Bartering for a better bootstrapped business

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Have you ever heard the phrase “Two heads are better then one”? I have and I assume 95% of you have as well. This is a definite statement that any business owner should believe, and is the key to bartering with great benefit. There is no doubt in my mind that bartering works. I’ve done it and have seen others do it with great success. Oftentimes though, bartering is overlooked because most small business owners do not see the value in it. They’re looking at it from a “Well, the big companies don’t do it, so why should I?”. When bartering is not fully understood, this is how it’s conceived, but for those of us who really understand the value of networking and business growth, bartering is a logical stepping stone to growing your small business.

Bartering your time and resources can be very beneficial to you, not only as a way to connect with businesses but as a way of free advertisements and word of mouth marketing. For instance, if you’re company deals directly with copywriting and you lack the design skills to really put forth the same professional look on your marketing materials (website, business cards, flyers, ect) as your writing does, you might want to barter some copywriting to a design company in exchange for some of their design skills. You could write up some great articles concerning the need for a great website/business card design, and in it, casually mention the design companies name and link and in exchange, they can design your website and business cards.

But what do I get out of it

Going into any bartering situation, you’ve got to weigh your options. Does what I am getting from the other company really benefit me? Is the time I spend working on something for them taking too much time away from my own business? Is it a good connection? These are some of the things you’ve got to ask yourself. In most cases, as long as you’re saving time by having them help you out, you’re able to give some of that time back. But why would you do that instead of just working out the problems for yourself if in the long run it doesn’t save time anyways?

Networking with other businesses

If you’re a small business owner, odds are that any helping hand you can get is much appreciated. The same goes for the other side. When you’re able to help another company out with an issue they’re having, they’re more then happy to help you. This can prove to be very rewarding because you never know who you’re going to make friends with that might end up bragging about your kindness (and in turn, your business) to another friend of theirs that ends up becoming a customer. This brings me to the next positive point in bartering your bootstrapped company.

Bartering is great marketing

If you’re bartering with a company, offer to exchange some promotional materials as well in the exchange. If you pass out monthly newsletters, offer them an advertising spot in the newsletter in exchange for some business cards on their cashier counter. After you’ve networked with the business owner across from you, and you’ve built a solid report with each other, now is the time to start milking it. No, I don’t mean to take advantage of the other person, but give each other equal benefits.

As you might have noticed, I have a newsletter sign up on the top left of the site here, and in the upcoming month, the first issue will be coming out. As of right now, I have 1 person I am exchanging some free advertising with in exchange for an article written by them in the newsletter. To explain it a bit better, I am publishing an article they wrote in my newsletter with their byline at the end of it with links to their website, ect. in exchange for some free advertising on their site for my blog design company. We’re both benefiting because I get the free advertising, and he gets the free exposure to people that his company and website targets.

Make your win/win situation today

Lets try a little exercise; take out a piece of paper (or open notepad, google docs, ect) and write down a list of any businesses that you purchase goods from, advertise with (or would advertise with) or are a direct side business to what yours is (for instance, website design and website hosting companies).

Once you’ve done this, think of 2-3 ways you could benefit each company, and 2-3 ways they could benefit you. If the time/money values are close in each, send them an email or call them and discuss how you can benefit their company in exchange for a little help from their end. You’ll be surprised at the response you get, and with a little bit of time and effort, bartering can help your bootstrapped business grow quicker then you could imagine.