entrepreneur Nicole Murphy A new venture is not a financing option for companies that need loans.
The problem for black companies to survive is a lack of funding, says Murphy, founder and CEO of Barter Black. Says Black Enterprise Its action is designed to reduce this challenge by normalizing trade-offs. Its platform offers a financing alternative for black-owned businesses.
She notes that Barter Black addresses the unfortunate statistic that black entrepreneurs are the group most likely to seek funding. However, they are the least likely to receive it. It asserts that its concept would allow black entrepreneurs to trade their services or goods with other black entrepreneurs. It will also allow them to barter services such as websites, skincare, training, and graphic design.
Murphy says Barter Black now has a network of more than 300 black entrepreneurs who believe they can benefit from barter relationships. She says you don’t have to worry if someone is willing to trade because everyone is on the platform as well.
“This is historic, and it will change the rules of the game in how black entrepreneurs and business owners do business today,” Murphy says.
Its concept is interesting because the lack of capital is a huge obstacle that many black landlords face when trying to start, run or expand a business.
“By using our platform, companies free up financial resources to redirect them to other vital parts of their business operations while ensuring they get the goods or services they need by leveraging their expertise and experience,” Murphy says.
How do they accomplish that?
Murphy says Barter Black is an online barter network for any service black entrepreneurs need. It runs on a subscription business model, allowing business owners to publish their services. The platform offers three subscription packages ranging from $49 to $99.
“When using Barter Black, you have to ask yourself why do you need a loan? Is it for marketing, administrative assistance, or accounting?” she points out.
“These are the kinds of services you will be able to get on the Barter Black platform through bartering. Money is not exchanged!”
Murphy says one of the biggest obstacles she faces is teaching entrepreneurs the concept of bartering because they are not used to it in today’s money-driven society.
She will have the Black Carpet Affair issue that will exclusively launch Barter Black this year from February 18-19 at the College Park Marriott Hotel and Convention Center in Hyatsville, Maryland.