Developing an Existing Co-op
There are two aspects to developing an existing co-operative:
- Expanding your co-operative
- Enhancing the co-op's governance or management capacity.
Expanding your co-operative
To expand your co-operative, some of the steps you followed in developing your co-op apply:
Feasibility Study & Business Plan
You must determine whether the expansion will be viable financially by carrying out a feasibility study. You will also need to revise your strategic plan and/or business plan (depending on how you plan to finance your expansion).
Financing
If you need outside financing for your expansion, here are some of the options to consider:
• selling shares
• accepting loans from members
• collecting fees from members
• borrowing from other sources
Enhancing Your Co-op's Capacity
Once the blush of incorporation fades, your co-op must learn to steer the bumps and navigate the twists and turns of shifting operating conditions. In order to ensure that your board and management are ready for these challenges, taking training courses specifically designed for co-operatives will ensure that your co-op is benefitting from co-op expertise and best practices.
Many of the larger co-ops have developed internal programs. Smaller and mid-size co-ops often don't have the resources to develop training programs. BCCA is currently developing programs that will address this gap. Stay tuned to this space for more details in the New Year.
