Chamber of Commerce

What is a chamber of commerce?

  • A chamber of commerce is a private coalition of entrepreneurs.
  • It is a network of businessmen and women whose chief objective is to protect the commercial interest of the group.
  • These organizations boost business visibility locally through organizing events and, most especially, through representing the business community to the government by giving a unified voice for business owners.
  • This group is not a political party or a government agency. However, these groups hold some influence in community development and social issues.  

A Brief History 

While many chambers of commerce exist locally within our cities and states, these groups transpire internationally as well. The first recorded Chamber of Commerce was founded in Marseille, France in 1599. One of the earliest across the Atlantic was established in 1786 in New York. Cities and municipalities across the globe adopted the chamber of commerce model as an essential component of the social fabric.

What does a chamber of commerce do?

Aside from lobbying the governmental authorities, chamber of commerce helps the economy by aiding small businesses to grow, which creates many opportunities. For instance, they sponsor grand opening ceremonies attended by members. These events give a chance for entrepreneurs to network and form partnerships and customer referrals. Membership within a chamber of commerce improves reputation and credibility of the specific trade. Even more than that, local chambers often offer discounts exclusive for their members.

Joining the organization

Originally, a chamber of commerce recruitment process was done on an individual basis. As the system gained prominence, business owners and corporations more often proactively seek to join local chambers. Members of the chamber can also invite non-member businesses that show potential or may benefit from becoming a member. Such invitations also serve as the orientation for new member businesses.

When businesses join a chamber of commerce, they are not alone. Individual chamber membership ranges from as little as twenty to a hundred thousand companies or individuals. Local chambers are not exclusive to the local community as they are associated with higher tiers of organizations. By not limiting themselves to just a locale, these clubs form an intricate web where they can network and tap a wider pool of experts.

Becoming a member does not guarantee financial success. Generally, however, companies tend to get out of a chamber of commerce what they put into it. Remember, new strings are tied as new ribbons are cut. Chambers of commerce offer an investment to the community at large and avenues for growth for both companies and consumers.

 

Disclaimer

This material has been distributed for informational and educational purposes only, represents an assessment of the market environment as of the date of publication, is subject to change without notice, and is not intended as investment, legal, accounting, or tax advice or opinion. Stockpile assumes no obligation to provide notifications of changes in any factors that could affect the information provided. This information should not be relied upon by the reader as research or investment advice regarding any issuer or security in particular. The strategies discussed are strictly for illustrative and educational purposes and should not be construed as a recommendation to purchase or sell. There is no guarantee that any strategies discussed will be effective. Each investor should evaluate their ability to invest long-term, especially during periods of downturn in the market. Investors should not substitute these materials for professional services and should seek advice from an independent advisor before acting on any information presented.

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