Understanding the Benefits of Bartering in Business

Bartering Like a Boss

 

As small business owners, we can benefit from embracing bartering as a means of commerce or exchange.  Take my word for it, as a small business owner, bartering has saved my life!  The experience has helped me grow my business and my network.

When I was first starting out and working off of limited funds, I had to find some creative ways to get things done.  What I mean is if you have a product or service that you can exchange for another product or service, you are halfway there!  I will give you some examples of bartering that may spark an idea and help you get some traction in 2018.

Example 1:  Are you a cosmetologist that needs pictures for your new website?
o    Try offering a discounted or free wash and style to some of your clients if they will model your work.
o    Offer a couple of free services to your favorite photographer in exchange for high-quality edited pictures.

Example 2: Does your favorite Graphic Designer need some of your HVAC services?  Try bartering graph design services in exchange for your services.

When bartering, make sure that what you are bartering is similar in cost or value so that both parties get the most out the deal.  The bartering or exchange process is not the time to low ball or try to get something for nothing.  Use bartering as a time to foster and grow relationships while strengthening your brand.

**Lastly, I want to leave you with this: It may be a good idea to get the deal put in writing.  Create an agreement with the unique terms and get is signed by both parties.  This additional step will mitigate future issues that may arise.  If you need help with this process, please let us know.

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