Introduction
Starting a trading business, then staying put in the market and making it profitable is a challenging venture. Before a trader expects his business to be profitable, he has to organize and ingest a lot of information.
In emerging economies like ours, where many trade-related items and information come from scattered and disparate sources, organizing one’s business can be quite a daunting task. In Pakistan, it has been observed that a bulk of trade revolves around “informal networking” – where a potential trader feels inclined to have a support base of “like-minded and supporting friends” in government and business to facilitate his venture; and rightly so due to prevailing trends that has become the part of trade culture of Pakistan. This also implies that any new trader wanting to make it big will face a daunting challenge if he does not find “friends in right places” soon.
To facilitate such newcomers and of course the existing one’s too, we need to first under the challenges that our trading community faces.
Challenges Faced by New Traders
- Legal registration of business with the local and/or central government (that may involve multiple government entities like for example in Pakistan: SECP, Local Chamber of Commerce, Federal Board of Revenue etc.)
- Local and International Rules & Regulations (For example custom regulations in different countries for different products that involve intricate knowledge of taxes, duties, tariffs etc. & state interventions issued (modifications of existing regulations or addition of new ones including sanctions and liberalizations that may or may not have an expiry date)
- An in-depth knowledge of the product(s) one is trading in that helps a trader to do his negotiations with other traders and business partners
- An in-depth knowledge of the market that a trader is already in or is interested to penetrate with respect to pricing, competitors and hence, his own competitive advantage over others
- An understanding of how local and international geo-political scenarios that shift every now and then have an impact on a trader’s business and hence to plan accordingly to safeguard against potential losses
- An in-depth knowledge of the industry a trader is operating in, that includes but is not limited to industry trends and statistics
- Lack of knowledge on how to finance to your business and where to look for in case you need additional finance. This can be a serious challenge for a trader who will face potential business failure if he is not updated on this matter.
Trade Foresight – A One-stop Tool for New Traders
Trade Foresight offers to mitigate most of the challenges that traders face. Its comprehensive, user-friendly and easy-to-use features offer its users their true Return on Investment by providing them value that is more than what traders strive for. With trade foresight, one would be able to;
- Communicate directly with other registered traders. This way you can enquire in=depth about your trading requirements BUT there is more than that which catches the eye
The criteria for being registered as a trader on trade foresight involve more than just paying a subscription. Before getting registered, a person has to submit us a set of documents that provide us with proof that he is a real and bona fide trader
- Get in touch with local and international government bodies and trade associations. This will help you getting in touch with legislations that govern your area of trade, any trade concession that may be available and of course, build fruitful relationships with them that will help you in the business in the long run
- Get in touch with local and international financial institutions which has the potential to fulfill you financing needs should you need one
- Get to know in-depth information about your product, its market, its industry etc. through Trade Analytics feature
- Get to know about the enforced trade agreement between different countries and institutions that has the potential to impact your business
- Get to know about latest trade news and trends that allows you to see what is going on in real life trade between countries, businesses and institutions
- Get to know about latest regulations issues by different governmental authorities about specific products and industries that has the potential to impact your line of trade (For examples SROs issued by Ministry of Finance and Economics of Government of Pakistan OR notifications issued by the UK Department of International Trade)
Conclusion
Trade Foresight has the potential to fulfill your information and trade needs. Our aim is to provide you with a true and value added return on investment by making your business as profitable as possible while mitigating your concerns to a manageable level with minimum of investment on your part (subscription only).