One of the 5 Deadly Sins that Entrepreneurs make is to try to do it alone. We make this mistake for many reasons, but mostly because we're cash strapped and trying to save every nickel. There are several ways to get some help without using capital. One of them is the old fashioned bartering system. I know many entrepreneurs who have mastered this skill.
Let me give you an example:
We know an entrepreneur who has just opened a fitness franchise with the goal of opening several in the next few years. He has created a budget in his business plan and is doing his best to stick to it to ensure he has a solid amount of working capital. He also knows the importance of managing his accounting books. So, he worked out a deal with a CPA firm to offer them free memberships in exchange for monthly book-keeping services.
We also know another entrepreneur who sells unique sporting goods products. She has worked out deals with several vendors, including attorneys, to exchange their services for products.
Action Plan:
- Make a list (yes, pencil and paper) of the services you need for your start-up.
- Start communicating to your network that you have a need for these services, and begin acquiring some trusted vendor contacts.
- Now it's time to use those schmoozing skills that every entrepreneur must have.
- Develop a relationship with each vendor so that you know what their business and personal needs are.
- Create value for your vendors by connecting them with potential customers that you may know.
- If you have a product or service that they might use then don't hesitate to ask. I love the saying..."don't ask, don't get."
I bet you can work out some great win/win exchanges that will save you cash!
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