Have you ever considered the idea of establishing an incorporated business association?
Just as entrepreneurs identify market gaps and launch businesses to fill them, similar motivations drive the establishment of incorporated business associations. Often, these associations are formed to address various issues in a local shopping precinct.
Addressing precinct challenges
- There is a gap in the local shopping precinct.
- These issues can range from the lack of investment, maintenance, antisocial behaviour, vandalism, rubbish, job opportunities to insufficient government support for marketing local businesses.
Starting the process
The process of setting up an incorporated business association is relatively straightforward, requiring just five business owners to initiate the proceedings.
The Benefits of an Incorporated Business Association
To help your better understand the advantages of starting an association in your shopping precinct, we’ve compiled a list of the eight key benefits.
1. Amplify the voice of businesses
Advocating for individual business owners can be a time consuming and lonely endeavor. However, an incorporated business association can provide a collective voice that represents the entire shopping precinct, making advocacy more effective and less overwhelming.
2. Access to funding and grants
Both funded and unfunded incorporated associations have greater opportunities to secure funding and grants. For more information about available grants, you can use the Grants and Programs Finder.
3. Establish a robust governance framework
When you establish an incorporated business association, it takes on greater legal and financial responsibilities, implementing formal procedures that benefit its members. The primary aim is not to collect funds for profit distribution, but rather to support the members the incorporated business association represents.
4. Market and promote businesses
An incorporated business association is typically established to promote and market businesses, increase employment, visitor numbers, advocacy, investments and commerce within a shopping precinct. Building a brand that resonates with customers and the businesses it represents is of the utmost importance.
5. Build strategic partnerships
An incorporated business association can focus on cultivating strategic partnerships and relationships with businesses, government entities, communities and industry bodies. These partnerships can open up new opportunities for the organisation.
6. Provide strategic insight to decision making
Your association’s committee will consist of thought leaders within the local business community. Leveraging their expertise, you can provide strategic insights to key decision makers regarding local business issues and opportunities.
7. Influence public policy changes
Bringing about changes in public policies that impact businesses require patience. However, an incorporated business association can develop relationships and advocate for policy changes with key decision makers to influence policy development effectively.
8. Build a unified advocacy and brand voice
One of the most common reasons for establishing an incorporated business association is to create a unified advocacy and brand voice that represents businesses. While forming strategic partnerships is essential, every decision made by the committee should ultimately benefit the businesses they represent.
If you’re considering launching an incorporated business association in your shopping precinct, the eight benefits outlined above should assist you and fellow business owners in making an informed decision. We hope these benefits inspire you to identify gaps in your local shopping precinct, engage with other business owners and find your unified advocacy voice.
To learn more about Rania and Yellow Round Table, consider the following resources:
- Rania delivered a keynote presentation at the metropolitan and regional 2022 Mainstreet Australia Conference on how to establish a main street marketing and business development fund, also known as Special Rates (a statutory process). This is an option that unfunded incorporated business associations in main streets, shopping precincts and town centres can explore.
- Yellow Round Table is listed as a consultant on the Mainstreet Australia Supplier Directory. Mainstreet Australia the peak industry body advocating for local shopping precincts.
- Explore the Yellow Round Table website to learn about services, experiences, and how our team can support your business association.
- Follow Yellow Round Table on Instagram.
- Connect with Rania Fayad on LinkedIn.
- Schedule a free 15 minute Clarity Call to discuss your specific needs and goals.