If you’re like most other Livingston Parish area business owners (especially with this COVID-19 pandemic), you know where every penny goes.
You probably don’t have a lot of extra cash these days (even for necessary purchases).
Believe it or not, that doesn’t have to slow you down or cripple your small business.
Bartering – the direct exchange of goods and services – can be an excellent way to get the products and services you need while increasing your business visibility.
According to the U.S. Department of Commerce, approximately one-third of all U.S. businesses participate in some type of barter system.
Over 250,000 businesses use organized barter actively to supplement their cash transactions.
What are the benefits of bartering?
Reciprocal Trade Associations and the Benefits of Bartering https://t.co/xqmpsScR46— LGIII (@Lg3Lgiii) May 19, 2016
Some of the advantages of bartering are:
- It can help you save cash on capital expenditures.
- It can help you advertise and market your new business.
- It can increase your sales.
- It can help you make your business more efficient by helping you get rid of excess inventory.
- You can obtain goods and services at better prices and on better terms than cash alone.
How do I get started in bartering?
If you’d like to get started in bartering, there are several steps that you should follow:
First, join a bartering network such as iTradexchange. By being a part of a network, all of the hard work is done for you. The network serves as a broker and bank during the barter process and allows you to focus on trading.
Learn how to choose a bartering network in our recent blog post.
Once you’ve joined the network, assess the market for the product or service you intend to trade.
Next, compile a list of the goods or services that you need (or want) for your business, such as:
- professional services
- cleaning services
After compiling the list of items you need (or want), look through the member directory and find a member who provides the goods and services you are looking for.
Next, visit the business, pay with your Moxey barter card. By using trade dollars, you save your cash. They even have a mobile app for your smartphone.
Joining iTradexchange makes bartering easier and more efficient for small companies — leaving them free to focus on the bottom line.
Contact us today, or complete the form below to learn how iTradexchange can help you grow your business.