WHAT WE’VE ACCOMPLISHED:
1) Researched membership structures that other cooperatives follow and selected the details best suited to our needs — a simple approach which allows members to immediately invest to their limit or start off with a small amount.
2) Researched corporate structures and selected the best one for our purposes — the California Consumer Cooperative Corporation.
3) Settled on a name.
4) Made a rough estimate of the area's market potential — statistically, the greater Altadena/Pasadena area meets the requirements for supporting a co-op.
5) Held social events, parties and a community meeting, plus tabled at a number of other events, to begin to spread the word about our Co-op.
6) Drafted Articles of Incorporation, had them reviewed by a legal team and sent them to the Secretary of State for filing. Incorporation status will allow us to open a bank account so that we can cash owner memberships checks and be ready to accept grants and loans.
7) Written bylaws, and had them reviewed by our legal team, in preparation for forming our board.
8) Written our membership agreement and had this also reviewed by our legal team. This is currently available on our site.
9) Formed a basic Founding Team that got us through the above steps and more.
10) Held a volunteer orientation meeting in November 2009 to form task-specific teams. These teams have since been established and are making progress on their goals.
11) Elected our board.
12) Held our first annual member meeting in May 2010.
IN PROGRESS:
1) We're in the middle of our membership campaign and are holding as many outreach events as we can.
NEXT STEPS:
1) Carry out a member loan campaign.
2) Carry out a professional market survey.
3) Secure outside financing.
4) Select and build out a site.
5) Hire a manager and employees. Stock the shelves. Open the doors.
Note that exactly what features the co-op offers will depend upon membership investments and loans - which in turn determine how much outside financing we can leverage. It's commonly said by consultants that we'll need 3,000 to 4,000 square feet of retail space and 1,500 square feet of support space as a minimum for a viable store. If we raise more than the minimum necessary, we'll be able to afford a larger store. (Littleton N.H. just opened a 13,000 square foot store. Trader Joe's tend to be under or around 10,000 square feet.) From our research it seems clear that we should prioritize ways to offer "value added" products through a kitchen, deli and/or a juice bar. A community room would allow us to offer classes and might also serve as a dining area some of the time.