Wednesday, April 8, 2009

Bartering for Business

When you first begin your business chances are you have very little money to move your business forward. The exception is that you already have a ton of money already at your disposal or you have taken out a loan. If that's the case you can still benefit from what I'm about to share to help you to save the money you already have.

There's a cool thing called bartering your services for that of another. There's no money exchanged but make sure to get a written contract drawn up so that there are no misunderstandings about the bartering services.

If you view the chart above you will see an example of bartering among different industries. To further explain bartering let's say for example you have started a website design business and you need advertising to give your business some exposure. You could reach out to an advertising business and "exchange" services with them. You would design or offer to enhance their website and in turn they would provide you with some free advertising on their website or other form of media.

The important thing to know about bartering is that while it can be a successful relationship with another business, make sure that the services they are offering you are of equal value to you. Once you have come to a mutual agreement on the type of services bartered, length of time etc, with the other company, bartering can be very successful for you both.

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