just looking for advice

a quite-well-known antique collector in my area has offered me a partnership after seeing o) my website. he asked me if i would like to help market and sell his antiques for him, online. then he'll split the profits with me.

i don't know much about business, but in this case, what are things i need to know? i know it's a VERY general question, but i don't know how to ask. maybe after hearing your input i can ask mroe specific ones.

 

Profits can be messed around with using creative accounting. You would be best off getting a commission on everything you sell through the online store. COntact your CAB & lawyer to get a contract drawn up

 

What does he expect from you? And what do you expect from him? Those are the first two things that come to mind

 

Agreed. Also get everything in writing as poster above points out.

 

he expects me to help market his antiques and attract more customers. i expect money.

but i am getting commissions, aren't i?

 

You both need to talk and set expectations of what you each want out of the partnership. Money is obviously the goal for both of you, but you have to know how you plan to do this and how are you going to protect yourself to insure that you get paid for what you are doing.

The best way to insure your arrangements is to put it in a legal and binding agreement that you have your lawyer draw up. Submit it to him and have his lawyer look over the proposal or vice-versa.

You will also need to know what his budget is and how you are allowed to use the money that he makes available to you. Will you have complete discretion on how the money is used or will there be limitations set by him. EG: ( will you have to approve expenditures, etc.)

Also you are going to need to become somewhat familiar with antiques. This will help you in marketing them on the website and across the net. The more you know about the market he is in the easier it will be for you.

 

commision based arrangement is the best option, I think.

 

yeah i think i will be going for the commission route. i don't have a lawyer (i'm not even legal in the eyes of the law) so i'll just have to accept commissions.

 

Yeah but are you going to pay for PPC etc. out of your commission or will your commission come AFTER the cost of marketing. That's pretty crucial IMO.

The marketing is also branding so even if it doesn't convert directly, it benefits him. So you shouldn't cough up for that IMO.

I'd do it like this. Agree to spend 10% of revenue though the website on PPC etc. for the first 6 months to get things going. Drop that to 5-10 after that depending on margins. Whatever is left out of each sale after that, make sure to get a good chunk out of it.

Make sure you know the 'trade price' of each item. Probably what he paid for it to get it. That way you know before it sells what you are going to make, so you know how much you can spend on advertising it.

 

nope, he will spend on marketing (i assume that as long as the expenditure is reasonable and beneficial). i don't have to spend anything. he's actually my next door neighbour of 5 years, so....

yeah he puts a sticker on each item displaying the price. although some items do get discounted, but those are starting prices.

 

Putting up an osCommerce shop with PayPal isn't that complicated so I;d say, give it a try and see how you go.

 

I'd say tell him that he needs to pay an amount to you every month for putting his antiques up. This way you are sure about your earnings and he can't fool around with it!