Last Monday, I answered the question: why do I do what I do in two ways. I’m still searching for a definitive answer because this task is never complete; our businesses and other organisations evolve as our understanding of what they offer deepens. One question you can ask about your business is: what makes your business unique? What makes it stand out from everyone else’s?
If you can find something no-one else can copy you are in a good place. It may be easier than you think. A business that only you can offer because of your unique skills and experience may be similar to some other people’s’ but it may be distinctive enough to appeal to a market that prefers your offer to everyone else’s. This may be a sound starting point for a small business and the circuit questionnaire will help you plan for a bigger enterprise not dependent solely on your own skills and experience.
So, here’s my answer to the question, what would my Community Web Consultancy be like if I could take its mission or identity to the ultimate level? Naturally, whatever I write will evolve as my experience deepens but this is what I think now:
My Ultimate Business
An online community of groups committed to developing their local economies. They come together for mutual support, learning from each other’s online and offline experiences and regular online conversations about local economic models and how they can be supported online.
From this community some would be keen to grapple with the practicalities of transforming the local economy. They would take part in:
- Regular consultancy sessions
- DWY web presence development with me and perhaps other experts
- Participation in an online community
- They will contribute to blog posts etc from their experience
- Explore online trading opportunities
- Commitment to participating locally as customers as well as business people
- Building partnerships locally and online
- Vigilant to find sustainable funding sources independent of grants
- A suite of courses focusing on localised economy model
For any business the first goal is to break even and then generate the income they need to develop the business. The difference is in what I would do with any surplus. My approach is surplus after tax belongs to the business and so can be invested locally, eg
- Find local businesses or community enterprises in my area
- Team up with local enterprises in other areas, helping businesses similar to mine. This could include offering training or consultancy services.
- Team up with local enterprises in other areas, helping businesses different from mine.
If I make investments then I would stand to add to my surplus. My support would increase their power to effect change in their own locality or elsewhere. I could invest time or money in return for a share in profit.
Should My Business be a Mutual?
However, my aim is not solely to increase personal wealth and so may at some stage seek to lock my surplus into some sort of mutual arrangement. I haven’t started out as a mutual because
- Self-employed and very small local businesses are risk takers, trying out new ideas as I am. What to do with surplus is not an issue until there is a surplus. I have a lot more freedom to experiment as a sole trader and do not have to share decision-making.
- There may be possibilities to form a mutual with other small businesses for some or all of their activities, perhaps pooling surplus cash to make joint investments. This might serve for several activity types, eg shared premises for traders, linked businesses, pooled ordering in bulk. Delaying mutualisation, gives me time to find potential partners.
- To become a mutual is paperwork heavy and so something to take up when a business has capacity. There are several types of mutual but possibly being self-employed I would need to find another route, eg investing in mutuals. I’m not a limited company for much the same reason.
Conclusion
This is about the future, the general direction in which my business might develop. Building an online community, investing on other businesses and becoming a mutual. As my business develops I’ll revisit these ideas and see how they develop.