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Do not do a link exchange! Google flat out bans them in their SEO guidelines
For instance, a pet store and a dog walker have a real reason to link to each other (same target audience, relevant products/services).
Donít skip this as a valid link building tactic, however. New websites need links, and exchanging a link is a solid way to not only gain a trusted inbound link, but potentially to gain direct traffic form the other website. That traffic could easily bring with it more links as those new visitors spread the word about your own website.