Bartering Increases Business Opportunities

This post is part of January’s  Word Carnival under the awesome creativity of the Tea Silvestre the  Word Chef. Please take time to review other carnies who posted under this months topic..Bartering!

Bartering is an ancient system of trade.  One party trades with another without the use of cash. Advances to technology has enhanced the ability to barter over the internet. From solopreneurs to Fortune 500 companies, bartering is in full swing.

In today’s environment bartering is done via individual to individual or through a third-party known as a bartering exchange or bartering network.

  • When bartering with an individual you are obligated in the trade.
  • A bartering exchange removes that obligation because you have a vast array of members to barter with.

According to Steve Krauss from USA TodayBarter is an excellent method to grow your business in a variety of ways, and even better, without using cash. So maybe it is not surprising that it is estimated that businesses in the U.S. engage is $20 billion worth of barter every year. For the small business, there are significant benefits to using barter to supplement their normal business. ”

Bartering Exchanges

A barter exchange is built around their members. The exchange provides you with “their” currency which allows you to purchase from other members.  A record is kept that will debit or credit your account accordingly.

According to Odyssey BarterAn established barter trade exchange allows you the opportunity to exchange goods and services with barter dollars instead of cash that have been earned by selling your company’s goods and services to other active barter members.”

Odyssey Barter offers service-oriented alternatives to currency for businesses. There is a fee to become a part of this exchange, but a portion of the proceeds goes to local charities.

Bartering through exchanges can provide exposure that yields not only bartering opportunities, but opportunities to earn cash as well.

According to Barter NewsMillions of entrepreneurial business owners, giant multinational corporation, and even governments are routinely involved in bartering efforts. They do so for one reason—it’s profitable!”

Check out the video below that is a testimonial for Biz Xchange and gives great benefits for bartering.

My Bartering Experience

When I started my business 7 years ago I joined a networking group that met weekly.  During one of the meetings I spoke with a personal trainer that needed a presentation to run continuously while he participated in a health fair.  We decided to barter my expertise with PowerPoint in exchange for him becoming my personal trainer.  I completed the presentation and received one session with him.

I learned that when you barter individually you have to make sure that their will be an even exchange of value. I received one session but would have liked to have received two or more.  He offered me a discount for more, but I did not feel I received the same value.  I walked away from the experience feeling I should have negotiated better.

Create Your Value

Admittedly my personal experience a few years back did not leave me feeling like I received the same value that I provided more because “I” failed at it. There was a profit, I learned something from the experience.

My business was new, I was fresh in networking and entrepreneurship and did not understand my full potential or value.

One of the first things to determine prior to entering into bartering is to define the value of your offer.  Once that is complete, and you feel good about it,  it will allow you to be on an even playing field with others that are willing to barter with you.

Have you ever bartered before?  What was the one lesson you learned from the experience?  Have you profited from bartering?

Below are links to a few barter exchanges that can provide more information and get you started – maybe I will see you there!

Tradeja – Online Barter Network

Odyssey Barter

Biz Xchange

IMS – International Monetary Systems

IRTA – International Reciprocal Trade Association

 

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Michelle Church

As a marketing support specialist I help other entrepreneurs implement their marketing and social networking strategies.I build and maintain their wordpress websites that supports their online presence utilizing tools like social media, blogs, email marketing and more.I am that chick that is passionate about helping others accomplish their goals and taking on the tasks that consume time.
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  • Pingback: Bartering in Business: Who, What, Where, How & Why | Word Carnivals

  • http://pajamaproductivity.com Annie Sisk

    Hey Michelle – great post! Love the links and especially the perspective on bartering exchanges. I like the concept of a group of people who are open to bartering, since it opens up possibilities. I might not need copywriting services that you provide, for instance, because I’m good at that myself, but Joe Smith might need that, and you might need his gardening services, and I might need Jane Jones’ housecleaning services, and somehow we go ’round and ’round and everybody gets what they want, and I love that. 

    • http://virtuallydistinguished.com Michelle Church

      Hey Annie…thanks for the response…appreciate you!  Yes…I am really going to spend some time (when I find it) and really check out the exchanges.

  • http://twitter.com/SHurleyHall Sharon Hurley Hall

    Defining the value is key, Michelle – not only the monetary value, but the value to you. For example, if you suck at web design and someone offers to trade it for a service you provide, the value to you might not just be the cash equivalent, but the hassle you save. :)

    • http://virtuallydistinguished.com Michelle Church

      Thanks Sharon…I learned a valuable lesson about confidence too!

