Business contracts and agreements
A critical win-win relationship is needed
A good experience will prolong and strengthen the relationship between you and supplier/ distributor.
· You need to be informed about your customers or partners’ needs and how they will benefit from the relationship.
· A relationship has not been established just because you think it has- both parties need to be involved.
· Relationships are initially based on attitudes. Trust and honesty and then ties are formed which more can be earned and sustained
· Relationships develop a mutual way of thinking: this will increase the longevity, frequency etc
What’s appealing about my business?
· Generator:
o I am the generator alongside my partner.
· Realisor:
o Income source
o Local business prospects
o Chance to improve skills
o Step into industry
· Distributor
o Local means less fuel, more eco-awareness, cheaper
o Interest in the local economy
o Creative outlet with minimal costs
· Customer
o Local interests
o Niche and special
o More personal
o Offers personal courses and meetings/ events
o More accessible
What can I offer?
· I would offer regular business
· Cheaper tax, postage etc
· Industry/ job/ experience
· Variety of activities and design/ briefs
· An interesting niche speciality
Is that enough to make them want to work with me?
What do I need to do to make this happen?
· Workspace is home office at first
· Engage with print and web specialists
· Experiment with own skills to be developed
· Market ourselves to local areas with our personality infused events etc
· Be innovative in our communication
Additional resources, skills, people, information needed?
· A variety of local services that would be interested and useful towards expansion
· Adobe Photoshop, illustrator, Dreamweaver etc
· Website domains
· Advertising space
· Information on clientele
· Information on local history, inhabitants, celebrity and global awareness and sites etc
· Adjustable mannequin
Impact on finances and planning?
· Need market research
· Plans to research
· Finances to travel and explore
· Planning new places, source small and interesting places
· Might take longer to produce magazine?
What sort of deal can you expect with suppliers and partners?
· What you want out of the relationship
· What you are offering
· Why they will benefit
Specification
· A description of the project based on the client brief
· How much time it will take you to deliver
· When you will provide progress reports or staged viewings of work in progress.
· Number of changes a client can make without charge
· Aesthetics
· Penalties I will incur if not delivered to schedule
· Price details for all elements of the project including management fees, print costs, VAT etc
· Payment terms (what stages and how you will get paid)
Payment terms
If the job will take a while set a series of staged payments i.e. 40% on the project being commissioned, 30% mid-stage, and 30% on completion.
For expensive materials ask the client to pay for these upfront and the remainder on completion.
Clearly state payment terms on invoices i.e. 7 days or 30 days etc
Contract agreement signoff
Send 2 copies of the contract/ agreement to the client to be signed off and make it clear that until the signed copy is received work will not start. This becomes a legally binding agreement with clear terms and conditions.
Use a solicitor? Remember you are protecting yourself and customers form misunderstandings, disagreement and crossed wires.
Sale or return
Negotiating a selling figure with a gallery or outlet of which they will take a percentage when the item is sold.
Pay for materials up front
A sale or return basis is used to determine how well an item will sell. Consider reducing the number of items within this basis.
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