Google largely devalues a link to your site if you link back to the site doing the linking, but if two-way links are the only ones you can get, then it is certainly better to have some reciprocal links than no links at all. You may want to ask peers in your industry, fellow business owners, and your friends for links from their sites in exchange for one from yours.
Google knows that sometimes people do link to each other for practical purposes, like experts in a particular field who value each other’s content and contributions. Top experts don’t always cite another expert without a linkback, so there is something to be said for some reciprocal links having real value.
My advice? Don’t waste a lot of time on this method, but don’t ignore it entirely if the linking sites are topically related. In addition, you need a variety of links, so it could be a red flag if all your links are one-way and have the same anchor text.
What you are looking for is a natural-looking link profile that evolves over time, uses dozens of different anchor text links, and points to all of the pages on your site…not just your home page.
What are your thoughts on reciprocal links?