  • http://www.seo-writer.com SEO writer

    I had never heard of barter exchanges before.  I might try this.  With barter, you inevitably come out ahead.

    • http://virtuallydistinguished.com Michelle Church

      Me either until I started researching.  I am definitely going to investigate more about them…Thanks mucho for the comment!

  • http://www.thewordchef.com Tea Silvestre

    Oooh! Thanks for sharing the links to the barter exchanges. I’m definitely going to check these out. Could be great for adding bonus items to incentivize new clients to buy. Will let you know if any of them bear any fruit. 

    • http://virtuallydistinguished.com Michelle Church

      I love that…an added bonus items to incentivize new clients…you are so creative..Wow more to do and research..love it!

  • http://www.thewordchef.com Tea Silvestre

    Oooh! Thanks for sharing the links to the barter exchanges. I’m definitely going to check these out. Could be great for adding bonus items to incentivize new clients to buy. Will let you know if any of them bear any fruit. 

  • http://www.thenumberswhisperer.com Nicole Fende

    While I’m a huge fan of barter, I had no idea that in the US alone it constituted $20 Billion (with a b!)  value of services and products exchanged.  I’m glad you were able to take some positive lessons from your not so great barter experience.  Especially in dealing with someone you don’t know well, it may be best to stick with bartering publicly priced items.  That way you can be sure neither party is inflating their price to get a better deal.

    • http://virtuallydistinguished.com Michelle Church

      This post really changed my perspective and reading everyones post on this topic has my lil brain really thinking more about it.  I always try to find the light in the dark..I am definitely open to trying it again!

  • http://www.thenumberswhisperer.com Nicole Fende

    While I’m a huge fan of barter, I had no idea that in the US alone it constituted $20 Billion (with a b!)  value of services and products exchanged.  I’m glad you were able to take some positive lessons from your not so great barter experience.  Especially in dealing with someone you don’t know well, it may be best to stick with bartering publicly priced items.  That way you can be sure neither party is inflating their price to get a better deal.

  • http://eadesign.me/ evan austin

    Thanks for this, Michelle! i see that i’m in good company here with not having heard or conceived of a “barter exchange” before. Frankly i’m still trying to wrap my head around it, but i love how we always uncover something new even though we’re all tackling the same topic!

  • http://www.IAmNickArmstrong.com/ Nick Armstrong

    Barter exchanges sound really cool… kind of like creating a currency in your own community.

    The down-side is that not everybody values their own services the same way, so an equal exchange rate wouldn’t ever be met; ie: you have two otherwise equivalent writers, one who charges $40 an hour and the other who charges $60. By providing services, they are already at odds.

    It probably works a little better with a 1:1 hour exchange rule in place.

    • http://virtuallydistinguished.com Michelle Church

      Thanks for the comment Nick. Yes, I love the approach of the exchanges, I think that is so awesome and has some serious possibilities.  Hope you have an excellent week.

  • Anonymous

    Great post Michelle, amazing that so much barter has been done in the USA. What you along with others in this Word Carnival have so clearly pointed out is the necessity to establish the value of each exchange.  It would be disheartening to feel that one value outweighed the other as you did.  I hope we will all share with each other in the future our successes as a result of this advice.  Thank you.

    • http://virtuallydistinguished.com Michelle Church

      I know Sandy…that is what I love so much about our Word Carnival is the vast differences yet similarities which makes is so very interesting.  Thanks so much for taking the time to comment…

  • http://twitter.com/OllinMorales Ollin Morales

    I’ve bartered with a blogger friend. She taught me a web design course 101, and I gave her a writing consultation service. It was great! And it’s definitely an option for people who can’t afford someone’s services. Thanks for bringing it to our attention Michelle!

    • http://virtuallydistinguished.com Michelle Church

      Hey Ollin, That sounds like a great barter exchange two wonderful needs being fulfilled.  I truly think more now that before bartering is a true tool to growth.  The research for this post has opened me up to more possibilities than I ever imagined.  THANKS much for taking the time to comment…I am honored as I LOVE your writing!

  • http://www.facebook.com/TransMediaTrade TransMedia Barter

    Great