Business bartering is picking up steam as more and more entrepreneurs discover the benefits and spread the word. That means plenty of people are thinking about making their first deals, and that often comes with more than its fair share of stresses and worries. With that in mind, we thought we’d put a few tips together to take you through your first bartering experience with flying colours.
Make Sure the Exchange is Fair
When you first start bartering, it can be tempting to go in without really working out a fair exchange, especially if you’re bartering with someone you’d like to do business with in the future. The best thing to do is avoid exchanging goods or services of dissimilar type or value. You’ll also want to avoid taking a deal that benefits you too much – you don’t want the other party feeling disheartened enough to do a bad job.
Start Off Small
As with any new relationship, it’s best to start off small and casual. Though it might seem like a good idea to go all in right off the bat, you should really conduct a few smaller deals first. That means small in terms of money value and the time you’ll take to fulfill your end of the deal. No need to get bogged down.
Get It in Writing
People tend to picture handshake deals when they think about bartering. While a handshake can be considered a legal contract, the best thing you can do is put it in writing. Do this even if you already know and trust the person you’re bartering with. It helps establish exactly what is being bartered, when any goods and services are due, and all the other vital specifics.
No need to wait until the final deadline rolls around to touch base with your partner. It’s best to set out key milestones and check in regularly to make sure you’re both on track and maintaining the expected level of quality.