In these economic times, your home business may be short on the cash you need to get products or services that are important to you. Many businesses — not just home business ventures — are turning to bartering in order to get what they need. Whether it is a service or goods, bartering can help you get what you need when you provide something that someone else needs. No money needs to change hands.

It is important, however, to keep a few things in mind when you are bartering with fellow business owners for goods and services:

1. Be professional. Remember that this is a business arrangement. You need to remain professional throughout.

2. Be specific. Be clear about what you are offering, and what you need. Only by sharing specifics will you and your bartering partner be able to come to an arrangement that benefits both.

3. Use a contract. Make sure you put your agreement in writing. Specify how many hours of service you are exchange for certain goods. Realize that this is a binding business agreement.

4. Remember to pay your taxes. Many business owners do not realize that barter income (and expenses) are still subject to tax. You report what you gave in the exchange as an expense and what you received as income. The IRS offers some insight into how to report barter income.

In times when it can be hard to get your hands on cash to keep your home business running, it is no surprise that many people are turning to bartering to get what they need. Whether you want marketing help, delivery, goods or something else, it is usually possible to get it without using money — as long as you have something of value to offer in exchange.