Bartering involves the exchange of goods and services without using money. It’s the earliest form of trade.
Bartering has the advantage that you don’t need any money to start to make things happen. What you do need is a good peer group who are willing to help you out in return for your skills when they need it.
You might barter some skills with artists, but you don’t have to limit yourself to this. If you can design a website why not offer these skills in return for help with your tax return or childcare? Artists have also used barter as a way to build up an art collection.
You could have a go at setting up your own bartering network with two well-known models:
- Local Exchange Trading Systems (LETS). These work on the principle of exchanges goods and services without using money. LETS use a system of community credits, so that direct exchanges do not have to be made. You earn and spend credits within the scheme for anything you need.
- Timebanks work like LETS with a system of credits that can be exchanged. There are several Timebanks in London that you can get involved in.
Artquest’s Exchange network is an example of how artists can exchange assets without money. Exchange was set up so artists could swap studios to work in another place or country in a cost-effective way.
Be warned if you’re a member of a scheme where you can exchange credits for real money. The tax office will count it as an earning and it will liable for tax.
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