Features of a Good Cooperative
A cooperative which is also known as a co-op is a business entity which is made of people who have united voluntarily in order to meet their needs through an enterprise which is owned jointly. Democracy is used in running the co-op. The members of the cooperative share the profit made by the enterprise among themselves. Those who are members of the co-op are supposed to receive products and services offered by the co-op at lower prices. The process of joining a co-op is simple since you need to fill in a form, attain the right standards and by some shares. If a person wants to leave the co-op, he/she may dispose of his/her shares. Below are attributes of the best co-ops.
You should never join a co-op which operates illegally. A permit is a go-ahead in the operations of the cooperative. An incompetent cooperative is not supposed to get a permit. The best co-ops have valid permits. A good example of a permitted cooperative is Lakeland Co-op.
Provision of diverse products and services is another feature of a competent cooperative. You will be assured of huge income after joining a co-op which does not offer a few products and services. The Lakeland Co-op offer a lot of services hence it is a competent cooperative. The members of a co-op which has many business stores earn more money.
A simplified membership application process is another feature of a good cooperative. By eliminating paperwork in the membership application process, the co-op membership application process is considered easy. The membership application form should be short and should also be offered online. The co-op should go through the form and if the applicant has met all the requirements, approval should be done immediately. In order to start enjoying co-op membership benefits soon, you need to look for a cooperative with a simple application process.
The best co-op offers products and services to its members at a relatively lower price. As we said earlier, one benefit of joining a co-operative is to receive products and services at lower prices. A good example of a co-op which supplies its members with affordable products is Lakeland Co-op. Offering goods and services to the members at lower prices will encourage the members to buy products from the co-op and attract more people to become members.
Before you join a co-op, you need to make sure that the co-op has a top rating. You will receive quality products and services after joining a cooperative which is top-rated. In order to determine whether a co-op has a top rating, you need to read the reviews.
Finally, the best co-ops offer loans to the members at lower interest rates. In order to attract new members and promote those who are already members the co-op is supposed to offer its members loans with attractive interest rates.