“Times used to be that businesses worked with businesses not to far from them. Transactions were local, and sealed with a handshake. That’s not to say that there’s no room for professionalism in today’s business world, it’s just that the business world is larger than ever. Free trade magazines can help you keep track of these different markets, and all the ways you should diversify.
Today’s businesses can earn their income from local, national and international markets. Smart businesses will try for a little of each to keep themselves financially secure, but not every business has that option. Free trade magazines can keep you in touch with the often-complicated regulations that govern each field.
Many businesses prefer keeping things local. That’s because local-to-local transactions have the least amount of regulations. Interstate transactions need to be reported only to the state governments, and free trade magazines can help you take advantage of that lack of oversight.
However, the payoff may be smaller, and the risk greater. When a certain region experiences an economic downturn, all the businesses located within that region tend to suffer together. The smart entrepreneur is the one who has his fingers in other pies as well.
The federal government regulates intrastate commerce, so going national opens you up to more trade regulations and government oversight. It also means more work; now you might incur significant travel costs so that you can meet your new partners.
However, this pays in the long run. People forget how diverse the landscape of the country is. Some barren regions cannot produce their own raw materials, while others can. Free trade magazines often publicize the various trade routes, and give you an idea of what is sent where.
Globalization has made the world more open than ever. However, it can also be the most difficult to navigate. Few countries have open-market economies, instead opting for high trade tariffs and burdensome trade regulations. It can sometimes take an experienced hand to maneuver through the various economies.
Developments in trade come quickly. In recent years, many countries have become skeptical of the benefits of globalization, and have launched efforts to slow it down. Markets that were profitable today could dry up by tomorrow.
But it’s probably smartest to get your income from multiple sources. That way you’re still in good shape if one of them should happen to fail. The most tragic business stories typically concern people who opted for a single source of income that provided reliable business. That is, until the market dried up and left them hanging. Most experts in free trade magazines would urge you to diversify.”