Invest In Yourself And Trade Associations

Last week I wrote about attending conferences and trade shows. They can offer valuable tools and platforms, and many of the best events I’ve attended were organized by trade and professional associations. That brings me to a much broader topic for this week. I believe that trade and professional associations can be very beneficial for businesses, especially entrepreneurs. In fact, I’m surprised by the lack of people who belong to associations.

Whenever I’ve considered involvement in a trade association in the past, I looked at it as an investment in myself. Benjamin Franklin once stated that an investment in knowledge pays the best interest. I couldn’t agree more and would recommend entrepreneurs take this advice.

Think of a professional association membership as an investment in knowledge and your career.

The argument that I hear most frequently from colleagues who don’t belong to trade associations is that membership can be pricey. It’s true. But when you consider the benefits and if you take full advantage of your membership, I think you’ll find that trade and professional associations can be a great investment.

I could outline dozens of benefits I’ve received from my involvement in various trade and professional associations, but I want to focus on four now:

• Education: Associations offer a variety of educational opportunities from webinars to national/international conferences. I’ve found that the educational resources alone pay for my membership. Educational topics can include trends, best practices, new techniques, etc. Some associations will even provide training programs and materials for employees. I’ve received at least a dozen cost saving tips over the years from association conferences and newsletters, meaning they’ve more than paid for themselves.

 

• Research: Many associations conduct market research and analysis on their specific industries. White papers and research reports can offer great insights and have helped me stay ahead of others. By pooling resources from members, these associations can provide materials that benefit everyone in the group.

 

• Advocacy: Perhaps one of the most overlooked benefits of a trade association is the advocacy. When you become a member, you have an organization dedicated to protecting and advancing the needs of your industry. I believe that as the fortunes of my industry rise, so does my business. Having a dedicated team to lobby and advocate on your behalf is powerful. Plus, an association membership is a lot less expensive than trying to hire even one lobbyist yourself.

 

• Networking: This might seem obvious, but associations offer the chance to connect with others in your industry. I’ve engaged in a number of lucrative business relationships through association memberships. You can learn from others in your industry and could even create alliances or partnerships. I’ve teamed up with similar companies from around the country to expand the reach of some of my businesses. I also believe that the most successful entrepreneurs aren’t afraid to network with competitors. Associations offer a bridge to communicate with competitors in a collaborative environment.

What’s great is that trade and professional associations typically exist on national, state, and local levels. Whether you’re looking for a general business association (consider your local Chamber of Commerce) or an industry specific association, it likely exists. A list of many of the top national associations is included in the annual federal Consumer Action Handbook and is accessible online.

I’ve been involved in dozens of trade and professional associations throughout my career. Of course, it’s important to find the right one. Consulting the Consumer Action Handbook can help. Also consider asking colleagues and competitors what associations they’re involved in. Look at your local newspaper and event calendars to see which associations are the most active in your area. If you find one that looks like a good fit, I’d recommend contacting some existing members to ask them about their experiences.
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When I’ve conducted this due diligence on potential associations, I’ve found the right one (regardless of the industry) and benefited from my membership.

Please share your thoughts too. I’d love to hear what benefits and challenges other entrepreneurs have found with trade and professional associations.




Source: https://www.forbes.com/

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