One of the benefits of a tough economy is learning how creative we have to become to survive and thrive. Creativity is usually a key to success and longevity; the ability to reinvent or create from scratch. Bartering in and of itself is not a new idea since it has been around for a few thousand years now; however, how it is applied is where the opportunity to be creative arises.
One of the main incentives of bartering is to preserve cash and to exchange items of equivalent value that are in demand. When embarking on how to go about bartering, start with thinking about your network of contacts and what services or products they offer that you need. Here are a few examples of how Casauri has creatively used bartering.
A few months ago we needed some new business cards. Printing nice cards that have rounded edges and other types of customization can get a bit expensive. So I reached out to a friend of mine who is also a small business owner and printer in Miami and asked if we could barter a bag for some cards. She was very happy to do it since she needed a new 13" laptop bag. There was clear mutual benefit in that we both got exactly what we needed without outlaying cash.
Another example involved a conference that I wanted to attend but the fee was really high and out of my budget. However, I realized that it was an important conference that would be worth attending and started to think of creative ways to overcome the fee obstacle. I decided to take a chance to contact the conference organizers and ask if they could use speaker gifts in exchange for a conference pass. They were eager to have the opportunity as well since they did not have speaker gifts and our products (spacious business card cases) perfectly complemented their theme. In the end, both of us received substantial benefit from the interchange without substantial payment.
By the way, a really great place to barter is at trade shows and with your wholesale customers. We have bartered our bags for soaps, candles, books, and even objets d'art!
The one thing that often holds people back from bartering is the fear of rejection and being told no, which may initially hurt feelings, but that’s about the extent of it. Ask and ye shall receive! The good news is that once you start bartering, it is actually a lot of fun and really helps with cash flow, another important key to small business success.
If you have some creative bartering ideas or examples, we would love to hear about them. Drop us a line below or via Facebook or Twitter.