One of the challenges for any start-up business is finding customers. Joining Tradebank gives you an immediate sales channel. Once you become a member of Tradebank and start accepting the currency of the exchange, TRADEdollars, other Tradebank members will become your customers.
TRADEdollars can be converted into other products & services such as advertising to attract cash paying customers. This allows you to conserve precious operating cash by leveraging your products and services rather than using your cash profits or additional debt.
For those businesses and individuals considering barter/trade as a technique for maximizing profits, the experts at Tradebank suggest the following tips:
- Think Trade First before making any purchase for your business.This is especially critical for start-ups, when you are establishing relationships with new vendors, some of which you may be able to pay via TRADEdollarsTM. Some items you may need are office equipment, advertising, printing, professional services, renovations and the like.
- Use barter/trade to maximize sales by selling unused or unsold inventory at full prices. This can include: filling empty hotel rooms and restaurant seats; creating new sales channels from a new group of barter buyers with available trade credits to purchase from you at full prices; and providing professional skills or services to maximize billable time and reduce downtime.
- Train your vendors to use barter to your own advantage. When suppliers approach you for business, try to make barter one of the contingencies of making your deal.
- Buy on trade, resell for cash. Barterers frequently have the opportunity to acquire goods or services on trade, which can be resold to their cash customers.
Financing a new business in this economy is challenging. Contact Tradebank for assistance with your start-up.
Kim Groff, Regional Owner, Tradebank Saskatoon