FLS NOTES
Ahh, February, the patron month of chocolate, roses and relationships!
Finding a brand soulmate is top of mind right now! It's so exciting when you make a connection with another business owner and the sparks start to fly. Before you know it, the creativity is flowing, plans are flourishing, and your caught up in the fever of increasing sales and revenue.
But love at first sight can have a flip side. Have you ever had a budding new relationship just suddenly fizzle out or suddenly break into an argument that calls everything off? We have! Those experiences taught us to slow down, concentrate less on ROI, and talk more about goals, resources, and values.
Slowing down is easy. Talking openly is much harder. No one wants to be reveal too much or appear to be too demanding. So what process can you use to help explore if you and a new partner are on the same page?
Answer: A contract!
Yes, a contract is a "process," even though its not usually thought of as one. Think of it as a blueprint for your relationship and the legal terms are the subject areas to explore together. By openly talking through the topics, you'll conceptualize the nuts and bolts of your collaboration and clarify the expectations for the relationship. And if your new collaborator won't discuss entering into a contract or clarify the details, then you can consider early on if this collaboration fits your needs (or not!).
This month’s newsletter gives a quick guide on the 4 essential contract topics to discuss with your brand soulmate, plus curated online resources to help with your next collaboration. And if you think you've found a brand soulmate, the FLS Drop Shipping Agreement and Merchandise Purchase Agreement are now 20% off to help you solidify your relationships. The sale runs through March 5, 2021!
Happy February,
THE FASHION LAW STUDIO
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