Monday, May 27, 2013

How to Use Barter to Grow Your Business

from wikiHow - The How to Manual That You Can Edit
You do not always need money to get the good and services you need. Organize barter is a new spin to an old concept. Remember trading your peanut butter sandwich for chips in elementary school? Now you can use those innate skills to grow your business.

Steps

  1. Identify a barter exchange that services your area. Make sure that the exchange has dedicated trade advisers that will manage your account. Don't forget that the trade advisor will be an extention of your bussiness. He or she will be acting as your marketing arm to the greater barter community. Make sure you understand their rules and costs. Usually, you will pay 5 to 6 % of every trade transaction. Also, insure that the exchange you choose has an electronic platform that allows you to create a profile of your business.
  2. Sign up and start your profile. Make sure the profile is detailed and that you are as descriptive as you can be about you, your business, what you offer and how prospects can contact you.
  3. Discuss with your trade adviser your profile. Make sure he/she understands what you do and what are the special things that you can offer.
  4. Negotiate a line of credit so you can start bartering immediately. Depending on your business, the amount of credit that you will receive will be between 2000.00 and 5000.00 trade dollars, although I have seen businesses receive up to 100,000.00 trade dollars.
  5. Ask that your business be profiled in the exchange's social media and web page. Also, request that it be place on hot flashes and other newsletter and email blast that the exchange may use.
  6. If your exchange has a social media strategy (you should only sign up with one that has one), get involved. Post and visit their social media pages. The more interaction you have, the more business you will get.
  7. Through the exchange electronic platform contact other traders that belong to your exchange and offer your services to them.

Tips

  • Getting payed with trade dollars is just like getting payed with cash. So audit your monthly statements to make sure your credits and debits are correct
  • Use barter for business related expenses, but don't limit your self, and also use it for personal expenses. Its OK to get your hair cut or the dry cleaning done on barter
  • Barter should be a part of your retirement strategy. When you retire you will still have to get your hair done or fix the roof or go on vacation
  • Think of ways to use barter to incentivize your employees. Perhaps that bonus can be a weekend mini vacation or a couple of tickets to a football game.
  • Think trade first. This means that before you spend cash you ask yourself if you can get it on trade. If in doubt, ask your trade adviser.
  • Always be nice to your trade adviser. Honey will catch you more flies.
  • Use trade for yours and your employees health care needs.
  • Your second tip goes here. Add as many tip bullets as you need.

Warnings

  • All barter transactions are taxable. They are consider income. If there is sales taxes in your area, then ask that as part of the transaction, that the taxes be paid in cash. (the government does not take trade dollars yet)
  • Treat any purchase with trade dollars as if you were paying with cash. Ask about return policies, warranties and check the merchant you are buying from.

Sources and Citations

Article provided by wikiHow, a wiki how-to manual. Please edit this article and find author credits at the original wikiHow article on How to Use Barter to Grow Your Business. All content on wikiHow can be shared under a Creative Commons license.
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