By Shad Loos and Alexandra Loos, SPHR🔹
Being a business owner in a community of diverse and business-focused individuals provides a distinct value to the business and owners themselves. Going at it alone lowers the potential of the business by missing out on the opportunities for value that engaging with other small business owners provides. Let’s learn the tangible and intangible values of being in a small business owner community like Cove.eco. While we often consider tangible value, the intangible value of a community to its members plays an essential part in what makes a business successful.
Tangible Values of a Business Community
A business community generates tangible value for small business owners through its online posts, resource sharing, networking, education, and new business opportunities.
A Community Collects and Generates Resources
Members gain access to practical resources such as templates, toolkits, and guides to help them with running their businesses.
Business Owners Getting Together Increases Their Potential
Community facilitates connections with other business owners, who could become potential clients, service providers, or lead to potential collaborations, partnerships, and business opportunities. These connections enhance the overall competitiveness and innovation capacity of businesses within the community.
Business Owners Share Their Own Experience In Community Educational Materials
A business community may offer educational materials created by small business owners for members, such as webinars, workshops, and courses designed to enhance their skills and knowledge in areas relevant to their business.
Being In the Know Provides Discounts and Offers Not Available Elsewhere
Membership in a business community may provide access to discounts on products, services, and events relevant to small business owners.
Collective Know-How Within the Community Provides Support Services
Business community members may offer support services. For example, in Cove.eco, IT support, accounting assistance, web design, or marketing advice are available to help members address specific business challenges. This is done through a one-on-one discussion or a meeting with multiple members.
Intangible Values of a Business Community for Small Business Owners
According to Harvard Business Review, human beings are social creatures and need a sense of belonging and togetherness through a shared goal, idea, or place. This is the intangible value that members benefit from being a part of a business community such as Cove.eco, which makes it truly valuable.
Community Members Have Each Other’s Back
Being part of a community allows members to connect with others who understand the challenges and experiences of running a small business, providing emotional support and encouragement. A business community fosters a sense of belonging and camaraderie among members, creating a supportive environment where individuals feel motivated and inspired to contribute positively. This sense of community spirit leads to higher morale and productivity.
A Small Business Owners Community Creates the Platform for Collaboration and Idea Sharing
Members exchange ideas, share experiences, and collaborate on projects, fostering innovation, scalability, and creativity within the community.
The Potential for Innovation, Scalability, and Creativity Increases When Diverse Members Come Together
Collaboration within a business community can spark innovation by bringing diverse perspectives and expertise together. Members can generate new ideas and solutions that drive growth, improve scalability, and differentiate themselves in the marketplace through brainstorming sessions, joint projects, and collaborations.
Community Helps Build a Member's Business Resilience and Risk Mitigation
When there is a problem, a business community provides a place for small business owners to come together and help each other. The community adds a buffer against risks by offering mutual support, sharing resources, and collaborating on resilience and problem-solving strategies. This collective know-how helps businesses weather challenges more effectively than they could on their own.
Knowledge Sharing and Learning in a Community Contributes Towards Our Collective Know-How
Within a business community, there is a sharing of insights, experiences, and best practices that facilitates the exchange of knowledge to help small business owners learn from each other's successes and failures, accelerating their growth and development.
Mentorship and Guidance From Members
More experienced members offer mentorship and guidance to newer entrepreneurs, sharing their insights and lessons learned from their business journeys. Less experienced members provide the opportunity for “reverse mentorship” in technology, where newer tech-savvy business owners share what they know with more experienced owners. Reverse mentorship helps small business owners keep up with new ways of using the latest business technology. This multigenerational knowledge exchange creates a dynamic learning environment.
Sense of Belonging in Having a Small Business
Belonging to a community creates a sense of camaraderie and belonging, where members feel understood, valued, and part of something greater than themselves.
Gain Confidence and Motivation From the Energy of Other Business Owners
Interacting with diverse individuals and receiving positive feedback and validation boosts members' confidence and motivation, helping them overcome challenges and stay focused on their goals.
Overall, a small business owner's community offers a comprehensive range of both tangible and intangible benefits, supporting members in their professional growth and personal development.
Join Cove.eco Business Community to find out more:
🔸 Sign up to start your free trial
(no credit card, self-cancel anytime),
🔸 Fill out your member profile,
🔸 Complete your self-onboarding.
➡️ You’ll gain access to our private online ecosystem, providing with opportunities for collaborating, networking, learning, and marketing with other small business owners like yourself.
About the Authors
Shad Loos and Alexandra Loos co-founded Cove.eco Business Community in 2023.
Shad has experience creating online communities and managing technology infrastructure.
Alexandra holds a certification as a Senior Professional in Human Resources (SPHR). She owns Scalable Business Hub and provides virtual accounting and business solutions to small businesses and startups.
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