have acknowledged the effect of team prowess. Accordingly, we can highlight some:
- Africa, Ubuntu, I am because of you. The concept does not only represent a philosophy but also a set of social norms that put humanity, collaboration at the center of everything.
- In Israel, the Kibbutz movement embodies those values of collaboration, teamwork, collective success, and community achievements. As a result of a group of people sharing common interests and goals.
- Furthermore, the concept of microfinance and microcredit pioneered by Nobel Prize winner, Muhammad Yunus has dramatically improved people’s lives by leveraging the power of the community.
An African old proverb says: “If you want to go fast, go alone. If you want to go far, go together“. Finding ways and opportunities to collaborate with your neighbor, roommate, colleague, family members, friends will make the community stronger. Consequently, community structures have been proven to be a strong catalyst contrary to general belief to individual progress. assessing the way we envision life from “I” to “We” will only make us happier, productive, and stronger.
Advantages of shifting mindset from “I” to “We” :
- Makes us more likable, friendly and easily approachable
- Connecting with like-minded people helps unlock opportunities
- Valuable and genuine support from people strengthened communities, reduced violence and alleviate poverty
Employee-Owned companies are companies that shared considerable and broad-based ownership stake with their employees. In essence, employees typical own at least 30% of the business. Because it is a partnership, the level of motivation and sense of ownership among employees are extremely strong.
There is a very small number of Employee-Owned companies conversely to employee ownership. Even though the structure can be rigid in management with little room for flexibility, it certainly provides some major advantages.
- EOCs are more stable and better managed
- They usually perform better than their peers
- Revenues sharing with employees
- EOCs are better integrated into the community
- Tax benefits
Looking to join an employee-owned company:
Cooperatives represent an alternative business model to big for-profit corporations. Because their main focus is to serve their member-owners. As a result, customers and owners are one and the same.
Takeaways: These 7 principles set the foundation and guidance of any organization. Notwithstanding, the rules are not abiding they solidified their mission and interests.
- Democratic controls,
- Voluntary and open membership,
- Members economic participation,
- Autonomy and independence,
- Education, training, and development
- Cooperative among cooperatives,
- Commitment to community
Cooperatives deliver quality services and affordability. As a consequence, there are whole different types based on individual needs. As a coop, customers are the priority. Even though they generate profit but the profit is redistributed to members or reinvested in the cooperative. Joining or creating one could be extremely rewarding because of all the advantages. But be sure it is exactly what you are looking for.
- Strong bargain power because of the aggregation of needs.
- Equality and democracy in its management
- More stable business
- Less exposure to the financial market