Lifestyle Weekly Tip: Group Economics
In honor of April being financial literacy month. I thought I would drop some gems on how you and your family or group of friends can get together and make money and better your situations. So, without expanding to much read below and let me know what you think!
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What is Group Economics? Group Economics is a group of people who have a common economic interest. That group agrees to actively and consciously pursue that economic interest together to create a sustainable and secure economy for themselves.
5 Steps to make it happen:
1.) Create Businesses: Provide group member-owned and run businesses (existing or new) for the participants in the group to purchase from. (Example: Lawn services, Maintenance, Accounting/Bookkeeping, Housekeeping, Tutor, Salons, barbers, etc.) this list can go on and on.
2.) Hire from Group: Business owners and group members must hire from the local community. Part of the effect of Group Economics is improving your community.
3.) Pooling of Funds: With the power of simple math the group can invest together. Example: 10 Member Group invests $100 weekly that is $4k to invest in a new business/idea or circulate the cash flow in the already owned business in the group.
4.) Marketing: The group must market themselves to the community to make sure their services & products are known. The main point of this is your products/services are not bad people just do not know about them yet.
5.) Group Member Loyalty: The group members must be committed to working with the group and helping each other.