The Most Effective Way to Spend Your Barter Money
Reduce Business Expenses
The first thing you should seek to do with your barter money is reduce your out of pocket business expenses. These are costs that you have and money you would normally spend, to replacing these costs with barter currency can improve your business cash flow. Services such as accounting, legal fees, advertising, and the like can be found in our network.
Spend on Business Needs
There are likely products and services that your business needs and using your barter money to pay for these items, can help you expand the business using money that you would not otherwise have. If you have been putting off making purchases or contracting services due to cash flow problems, this is where barter can be a big win.
Reduce Personal Expenses
Any money used from your business barter account for personal expenses becomes taxable income to you. That being said, it’s better to spend barter money, especially if it’s money that you would have not otherwise earned. This allows you to keep your cash for other expenses, or perhaps even save it.
Spend on Personal Needs
Similar to the business needs you hold off on, there are often products or services that we put off acquiring just because the money isn’t there. By bringing in new revenue through barter, you might give yourself the freedom to spend money on yourself. This is where that vacation can come in. It’s not that we don’t want you to take a vacation; it’s just that it shouldn’t be the first spending priority.
We hope this is helpful to you as you build your barter revenue. If you need to generate some new barter business, or if you need to find business or personal services to spend your barter money on, reach out to your broker and he or she will help you get the connections you need.