WHY SET UP A TRADE ASSOCIATION

What is a trade association?

A trade association brings together, represents, advances the interests, promotes and can set standards for a specific sector or profession.

The benefits of setting up a trade association are as follows:

the association represents the interests of the association vis a vis government, interest groups, industry sectors, the media etc. The association communicates the long-term value and impact of the profession/sector and defends it when facing any threats either from new regulations, taxes, defamation etc. It also acts as a voice for the sector when establishing partnerships with relevant and allied industry groups. The association can also be a resource to keep up to date on relevant legislation and interpret it.

the association provides an opportunity for professionals to meet, share, network and exchange in a safe environment. Knowledge and best practice can be shared or opportunities and challenges explored.

the association can play an important role in the professional development of its members. It can offer education, webinars, classes or create educational materials that supports professional and personal development. Education can be profession-specific or directed at broader education needs for instance: behavioral science, business education, digital marketing, data compliance, legal training etc. Education usually serves as a good opportunity to raise revenue and to increase awareness of the association. The education can be provided as member-only or be opened to non-members.

the association can be used to establish professionalization of the sector and promote standards. Membership of the association can be restricted to business/professionals who have completed the most up to date qualifications which will allow members to publicise their membership and confer trust and confidence in their business.

some associations use their stronger buying power to access group rates for insurance, legal, advertising or utility rates.

the association can also invest in public relations activities such as digital marketing or advertising to communicate thelong-term value and impact of the profession. An association can be a useful tool to co-fund research, awareness raising, digital marketing or media campaigns for the sector.