Grow Your Business Through Bartering

People have exchanged goods and services off a barter system for centuries. For those unfamiliar, bartering is the exchange of goods and services for other goods and services. In today's world of business, bartering has become a modern way to grow your company. The growth of barter exchange networks, such as ITEX Houston, have given business owners a sophisticated way to generate new sales and penetrate untapped markets.

Bartering is a Modern Way to Do Business

Bartering is useful for businesses of all sizes, especially for small start-ups. These start-ups are looking to scale upwards, but may not be able to afford the goods or services needed to help them accomplish this. Often, this is when bartering comes into play. For example, say you're an experienced accountant and need back-end coding done for a website, but have no clue where to start. The cost of the coding services ranges anywhere from $1,000 - $5,000—this is where being a barterer/negotiator comes into play. You offer your expert accounting skills to a business in exchange for their ability to code your website.

Know Your Value Before Bartering

There are a few things entrepreneurs should have on their checklist when determining when to barter. As a business owner, knowing your value is key to making a truly impactful trade. You must be able to determine the cost of the services or goods provided by your counterpart and what amount of goods or services you are willing to provide in exchange. Once the value has been established, then move forward with the transaction.

Join a Barter Exchange Network

Individuals considering barter should start by joining a barter exchange network. At Douglas Business Solutions, we've experienced incredible success locally by joining the ITEX Houston barter exchange network. ITEX Barter Exchange has helped our businesses generate new sales, conserve cash, and increase profits through their excellent trade system.