Swapping one product or service for another is a great way to avoid cash outlays and unload slow-moving inventory. Setting up barter relationships is easy. You can directly approach another business owner, or you can hire a commissioned barter broker-look in the Yellow Pages under "Barter" for leads. Or join a barter club or exchange.
Bartering can be particularly useful for service entrepreneurs, who can easily swap their skills with other service providers. Or you can barter for benefits with a local dentist or doctor. Remember, though, that the IRS considers bartered good and services taxable, so keep track of everything you do.
Excerpted from Get Smart: 365 Tips To Boost Your Entrepreneurial IQ
For reprints and licensing questions, click here.