Entrepreneur Nicole Murphy’s new venture is not a funding option for businesses that need loans.
The founder and CEO of Barter Black, Murphy says a critical survival issue for Black businesses is lack of funding. She tells BLACK ENTERPRISE that her business is set to reduce that challenge by normalizing bartering. Her platform offers a funding alternative for Black-owned businesses.
She points out Barter Black addresses the unfortunate statistic that Black entrepreneurs are the most likely group to request funding. Yet, they are the least likely to receive it. She maintains that her concept will allow Black business owners to trade their services or goods with other Black entrepreneurs. It also will allow them to barter such services as websites, skin care, coaching, and graphic design.
Murphy says Barter Black now includes a network of more than 300 Black entrepreneurs who believe they can benefit from the bartering relationships. She says you don’t have to worry if someone is willing to barter because everyone on the platform is.
“This is historic, and this is going to be a game-changer on how Black entrepreneurs and business owners do business today,” Murphy says.
Her concept is intriguing because lack of capital is a huge hurdle many Black proprietors face when trying to start, run, or expand a business.
“By using our platform, businesses free up monetary resources to be re-channeled to other vital parts of their business operations while ensuring they get the goods or services they need by leveraging their experience and expertise,” Murphy says.
So how do they accomplish that?
Murphy says Barter Black is an online bartering network for just about any service that Black entrepreneurs need. It operates on a subscription business model, allowing business owners to post their services. The platform offers three subscription packages that run from $49 to $99.
“When using Barter Black, you have to ask yourself what do you need a loan for? Is it for marketing, administrative assistance, or accounting?” she points out.
“These are the types of services you will be able to get on the Barter Black platform through bartering. No money is exchanged!”
Murphy says one of her biggest obstacles is educating entrepreneurs on the concept of bartering because they are not use to it in today’s money-driven society.
She will have a Black Carpet Affair that will exclusively launch Barter Black this year February 18-19 at the College Park Marriott Hotel and Conference Center in Hyattsville, MD.