Fast Action Fridays show – Listen to replay here.
Are you guilty of bartering away your business future?
True, bartering your services won’t generate cash to pay your bills … but that doesn’t mean you should never consider it.
There are tangible benefits for both parties if done well.
And lots of headaches, if not.
On today’s show, I shared what to consider before initiating an offer to barter or saying yes to one. After all, the last thing you want is a barter that produces a lop-sided deal that leaves you (or the other party) frustrated, overwhelmed, and … broke.
Be sure to listen to the replay for additional advice shared and feedback from listeners not covered in this recap.
The main problem with bartering is …
The main problem with bartering is most people think they are getting something for free. It’s primarily a way to not spend money.
That thinking is rooted in a scarcity mindset. They fail to consider the full value of what’s included in a fair exchange … one that produces win-win results.
10 Essential Points to Consider When Bartering
- Will you be getting something you’d like to buy anyway?
- Is either party providing something they would normally (or should) pay for?
- What are the specific dollar values of the services and products being offered for barter?
- What is the term or anticipated life-span of this barter?
- What are the other terms of this barter? For instance, how will you handle grievances or decisions to discontinue the arrangement?
- What other non-monetary values in the exchange do you (or the other party) expect or hope to gain?
- Can you name at least 3 specific benefits that you will receive, and their importance to you?
- What are at least 3 specific benefits that the other party will receive from what you supply in the barter exchange?
- How will each party monitor and track the values given and received?
- Does the time, energy, and expense of what you are providing at least equal or exceed the your perceived benefits?
Check in with your energy vibes and intuition
Don’t forget to check in with your energy vibes and intuition. How do you feel about this offer or opportunity? If anything feels off, look for the reason behind it.
— Maybe the barter is a good one, but the scope of what’s being offered needs tweaking.
— Are you giving away more than you’ll gain in return?
— Maybe you’re using this barter as way to not face asking someone to pay for your services
— Maybe seeking free coaching is masking a scarcity mentality. Yes, it could be true you haven’t the money right now to invest in coaching, but have you really explored how you could change that circumstance?
— Do you secretly believe that coaching won’t help you … so you don’t value the investment in yourself … or the expertise of the coach willing to barter?
Bartering the Bridges to Success way
Getting out of bad barter situations … and negotiating win-win ones … is a popular topic among my clients and business networking friends. I’ll be sharing more advice, plus providing real-life examples of barters that were blessings and barters gone wrong in the new Bridges to Success Essentials program starting soon.
In the meantime, during the show I offered to supply listeners with more details from one of my favorite win-win barters. Be sure you’re a Fast Action Fridays subscriber to get free access to that report.
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Share your experiences and advice in the Comment section below.
Have you participated in a business barter? Did it work out well for both parties? What would you do differently next time? Do you have advice to share with other readers?
Please share your experiences in the comment section.