I have often been asked the question “when is the best time to join a barter exchange?”. My answer is, “the best time to join a barter exchange is any time that you have excess capacity to service new customers or provide them with products.”
In thinking about it more, I think the real answer is, “whenever you first learn about BarterPay is the best time to join.” Even if, technically, it isn’t the optimal time in your business cycle, joining BarterPay is just putting a tool in your tool belt. There will be times where you use it more and other times less based on a wide variety of factors. The only time that it isn’t worth joining is if you are already on the path to bankruptcy.
Even if you are planning on selling your business, your business is worth more if you leverage barter to increase revenue and offset expenses, so in turn increasing profit. Also, there are business consultants, and accountants who will accept barter to help you get your business into the best position possible for sale. At the very least, why not turn idle time or excess capacity into a better sale price.
But I started this Blog based on the opposite end of the business lifecycle and the thought that “My Business Is Too New I am Not Ready For Bartering”, so let’s take a look at that.
What are the reasons new business owners do not feel ready when approached by Barterpay?
- They are confident that their business will be successful and they will have no problem getting customers.
- They have earmarked all the funds they planned on investing in their business and the $495 activation fee is just too much right now, and they do not feel they can afford the cash cost of goods to service the barter customers.
- Feeling overwhelmed by the amount of tasks they have it setting up their business, hiring staff or running the business on a shoestring budget. If it is their first business launch, they are just figuring out how to run a business and don’t want to take brain space figuring out a concept that is foreign to them.
Why should they look past these reasons and join Barterpay sooner rather than later?
- Immediate business from customers who are business owners. Not only is this revenue to the business, these are great connections to make for both gaining referrals but also for learning from successful business owners on what they did to become successful.
- If you join BarterPay before you launch or shortly after, you can use barter to offset many of your launch costs like advertising, renovations, signs and printing. You also have personal expenditures which you can use barter for instead and grow your business. To learn more about using personal spending check out “Personal Spending and TRADEdollars®”.
- Not only can you offset costs that you would have incurred in Canadian dollars, you can also invest in obtaining additional services for your business to help guide you or just to relieve you from tasks you are unnecessarily doing yourself.
- Accountant to make sure your books are setup for success.
- Bookkeeper to take care of bookkeeping and payroll.
- Business coach to guide and encourage you.
- Social media consultant.
- Copywriter of material for the web.
- A proper well designed website vs low cost do-it-yourself version
- Legal services to make sure your contracts and other documents are properly drafted.
- Cleaning services
- Computer technicians
BarterPay will always be there when you decide that it is now the right time to barter… but the sooner you open an account and work with our barter consultants the sooner you start to benefit. While we specialize in maximizing barter, our team has years of experience working with small to medium size business owners and can provide helpful advice beyond our services.