You Barter? You Bet! Your Guide To Mutually-Beneficial Business Trades

Contributed by Melissa Barker, Founder & CEO, Women Entrepreneurs Inc.

Does the thought of bartering evoke feelings of anxiety for you as an entrepreneur? If so, you are definitely not alone!

In our modern-day culture, most women are still not encouraged to leverage this technique. Instead, we’re more often cautioned against engaging in this practice — despite the fact that bartering has been commonplace worldwide for centuries (primarily among men). Too many female business owners shy away from bartering due to their underlying fears and uncertainties.

Even if we’ve connected with a fellow entrepreneur who has specifically stated that she is looking to barter, the idea can be daunting. One of the biggest fears in making a trade can be summed up in one statement: What if I give more than I receive?

Despite these concerns, wouldn’t it be nice to have the option to exchange your products or services for another’s when needed? Or to not have to exchange monetary payment for every advertising opportunity, product, service, or educational workshop?

Thankfully, there are proven strategies available for you to use to ensure non-awkward, mutually-beneficial trades. Understanding the techniques behind skillful bartering can help you get the services and exposure needed to grow your business without cash — and without taking the DIY route.

Can You Really Barter Nowadays?

Bartering has been around in various forms for *literally* thousands of years. Some historians trace its origins back to 6000 BC! Before the ubiquity of physical currency, business owners and consumers offered up deals to get what they wanted. To this day, trading and negotiating for all kinds of goods and services still happens regularly in a myriad of countries.

And although you can’t go to Target and negotiate for that cute pair of shoes, bartering is happening all around you! That email address you submitted for access to an online course? That was a trade. The bonus item you received at no cost as an incentive to buy from a specific brand? That was also a form of bartering.

Simply put, the practice of bartering is still alive and well. It has just taken different, less obvious forms as our economy and marketing practices have evolved.

Why Barter?

Now that you know that you can barter, should you? I will always answer this with a resounding “yes!” There are so many advantages that can be gained by using this technique to the fullest.

As a small business owner, being wise with your cash flow is essential. While there are plenty of services available that can help you grow your business (e.g. web design, online workshops, email advertising), it is usually not possible to buy everything you want or need. Instead, when obtaining products and services with cash only, growing your business takes longer than you may have initially projected.

Instead of going into debt or taking a DIY approach, this is the perfect time to use bartering. Doing so can help you scale your business quickly — and with professional results. Working with a subject matter expert is also a great way to ensure that tasks are done right the first time.

Best Practices For Making a Mutually-Beneficial Trade

What’s one of the most critical things to keep in mind before offering a trade? The wants and needs of the business owner you are approaching. Instead of focusing solely on what you want or need, go into bartering with a mindset of making deals that are mutually beneficial. Doing so will build trust and strong relationships over the long run. If you are only thinking of yourself, this will be obvious to the other person.

Another question is, “Can you know in advance if someone is open to bartering?” Most of the time, you won’t. Putting yourself out there is essential in finding trades that will work for everyone involved. There is always the possibility of rejection. But there is an even stronger possibility of making a successful deal that benefits both parties.

Not sure what kind of things you can barter for? Here are a few examples of smaller trades that are great to start with:

“I’ll trade you 1 hour of marketing advice over Zoom in exchange for a connection to your friend that works at [name of large company here]. ”
“I’ll feature you in my email newsletter in exchange for a crash course on QuickBooks. ”
“I’ll post about your event on my LinkedIn account if you’ll share my latest blog post on Facebook. ”

How Do I Know That I'm Not Being Taken Advantage Of?

Now to address the question asked earlier: How can you know that you are not being taken advantage of? Unfortunately, you can’t always know this with 100% certainty.

You can, however, mitigate risk significantly when working with someone for the first time.

What’s the best approach to take? Start small and be strategic about who you barter with. As trust is built, you can make trades that are bigger and that involve more risk.

When bartering, your goal isn’t to trade with every woman you meet that could be of help to you. Your goal is to find women who share your same values. You only need to check out her Instagram to see what she cares about. A Virtual Coffee will give you a good idea of what she’s about.

After doing this, is there still the potential for getting burned? Absolutely. Could you also fill the gaps in your business, increase your professional circle, and get better and better at setting up mutually beneficial trades? 110% yes.

Keep in mind that the return may not always be instantly “paybackable.” It may come around later.

So, go ahead! Write a small list of things you need help with. Then look around (start with the Directory on your Member Dashboard) and make a list of who can help you. Finally, brainstorm what you can offer in return. Get creative!

The question isn’t, can we afford to barter? The question is, can we afford not to?