Lesson Three
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Lesson Three
Before you jump into any partnership or collaboration, get your value proposition in order! You need to have a strong proposal available on hand to present to another brand or individual. This is your tool to sell yourself and what value you bring to the table.
The topics that you need to include in your presentation are the following:
These concepts should be clearly stated before any meetings with partners to ensure everyone knows what they are getting out of the deal.
As you get bigger in Brand and more successful ,you may even get other brands and individuals that approach you to be part of a collaboration. This is at your discretion as to whether you want to be included or not, as they might not be offering something that benefits your Side Hustle. Or, you may have approached another brand yourself to create a collaboration, but they are asking for too much in return.
Always remember you have the power to simply say NO. These are not legal requirements, and you have the right to decline an offer if you think you are worth more that what is on offer.
No one can force a partnership on you, and you will never give your best effort if you are unhappy with the terms agreed upon. So, do your research, state your requirements upfront, and make sure you are excited about every Collaboration you agree to!
The idea of a Collaboration can always seem very informal and more of a friendly partnership. But the relationship you have with any Collaborator is irrelevant as it is still a business deal that has objectives to be met. Even if there is no money being exchanged, you are bringing some value to the table, and it needs to be returned.
So, it is essential that you have something in writing (physical or electronic doc) that confirms who is in the Collaboration and what is expected of each person. This is important to identify what each person needs to fulfil in their role and what is being traded. Get is signed before any work of value is exchanged to make it official.
It may seem unnecessary in the beginning, but this document will save you a lot of hardships down the line if the Collaboration falls apart. So, safeguard yourself from any Skelms out there!
What should you formally sign before starting a Collaboration?
