Ever thought about starting an incorporated business association?
Just like how most identify a gap in the market and launch a business, the same could be said regarding why incorporated business associations are established.
There is a gap in a local shopping precinct.
Maybe the gap is related to lack of investment, time, beautification works, anti-social behaviour, vandalism, rubbish, jobs, or marketing for businesses by a government agency.
Or perhaps there are some major disruptions and big builds impacting business operations with little to no communication.
Either way, a unified advocacy voice is needed to represent the needs of businesses in your shopping precinct.
and it only takes five members (business owners) to start the process of establishing an incorporated business association.
To help you out, I wanted to provide you with the 8 benefits of establishing an incorporated business association in your shopping precinct.
1. You can amplify the voice of businesses.
For individual business owners, advocating can be time consuming, stressful, overwhelming, and lonely.
The beauty of having an incorporated business association representing your business, is that they can amplify the voice of an entire shopping precinct.
2. An incorporated business association has more access to funding and grants.
Unfunded and funded incorporated business associations have more opportunities to apply for funding and grants.
To find out more about available grants, check out the Grants and Programs Finder.
3. Establish a governance framework.
Your organisation has more legal/financial responsibilities and formal procedures in place that benefit the members it represents when establishing an incorporated business association.
Funding is not collected so that it can be distributed as a profit to members.
4. You can market and advertise businesses in your shopping precinct.
An incorporated business association is usually established to advertise, market, increase employment, visitation, advocacy, investment, and commerce in a shopping precinct.
The most important thing for any incorporated business association, is building a brand that connects with customers and the businesses you represent.
5. An incorporated business association can build strategic partnerships.
An incorporated business association can focus more on building strategic partnerships and relationships with businesses, government, community, and peak industry bodies.
Don’t be surprised by the new opportunities that come your way once your organisation has incorporated.
6. Your committee can provide strategic insight to key decision makers.
Your association will have a committee that consists of thought leaders in your local business community.
Take your specialist skills and knowledge and provide strategic insight to key decision makers on local business issues and opportunities.
7. You can influence public policy changes and decision makers.
Patience is needed when an incorporated business association wants make changes to public policy that impacts businesses.
The good news? It is that it is possible, and you can influence the way policies are developed or changed by building relationships (and advocating) to key decision makers.
8. You can build a unified advocacy and brand voice.
This is the most common reason that incorporated business associations are established.
It is to prepare and start building a unified advocacy and brand voice that represents businesses.
You can build strategic partnerships, but in the end, every decision that your committee makes is for the businesses that you represent.
If you want to start an incorporated business association in your shopping precinct, the 8 benefits listed above may help you and other businesses in deciding.
I hope that they motivate you to identify gaps in your local shopping precinct, start a conversation with other business owners and find your (unified advocacy) voice.
Want to find out more about Rania Fayad and Yellow Round Table?
- Rania provided a presentation at the metropolitan and regional Mainstreet Australia Conference on ‘how to establish a main street marketing and business development fund. This is the next step you would take after establishing an incorporated business association.
- Rania is listed as a consultant on the Mainstreet Australia website. Mainstreet Australia is the peak industry body that advocates for local shopping precincts. You can read my consulting profile here.
- Check out the Yellow Round Table website and read more about my services, experiences and how I can help your business association.
- You can follow Yellow Round Table on Instagram.
- You can sign up to my monthly emails (this is where I share the most value) by heading on over to my website.
- Follow Yellow Round Table on LinkedIn.
- Connect with Rania Fayad on LinkedIn.
- Book in a free 15 minute discovery call.