Thinking of Starting a Cooperative

It is likely many of you if not all of you have heard of the term "cooperative". But I bet most of you have never really researched into what a cooperative does and yet you have preconceived ideas on what happens in a cooperative. This article is the first article aimed at empowering you with the knowledge to not only understand what a cooperative is, but to participate and benefit from one.

taken from www.uk.coop

A cooperative is a businesses owned and run by its members, for its members. Members often have something in common like heritage, interests, work, geographic location and more.

Member all have equal voting rights and when profits are made this is shared amongst members or reinvested according to the decision of members. Often cooperatives may work together to improve the lives of all members in a given community. Jamaican and Nigerian cooperatives have often been known to put aside each month a given amount to a central fund and each month the group gives this to one of the members (or something to this effect) but in actual fact operating models and income streams and income release can be defined in any way and decided by the group (sometimes this changes as business models are often flexible).

Co-operatives are businesses, not charities, so the aim is to profit financially, socially or otherwise (i.e. obtaining scarce products/services). By working together, members do better in their individual monetary investments. savings and businesses than they would have separately.

Cooperatives can invest locally and internationally promoting growth in areas overlooked by various organisations.

So here is my proposal. I am thinking of starting a cooperative:
- It would have a legal structure.
- It would have a steering group that ensures the interests of all members are followed (lets say the steering group/committee sits for 3 years before re-election, for very first term would sit for 5 years to raise funds and profile).
- It would invest in areas/business members have knowledge of or experience or a need for i.e.

• Any idea that comes up through cooperative brainstorming
• Entertainment- Books/Movies/TV Shows
• Business Start Up Seminars/Training/ Ancillary Services (i.e. Websites, Accounting, Marketing, Legal etc)
• Recruitment Firms and Career/Employment Advice
• Childcare/Daycare Services and Babycare Products
• Food and Drink (Catering, Restaurants, Consumer products, Trade/Distribution)
• Education (Schools/Tuition Classes)
• Family/Relationships
• Fashion, Hair and Beauty
• Homes and Gardens (Real estate development and related services i.e. plumbing, electricians etc)
• Living Overseas (Relocation to Nigeria company specialising in cargo, accommodation, schools, healthcare, settling in etc)
• Politics (in UK and Nigeria)
• Social Events (Event Centre, Celebrations, Festivals, Parties, Wedding Planners)
• Travel/Holidays (Vehicle Shipment to Nigeria, Investing in Tourism in Nigeria, Travel Agency etc)

- It would create profit financially, it would offer employment opportunities, it would offer experience and exposure and have a community building outlook.
- It would be for Nigerian families in the UK (at first or permanently)
- There would be monthly payments of £50, a member can withdraw money by leaving subject to notice period in the constitution. So if for example there were 20 members, £12k would be generated in the first year from contributions. Members can invest more than a minimum with a view to sharing more of the profit based on their financial investment, members can also share more in profit through trading their time i.e. acting as accountant or building brick walls for a development totaling 10 hours.

If you are interested in setting up this cooperative with me and have suggestions or strong opinions, please contact me at ellaoku@gmail.com

Thanks

Regards


Mrs Ella Inedia
(Information for this article gathered from http://www.uk.coop)

INCOME

Money! What can we learn from our sisters in Nigeria?

Image taken from accountancyage.com

Following on from introduction to "Money! What can we learn from our sisters in Nigeria?", here is the first topic to be addressed. Please let us know your thoughts! You will be pleased to know we have started with income sources:

1. INCOME:

SALARY

Of course the most popular source of income if you are in the UK is likely to be your salary. In many cases this is the biggest source of income or the only one. I'm going to talk you through 3 general routes to increasing your salary: 1, The Upwards move, 2, The Sidestep and 3, The Doubler!

The Upwards Move

Have you ever considered moving up in the company you are? Yes you probably have said to yourself you can do the job of your boss but that's not what I'm talking about. Have you considered how to get there?

