Starting a Fair Trade Business
Fair trade eliminates the middleman profit and allows the economically challenged producers a fair chance to compete in the global market. It’s an organized marketing movement to solving poverty.
If you have a soft spot for fair trade products and want to create profit and significance then starting a fair trade business is the right choice. We will help you get started through this article.
Starting your own fair trade business is simple and can be fulfilling knowing that you are not only helping yourself but others as well. Here the steps to start this meaningful venture.
- Step 1 is to set a time talk with a business lawyer.
Before you start, know what the legal aspects are to run your business successfully. Ask your questions and concerns. Write down them down and have your lawyer explain them to you. It’s better to start out confident and ready.
- Step 2 is to register your business.
Register as a sole proprietor business. Have a name ready. Since fair trade items are green and earth friendly, have a name that also connotes that theme. You want to brand your store with different appeal.
- Step 3 is to decide how you will distribute these products.
There are many ways to distribute products. The most common way is setting up a retail store which entails financing challenges. You could choose to move goods thru catalogs and delivery or maybe thru an online store. Choose a medium that fits you.
- Step 4 is to have an inventory list of products and your corresponding pricing.
Decide to become a member of the US Fair Trade Federation and Co-op America. This way you get to have more contact with alternative trading organizations with a variety of goods to offer. They usually offer it to you in wholesale price. There are a variety of goods they can offer to your store like coffee, cocoa, fresh fruits, handcrafts, jewelry, baskets, wallets and other multi cultural products. Pick the ones you want to have and make sure they have the FLO (Fair Trade Organization) label.
- Step 5 is to hire staffs who understand your product.
Make sure you and your staffs are on the same page. Educate them about how they are alleviating poverty by promoting these goods. Teach them how to properly allocate space for your goods as well. Give choice locations to items where there is customer traffic and locate related items next to each other.
- Step 6 is to start educating your community about Fair Trade certified goods.
Use promotional events, campaigns and advertising. This activity will not only promote your store but also create general public awareness. Your promotional efforts can empower consumers by educating them to make choices that can create significance to the lives of farmers and other producers in third world countries. At the same way, you are also promoting organic product loyalty.
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