Should you be bartering and trading services to start your small business?

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"Would you be willing to trade?"

It's a common enough phrase in many Facebook groups that I've seen over the past couple of months. Many people trade or barter for expertise, a good deal, or they are just beginning. And there's no reason you should dismiss all trade and barter deals as a new business owner.

There are many reasons you or another small business start-up will go into a barter. 

I tend to work on barter's and trades when my business needs could use an expert. I appreciate getting guidance and networking with other small business owners that typically happen within a barter or trade deal.

Each barter deal doesn't have to be lucrative. Sometimes learning a new skill or growing your expertise with your small business is enough. 

I know I lack social media skills. That being said, I've learned more from bartering my services as a graphic designer with social media managers to run most of the platforms that my small business sustains. Even if I wanted to outsource that skill one day, I still have learned and understand what a social media manager needs to know when I look for one for my accounts.

 Bartering and trading your services is totally up to you as a new business owner, but here are a few reasons why you should consider them and tips on how to handle them.

Making an equal value trade

Make sure to offer what you can with your client. If they provide services in return, look over their packages and make sure you are evenly trading both of your services. You can let them know you might not be able to barter all of their requests within the trade and still offer a fair deal.

I've done a few trade deals where I've offered discounts on my services if I'm working with a trading customer. That way, they would still get the trade at equal value, but they could pay for any other services that they might need.

Do your research before you go into your bartering deal before giving an absolute yes. As business owners, you should have a ballpark of your services' costs and see where you can be most effective for the other's business.

Adding a new skill to your small business

I've had many occasions where my expertise isn't up to snuff, like social media management, for example. It's not practical to expect yourself to do all the tasks perfectly all the time. As a business start-up, you might not have the resources to outsource the job at the moment, so trading your services for another is an excellent solution to your problem right now.

That's not to say you should barter for all the skills you have yet to possess to run your small business. Learn the skills to do it yourself in the interim. If I'm still not comfortable with a skill or task, I typically write it down to service out when I know I'll be consistently making enough money.

At the very least, you will understand the skill. When or if you decide to outsource a task, it's essential to know what to look for in a subcontractor or new hire to your small business. 

Growing your portfolio

When growing your creative portfolio, it can be daunting to find clients when you are just starting your business. Bartering and trading services to build your portfolio is a great way to show your skills and learn what you want in an ideal client.

At the start of your small business, you might find yourself doing many barters and trade deals. Don't be too discouraged. 

If you are new to working in your industry, you might have to learn a bit more on the job than those with any schooling or professional experience. Look at each of your barters or trades as market research to find your skillset and what you will enjoy doing with your clients.

Related Content: 6 Tips on how to create a graphic design portfolio

Earning more testimonials

Many people use barters and trades to gain testimonials for their services. Testimonials are a reasonably common trade to help show how your business impacts other small business owners. 

If you're struggling to network and sell your services, see if you can barter or discount your services for a testimonial. It will help you connect on a professional level with other business owners and let them know you have experience with your industry.

You can do the same when compiling market research. If you can offer an audit, a small service, or a gift that would help connect people with your growing business start-up, see if it's a viable option with your time and resources.

You don't have to do a big job, but make it impactful so your trade-partner won't feel cheated. Performing an audit or consultation is a small task you can put upon yourself to show your expertise to potential clients.

Creating offers for your services

You might be creating your business start-up with a variety of services at your disposal. When I started my small creative business, I could write, edit, and design, so I offered all sorts of packages to seem helpful to clients. When it came down to it, I wasn't very happy or focused on what I wanted to do, so I narrowed down my services to just design to showcase my skills.

If I hadn't offered multiple services initially, I wouldn't have been able to see what made me happy and productive. If you are looking to start a business, but have a few skills you want to try, try them out with barters and trades. You might not offer them eventually, but having various abilities can still help you open doors to other industries and help you network.

You might also barter if you're looking at providing package deals. Packaging a service might be more lucrative in the long run, but you might need to see what and how you can offer those deals. While not every branding package is the same, it might take you a few barters or trades to create one that stands out for your business and ideal clients.

Every small business start-up is different. That means that each offer, trade, or product they produce will be unique to them. 

Trade and barters might not be a possibility for your small business in the beginning, or ever. That doesn't mean they don't provide many productive qualities for many small business owners who are just starting and learning more about being a new business owner. 

Are you considering starting your own small business and needing help with how to barter or trade your services? Join my e-newsletter for more tips on how to start your small creative business. Each newsletter provides small business tips and resources on how to market and develop your new business.