By Peter Wink
During a recession, the skill of bartering is an absolute must for anyone needing to save money.
The Oxford Desk Dictionary and Thesaurus defines Bartering as exchanging goods and services without money. Now you may be asking, “How can I get anything without paying money for it?” Terrific question! Before I answer, let's look at some examples of Bartering.
When you were a child, did you ever exchange toys and football cards, or your school lunch for something else? In return, did you get a more valuable card or a better tasting lunch out of the deal? Or did you get something else you just had to have? These are all forms of Bartering!
When you Barter, you exchange something of value for something of even more value to you. The beauty is that what you're giving up is perceived by the 'other side' to be of more value to them. This leads to a win/win situation for both of you.
Let me give you an example of how I put this skill to work in a common situation.
I decided to launch a new Internet business and needed a state-of-the-art website featuring the latest technology, graphics, pictures, and symbols. I decided on exactly what I was looking for and came to the realisation that it was going to cost tens of thousands of dollars to build it. $35,700.00 to be exact. I did not want to fork over that kind of money, so I decided to Barter a deal!
I came up with a 'needs' list. There were three needs.
1. EXCELLENT copy. No problem, I could just write it myself.
2. State-of-the-art programming. Luckily, I had a business partner who was a web-programming wizard, willing to do all the programming for no money. He just wanted a small percentage of the business.
3. Graphics, pictures, symbols, and a logo. This was my biggest major challenge because I didn't want to spend any money. And I did not have a business partner with graphic design skills.So I decided to Barter for this service. It turned out to be easy.
I decided to find a young designer looking for credibility, as well as their first break! The search went great. It turned out that an experienced graphic artist was working for one of my clients. I asked her if she'd be interested in doing my design work and she welcomed the opportunity. I soon learned she had zero experience designing graphics for Internet sites. At the same time, she was a great offline designer. Here's where I got creative and began to Barter. I told her that if she would agree to design all the web pages, logos and graphics…my partner would teach her how to convert her graphics into web applications. She agreed and we completed the website with no money out of pocket!
You too can Barter these types of deals all day long! It takes a combination of creativity and a lot of practice. Bartering can make you a fortune, save you from financial ruin, add new profit centres, improve your lifestyle, open up new capital opportunities and stretch your mind to a new level of possibility, fulfillment, and achievement.
You may be asking, “What if I don't have anything to Barter”? If you stop and think about it, you probably have more to barter than you give yourself credit for. And I can prove it!
Always remember that everyone has specific needs just like you. Everyone has to eat, drink, have transportation – we'll you get the picture. The point is that you have incredible skills that can be Bartered all day long. You're more than likely overlooking them because you're used to having them and possibly taking them for granted. We all do! These skills can be Bartered over and over again. I call these skills 'Your Personal Riches'.
Ok…let me take a moment to show you how to discover your personal riches. I'm going to walk you through what's called a Personal Riches Analysis. Here, you'll write down some of the things you'd like to Barter for. You'll then analyse your skills and talents to determine what you'll use for Bartering. Let's go through each step – one-by-one!
Answer each of the following questions...
Dealmaker's Note: You may have had trouble filling out the three lists. Don't worry, it happens! It's to be expected. Walk away from the lists for a couple days and take more time to think them through. One way to break through this psychological barrier is to ask for help. Ask a friend or family member to help you list your talents and skills. Doing this does two things for you…
Now I want you to take a couple minutes and look at your three lists. Did you find overlooked talents and skills that can be Bartered? Do you now see just how valuable you are?
I remember the first time I went through this exercise. 'Writing' was at the top. I've always had a knack for writing sales copy, advertising, slogans, tag lines, books, poetry and song lyrics. I've been able to exchange this skill for products/services over and over. All good companies need strong copywriters; and they don't come cheap! I'm sure you discovered skills worth far more.
Now, I want you to take a few minutes and make a list of products/ services you need for personal or business use.
Did you complete the exercise and list five gatekeepers for each of the three products/services? If yes, then go on to the next step. If no, go back and list them. Why am I so adamant about this? To Barter effectively, you need to know who you will be Bartering with and form a strategy. The more options you have…the more powerful a position you have in any negotiation. If you only have one choice, you will have little leverage to barter.
Hopefully, you now see that you're worth far more than you ever dreamed possible. The best part is that I only asked you to list a few skills/talents you could Barter. There are probably even more! You may even be thinking of learning a new skill, just to Barter it in the future.
Practice Bartering often and you'll see how much money you can save instantly.
And that's advice you can literally take to the bank!
Peter Wink is a negotiating expert and bestselling author of Negotiate Your Way to Riches and Buying Secrets Retailers DON'T Want You to Know About. www.buyingsecretsretailersdontwantyoutoknowabout.com
