I have learned while being a business owner that there are relative terms that do not necessary mean the same thing to all.I do not mean your relatives.. Sometimes those are bad enough but what I am talking about here are those words that mean one thing to you and can have a WHOLE other meaning to someone else. Watch out! Here is a little more definition on what I am talking about…
A relative word is a word that does not have an exact definition, and can change depending on the context and is very subjective
This list will grow and grow as I go along so I know this post will row and change and I might start making a page of these as a joke, but here are a just a few issues I have had with :
- ALL: When someone tells you they are going to give you ALL of something you need, make sure you know what their definition of all is and what is yours
- Help: When someone says they will HELP you make sure you know in what form and what style and how much of their time. Be very clear on expectations for both of you or one of you (I mean you) will be very disappointed. (also goes with volunteer)
- Carry your line: When someone says they want to carry your line, make sure you know completely what that means to them. One piece? The whole line? One portion of that line?
- Read :When someone tells you they have read the rules, instructions or directions for something, make sure they truly have because “read” can mean skim, glance, read enough to take a test on it, etc, it does NOT necessarily mean they truly read it
- Late: Late to you could mean 5 minutes. Late to them means the end of your event
- Consignment: Consignment can mean 60/40 60 to you 4 to them or 60 to them 40 to you. It can mean 70/30 either way. It can mean you have a side of the boutique or a side of the wall. Make sure you really know the details and get it all in writing
- Trust: There is no trust. Get that in your head now. The person who is your best friend will and could steal your idea, forget to pay you, not think they should pay you and so on. I am not trying to be cynical, but real.
- Guarantee: I have heard models tell me the “guarantee” they will be there for a fashion show. Photographers “guarantee” their images, their time, etc. I am learning this means nothing. There is no Guarantee. I have now lumped this into the same as Trust. You can’t trust anyone and there are no guarantees in fashion
- Wholesale: Lots of stores want wholesale pricing. This has a been a hard lesson for me to learn. I of course feel like I would love to get my items out there in the stores, but learning pricing can be difficult. Some stores mean they want 50% off your MSRP and some stores are willing to go with 25% discount. Make sure you know up front what you are willing to sell your items are wholesale too and keep with that. Store owners do talk to each other and if you give one percentage to one and then change it to another be ready for drama.
- MSRP: Manufactured Suggested Retail Price. There has been a controversy on what that actually means. Make sure you are clear on this and then when you are marking things down, you are getting your value and profit back
- Tradeshows: I call everything I do as a show a Tradeshows. To some people a Tradeshow is only a huge big event with high priced tables. Craft shows, trade fairs, hobby shows, and art shows all have many different labels. I am very concerned with changing up what I call these mostly, because the viewpoint of others for selling my items at Craft Shows versus TradeShows. Also on Shark Tank Mr. Wonderful often downgrades and demeans others by telling them they don’t have a business, they have a hobby or a craft. Be prepared for a variety of shows and call them what you will, just be warned your version of that and others might be two different things.
So there are the words I have for you today. As I said, I am sure I will add to these as I go along. Enjoy these terms. Just be warned and make sure any of those words you are unsure about it get clear definitions and means for what both of you might mean.