Creativity and Money Matters
If you are a creative person, it can be safely concluded that money-matters are not your strength.
That’s a problem.
You could be the greatest talent ever born, but a transaction happens only when supply meets demand at a certain price.
Of course, we needed to open this subject with pricing, but as we all know, pricing is a big big subject and even reams are not enough to address this complicated issue, therefore let us not elaborate on this here.
However, other things are also extremely important.
You must be able to send the client a Formal Estimate with break-ups. Trust me, this is not as easy as it sounds and many creative people find it well nigh impossible.
Are you going to ask for an advance. Usually where 3rd party costs ate involved, an advance is the norm. How much advance will you ask for ? One Delhi-based image editor once asked me for a 75% advance (yeah, you cannot trust me, but I must trust you).
What planning have you done to guard against mid-project cost escalation. Mid-project cost escalation is not professional and no client will appreciate it.
How will you ask for your balance ? Will you hold on to the final product till your money is cleared ? Are you going to give the client the product with your logo embossed so the client cannot use it ? What’s your approach.
The idea behind the above is not that I am an expert with these things. However, this is where you need to have a method.