Over our first couple of months of being opened we have noticed that there are many different assumptions and misconceptions about co-operatives and what Your Local Market Co-operative is.
A Co-operative is simply a business model – a corporation with special rules. It is an alternative to sole-proprietor, partnerships or regular corporation. Just with any of these types of business, every co-operative is different.
Co-operatives must adhere to special rules and follow the 7 co-operative principles.
In Stratford we have Mornington Communications Co-op which is a consumer co-operative.
As all co-operatives, Mornington Communications is owned by the members and governed by a Board of Directors. As a consumer co-operative, customers are the members and therefore the owners.
Another popular sector of Co-operatives in our area is Co-operative Housing.
Housing co-operatives provide not-for-profit housing for their members.
The members do not own equity in their housing. If they move, their home is returned to the co-op, to be offered to another individual or family who needs an affordable home.
Food Co-operatives are very popular throughout some areas of the United States, as well as Western Canada. There are many in Ontario, including one in London.
Food Co-operatives are all different: there are some that are consumer co-operatives, some that are producer co-operatives, some (like Your Local Market Co-Op) are workers` co-operatives and a final category that is a combination of these categories, which is called a Multi-Stakeholder co-operative.
Even within these categories there will be many difference from co-op to co-op. Co-ops can be for profit or not for profit, with shares and without shares. Membership fees, discount rates, and product mark-ups all vary. As a business, each co-operative has to decide what will be feasible for their market.
Your Local Market Co-Operative Inc. Is a For-Profit, With Share, Workers Co-operative.
As a workers co-operative, Your Local Market Co-Op, is owned by the workers.
As a for-profit co-operative, we are aloud to make profits, and do not have special rules to adhear to as not-for-profit co-operatives would. This being said, we are not aiming to make a fortune in profits. As a Workers Co-operative, our primary objective is to provide sustainable employment for our members.
Having the share option, we are able to sell shares to the public if we choose to – in order to build up equity. Currently only members own shares, but we plan on opening the option to the public in 2-5 years when we would like to use the money to purchase property or invest in expansion of the business.
Our subscription program is not standard for workers co-operatives, we decided that it was a good option to offer locals a way to save money on their groceries. It is similar to the fabric-land discount card. You do not need to have a card to shop at our co-operative.
We have chosen to set up as a workers co-operative primary because it filled a need. As with many year-round residents of Stratford, the five of us had less than ideal year-round employment situations – unemployed, underemployed and low incomes. Workers co-operatives are also empowering workplaces, giving each of us a voice and ability to make decisions.
Please feel free to post if you have any questions about co-operatives, Your Local Market Co-op, or any clarification on how it works. You can also ask any of the members, next time you’re in!
A Co-operative is simply a business model – a corporation with special rules. It is an alternative to sole-proprietor, partnerships or regular corporation. Just with any of these types of business, every co-operative is different.
Co-operatives must adhere to special rules and follow the 7 co-operative principles.
- Open, voluntary membership.
- Democratic governance.
- Limited return on equity.
- Surplus belongs to members.
- Education of members and public in cooperative principles.
- Cooperation between cooperatives.
- Concern for community
In Stratford we have Mornington Communications Co-op which is a consumer co-operative.
As all co-operatives, Mornington Communications is owned by the members and governed by a Board of Directors. As a consumer co-operative, customers are the members and therefore the owners.
Another popular sector of Co-operatives in our area is Co-operative Housing.
Housing co-operatives provide not-for-profit housing for their members.
The members do not own equity in their housing. If they move, their home is returned to the co-op, to be offered to another individual or family who needs an affordable home.
Food Co-operatives are very popular throughout some areas of the United States, as well as Western Canada. There are many in Ontario, including one in London.
Food Co-operatives are all different: there are some that are consumer co-operatives, some that are producer co-operatives, some (like Your Local Market Co-Op) are workers` co-operatives and a final category that is a combination of these categories, which is called a Multi-Stakeholder co-operative.
Even within these categories there will be many difference from co-op to co-op. Co-ops can be for profit or not for profit, with shares and without shares. Membership fees, discount rates, and product mark-ups all vary. As a business, each co-operative has to decide what will be feasible for their market.
Your Local Market Co-Operative Inc. Is a For-Profit, With Share, Workers Co-operative.
As a workers co-operative, Your Local Market Co-Op, is owned by the workers.
As a for-profit co-operative, we are aloud to make profits, and do not have special rules to adhear to as not-for-profit co-operatives would. This being said, we are not aiming to make a fortune in profits. As a Workers Co-operative, our primary objective is to provide sustainable employment for our members.
Having the share option, we are able to sell shares to the public if we choose to – in order to build up equity. Currently only members own shares, but we plan on opening the option to the public in 2-5 years when we would like to use the money to purchase property or invest in expansion of the business.
Our subscription program is not standard for workers co-operatives, we decided that it was a good option to offer locals a way to save money on their groceries. It is similar to the fabric-land discount card. You do not need to have a card to shop at our co-operative.
We have chosen to set up as a workers co-operative primary because it filled a need. As with many year-round residents of Stratford, the five of us had less than ideal year-round employment situations – unemployed, underemployed and low incomes. Workers co-operatives are also empowering workplaces, giving each of us a voice and ability to make decisions.
Please feel free to post if you have any questions about co-operatives, Your Local Market Co-op, or any clarification on how it works. You can also ask any of the members, next time you’re in!
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