London Inc. June 2022 - 26

Upfront Economics
THE BUSINESS OF BARTER
Putting a modern spin on the oldest form of commerce, barter is emerging as a hot
entrepreneurial niche and a valuable tool for businesses of all stripes
POUNDS, EUROS, CRYPTO, dollars, your credit card
balance: all these are, essentially, made up ideas. Money,
as we know it, exists in the abstract, as a medium of trade
that only has value because we agree that it has value. It is
little more than the conductive material that facilitates the
trade of goods and services; take it away, and you're still left
with tradeable goods and services - a consumer system you
probably recognize as bartering.
And far from being a thing of the past, the business of
bartering remains an active part of the modern economy.
Six years ago, Greg Kahnert -owner of custom furniture
business Wood on Steel and a serial entrepreneur who has
been involved in a long list of local enterprises - joined
BarterPay Inc. (www.barterpay.ca), a Hamilton-founded
bartering system designed to facilitate cashless trades
between businesses that has steadily been growing its
member base throughout the London-Middlesex region.
" There's about 200 members in London right now, and
growing, " he says. " It could be anything, from a massage
therapist to a real estate agent to a doctor or dentist. There's
26 | londonincmagazine.ca | JUNE 2022
Shane Harrison of BarterPay, and Wood on Steel owner and entrepreneur,
Greg Kahnert
HVAC guys. Printing companies, ice cream places. You
name it. "
At its heart, BarterPay hinges on the premise of what you
have to trade, versus what you need. What Kahnert had was a
custom woodworking business and a handful of finished spec
pieces -in other words, surplus inventory that wasn't earning
him anything. What Kahnert needed was a new showroom for
Wood on Steel. He had the space - an old pawn shop building
at 759 Dundas Street - but needed a ton of work put into it. So
where did he turn? The BarterPay network, naturally.
" I did a trade deal with the guy that did all my framing, " he
explains. " I did a trade deal with a guy that did my drywall.
I'm going to do a trade deal with the guy that does taping and
mudding. I'm looking for a plumber to come in and do that on
trade. "
If you ask him, the possibilities are virtually endless, and
the savings realized are substantial.
http://www.barterpay.ca http://www.londonincmagazine.ca
London Inc. June 2022

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