Get Paid First: Ten Days of Success
Written by Dave Lorenzo on May 5, 2020 / Inside BS Podcast
Always get paid up front. That’s one of keys to business success. On today’s show we discuss why you should get paid before you do the work and we discuss how to get paid in advance. Join us for Season 2 Show 23 Episode 145.
There are four reasons why you should always get paid in advance. They are:
One: Getting paid in advance insures good cash flow.
Two: Getting paid before the work is done shifts the risk from you to the other party.
Three: Getting paid up front enhances your client’s perception of value.
Four: Your client will be more likely to be compliant – meaning they will do what you need them to do.
We go into detail on each of these reasons on the show today. We also cover:
How to Structure Your Payment Agreement
Structure One: Full payment up front as part of your basic business terms.
Structure Two: Full payment up fronting exchange for a discount.
Structure Three: Less preferable: Half payment up front and half in 30 days.
Structure Four: Never differ payment until project completion. Instead recieve a bonus at completion.
All of this is covered in today’s show. Listen on the player below.
YOU ARE NOT ALONE
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