Handmade Knitted Baby Booties (Creative Commons Zero — CC0)
Some of the biggest challenges of having a home-based business are getting new customers and building awareness about the company.
Let’s take an example of a typical Etsy business. It’s a one person shop making handicrafts hoping to sell it to a wider public. This entrepreneur is generally really interested in handmade crafts and would be interested in buying them themselves. So they themselves fit their ideal customer profile.
The question arises, why don’t all these independent craft makers trade amongst themselves without money, via barter? The answer is that bartering is not a convenient form of trade.
Let’s go back to our typical Etsy business owner. Imagine she wants to get a handmade personalized bracelet and she finds a bracelet maker on Etsy that makes exactly the kind of bracelet that she wants.
She makes knitted baby clothing items like knitted mittens and blankets. If she wants to make a barter trade, giving one of her knitted baby items in exchange for one of the bracelet maker’s bracelet, that trade will only work if the bracelet maker in fact wants one of her baby items. The odds are not good if the bracelet maker has no babies.
This is why bartering is not common.
With MyCurrency, that will change. Now, the knitted baby clothing maker, can offer her shop’s points to the bracelet maker, instead of one of her items. The bracelet maker can accept the points and just keep them for later when she finally needs them.
Or until she can trade the knitted baby clothing points for the points that she actually wants. This is a lot easier than holding the mittens, and trading them, as trading digital points would not require shipping a physical item.
By using MyCurrency, these Etsy business owners can find their biggest customer base within their own community of business owners. Plus trading points across different sub industries within the Etsy community could help the Etsy business owner widen their audience.