Well first of all you need to take an honest look at what you do and what your job description says you should be doing. Most employees either underachieve or overwork themselves, so if you are an underachiever, step up. If you are overworking, do the right people know. Chances are you have not automatically gotten a raise because either the right people know and are getting extra work from you at a discount so decided not to say anything until you say something. Or, the right people do not know. Sometimes we Nigerian women in the UK have a habit of being too humble and not speaking up or down right bragging/complaining about the amount of work we are doing, whilst our counterparts from other nations have become experts in this. So if you work more than you job description, sing it loud and sing it proud!!!

The Sidestep 

Sometimes there is no room to move up, no matter how much value you add the company does not have the money to pay you for this or they maybe are biased and don't want to.

Have you ever thought, your hard work and experience may be valued elsewhere? The truth of the matter is the majority of promotions and salary rises in the UK for the past few years have not come from staying in the same company but by applying for roles at a competitor company or another industry that utilises the same skills. So if you were thinking of this as a route you are in the majroity. The good news is this means you are not alone, the bad news is . . . this means you are not alone! So you will have to compete. To find out how to set yourself apart from the competition and make that bold move, register for our seminar at the end of this year by filling this survey: Click here to take survey

The Doubler!

Well as the name implies, you double up! Ever seen on TV those kids who proudly confess they appreciate their mama who had to work two jobs just to pay the bills? Well, why not get a second salaried job to increase savings instead? Yes you may hear people saying it is hard to get a job in this economy, but for the most part this is true for professional jobs. Taking on an unskilled job to provide for yourself and your family may be the help you need! Example jobs that can fit around your current job: cleaning an office early morning or late night, becoming a postlady, working a seasonal job as a sales assistant during your annual leave. Of course this will be a whole lot more stress, but as minimum wages are £6.19 per hour, adding morning shifts of 10 hours per week would equate to an extra pre-tax salary of £3.5k per annum, adding weekend sales work of 14 hours per week would add £4.5k per annum. Worth considering even if only for a short term solution right?

SELF-EMPLOYMENT

Self-employment or entrepreneurship can be done alongside a full-time salaried role or in place of it. Self-employment is particularly common for accountants, IT professionals, doctors, tailors, caterers, construction project managers and other sectors, but there is no reason your skills cannot be marketed even if your current jobs is not the stereotypical type that is often made into a self-employed role. In the UK we are blessed with an abundance of help, the problem is knowing where the help is and opportunity. Grow and sell your own crops. You could buy a franchise and banks are often willing to lend because of the proven business models. You could sell Avon products or Usbourne children's books. You could work from home or partner with someone through networking groups or through forming a cooperative. This is an option that is often taken up by our sisters across the Atlantic in good old Naija, being themselves often business-savvy, but even more than this, having the opportunity and networks to grow their businesses well. Come see some of the techniques they utilise by registering register for our seminar at the end of this year. You can do this by filling this survey: Click here to take survey

BONUSES/COMMISSIONS

Besides the bonuses you can obtain from your salaried employer by hitting targets individually or collectively (the best surprises your boss can send in my opinion), you can obtain bonuses/commissions through referrals. A lot of youtubers do this by reviewing products via video. This is market is heavily growing and as people would much prefer tried and tested over glitzy adverts. This may be a good option for you. It does not always involve adverts. Door to door sales people earn money doing such selling Sky and earning commissions of £50+. Even if you personally use a service, often a provider of this service will advertise giving you commission to refer others. Find out more about these sources of income by registering for our seminar at the end of this year. You can do this by filling this survey: Click here to take survey

Well that marks the end of our first post on money. What are your views and opinions? Feedback is welcomed by posting a comment below. If you did not catch the multiple references already in this text. The  most voted for event in a previous survey was for business start up opportunities and career sessions/seminars/networking opportunities. Money and fulfillment do matter and you bringing in more income will affect you and your family, hopefully, if done well, positively! The business event I am organising will be a family event, so husbands/fiances and children are welcome also, as it will affect them too. So to find out how your sisters are making it, register for our seminar at the end of this year. You can do this by filling this survey: Click here to take survey

Hugs and kisses

Ella