Last Updated on December 6, 2022 by Selina Parker
ARE YOU LOOKING FOR CREATIVE WAYS TO INCREASE YOUR BUSINESS’S CASH FLOW?
Barter exchange is a great way to get what you want without spending money. You can use it in almost any industry, and it has the potential to save businesses thousands of dollars per year. This book will show you how bartering can help grow your business, even if you’re starting out.
You’ll learn 7+ easy and creative barter exchange ways that anyone can use to when doing barter exchange with other businesses or individuals, so they don’t have to spend their hard-earned cash on things they need. These are all tried and tested methods that my clients and I have personally used over the years, which means they work! If you follow this guide, I promise that it will change your life forever by increasing your income exponentially overnight! All it takes is one deal to transform your business and bank account.
WHAT IS BARTERING?
Barter exchange is the oldest form of negotiation where you have a product, service, or other resources that you can trade with another business that are almost the same amount, so you don’t have to use cash.
The barter economy is an ancient practice that rivals trading with money because bartering products and services is a valuable way to strengthen barter relationships.
Adam Smith, the 18th-century Scottish philosopher, credited with establishing modern economic theory, popularized the idea that barter was a forerunner to money.
It can be helpful for two parties in several ways, and barter exchange is beginning to see a resurgence as the economy changes and alternative methods of trading products and services become more popular.
Modern economics has accepted the premise that barter exchange is the emergence of money. Trade dollars have emerged as a unit of accounting for barter exchanges to simplify these exchanges and encourage bartering.
The barter exchange system only works well if bartering partners trade products with equal value, time, and resources needed by both bartering partners.
HERE ARE 7+ CREATIVE BARTER EXCHANGE SYSTEMS THAT WILL FREE UP YOUR CASH:
1. DECREASE YOUR ACCOUNTS PAYABLE
If you barter with another business every time your bill comes, you could purchase goods, supplies, and monthly services without using money. Suppose the product is one that you would continue to purchase anyway. In that case, a direct barter exchange can be a great value-added way of strengthening your business and community relations with vendors.
2. NETWORK WITH OTHER BARTER EXCHANGE GROUPS
Spread the word about your barter exchange needs and offerings. You can advertise or list on local online bartering communities like Craigslist and Barterquest or other barter exchange websites to attract more trading opportunities
3. TRADESHOW AND COMMUNITY FAIR BARTER ECONOMY
Promote bartering at tradeshows and community fairs by having a booth where barter exchange is encouraged for business purchases. If you want to barter for free booth space, think of what bartering partners you can find to promote your business and encourage bartering with other members at the show to build your network.
You may even consider hosting a one-day or multi-day barter event, depending on your bartering needs and resources to get started. Utilize bartering at farmer’s markets by taking produce in trade, perhaps offering the highest value in barter for the produce you barter.
Ask vendors to barter products for products, services for products, products for products, or services for services of equal value.
4. EXPLORE INTERNATIONAL BARTER EXCHANGE OPPORTUNITIES
Local and international barter exchanges allow you to barter your products and services with other businesses that do not need the cash but find value in your product or services.
Barter occurred anywhere in the world that has a barter system in place. Reach out beyond your local market and explore how you can negotiate deals with bartering partners in other countries.
The International Reciprocal Trade Association (IRTA) is a great resource for finding bartering opportunities anywhere in the world. You can barter locally on a national level, internationally for products and services with bartering partners who live outside of your local bartering market or explore bartering on a global scale on international online trade exchanges.
5. GIVE AWAY FREE PRODUCT SAMPLES IN RETURN FOR FEEDBACK ON HOW THEY COULD BE IMPROVED
You may not have considered this as a way to barter, but building your credibility as an ethical barter partner is an effective way to increase sales and create long-term partnerships. If you barter your products for free, ask them to try the product and give you feedback about how it could be improved. As a sign of appreciation, you may let bartering partners keep the product after they provide valuable insight.
6. ASK FOR BARTER INSTEAD OF DISCOUNTS FROM YOUR PARTNERS.
Bartering instead of discounts allow your trade partners to exchange extra products and services as long as you meet your bartering needs. This is a great way to expand upon each bartering relationship and provide greater value to get people engaged.
7. CHOOSE PUBLICITY INSTEAD
If you barter for marketing services, your partner can produce great barter benefits if the barter deal is done correctly. Trade for free publicity by offering products or services to local media outlets (the newspaper, radio stations).
If there is a barter angle you can work in, you can often get great advertising value for bartering your product or service without spending any actual cash.
8. TRADE BARTER CREDIT WITH BARTERING PARTNERS IN EXCHANGE FOR PRODUCTS AND SERVICES YOU WANT.
Bartering is a great way to obtain product or service trades that may not be readily accessible. A barter-based system allows business owners like yourself to trade barter credit instead of the actual cash value of the products or services.
9. OFFER THEM SPACE IN ONE LOCATION TO SELL THEIR PRODUCTS
This is called co-branding or co-marketing, and it is one of the bartering opportunities you can explore. It is a great avenue for you to create partnerships that could be beneficial in the future, and they will barter for your product or service.
Think outside of the box – barter doesn’t always have to be goods for services, professional bartering is also an option, as well as bartering new products. There are multiple ways you can exchange goods, so you don’t have to use cash.
The more creative you are with bartering, the more funding your business can generate to expand and grow either via the product or service itself or leveraging to create additional revenue or an entirely new revenue stream.
The Internal Revenue Service (IRS) considers bartering services to be a source of revenue that must be recorded as taxable income so speak with your CPA regarding any tax implications.
To get more strategies on how to raise strategies for your business, The Fully Funded method is a step-by-step guide that will help you raise capital without giving up equity of your business.
YOUR FEEDBACK WILL HELP US CREATE BETTER CONTENT IN THE FUTURE!
ABOUT THE AUTHOR
“What began as a life and career coaching services company to aide entrepreneurs through the early-stage challenges and tough transformations of starting a social venture has evolved over the years to include mergers and acquisitions, organizational consulting, and business growth advisory services to mission-driven organizations that strive to improve access to basic physiological, safety, and security needs while increasing their profit margin. Clients include founders and organizations with the purpose of addressing deficiencies in delivering quality healthcare and mental health services, sufficient employment, access to clean water and air, safe shelter, adequate food, and more.”