Coagro Corp: 10 Lessons from a Commodity Broker

These people are experts in the field. Learn all from them!

Being a commodity broker is not an easy feat. After learning everything to ace the Series 3 test, you need to consider actual work responsibilities and other things that will come with practice. The lack of information often generates problematics and mistakes in the long term. People that are new in the business make errors that could be prevented with a little heads up from expert traders. For that reason, we spoke with commodity brokers and compiled 10 must-know lessons that can help you reach your goals!

Write it all down: you need to make sure to have all information on paper. While standing up to verbal agreements is a sign of maturity and chivalry, not all people are willing to honor them. So make sure to write it all down and get signatures on paper before delving into any financial activity.

Do triple checks: there has to be a verification process for every activity. You must learn that you need to double, and even triple check. This will ensure that you have all that you need for the process to work correctly.

Learn basics in other languages: greetings in other languages are ice-breakers. They demonstrate your potential customers that you are making an extra effort to understand them. You break the ice and show that you are really invested in your clients by just doing this simple thing.

Be friendly: if you put distance between yourself and your clients, you lose an opportunity to create a stronger business relationship. Being professional and friendly with your customers and partners ensures more future agreements.

Get certified by legal entities: if you want to work legally in the commodity market, you need to get certified by several legal authorities. Earning your legal right to work by approving the Series 3 test is just the first part. Chambers of commerce, legal inspectors and the like offer courses that you can complete to have certifications to work more profoundly in the field.

Wake up early: even though this might seem like a general notion, waking up early gives you a good head start in the business. Market prices, information that can affect your whole day and transactions usually are published first thing in the morning.

Do investigative work: when you investigate, there’s little that can surprise you. It’s fundamental that you are well informed when you work with commodities. Also, being inventive saves you a lot of trouble.

Pick one area: working in several areas at the time might seem beneficial for you, but if you do it the wrong way, there’s a good chance of messing something up. Select one area and know all you can about it. Sure, you can branch out. But specializing in one will give you a business advantage.

Make a visual calendar: having personal calendars makes work easier. Create visual charts to indicate delivery times and who’s in charge of what. It helps you tackle down responsibilities and tasks and to keep track of other activities.

Learn the how-to of product sourcing: acquiring the products is harder than selling them. Learning how to do product sourcing is fundamental for your success. Picking the best providers is an art, and it will ensure a productive selling opportunity.

Bonus tip:

Do follow-ups: these are fundamental for the productivity of your business. If you don’t do them, there’s a good chance you are missing a business opportunity somewhere, as well as lacking information on the satisfaction levels and potential recommendations from your clients.

Want to know other tips from a company with trajectory and history in the commodity market? Check out the social media profiles of Coagro Corp! They are not only professionals in oil, green coffee, sugar, milk and selected grains trade but also experts in advising you when it comes to trading. Contact them now!