You might even pay for books and samples.įor your business to have access to these accounts, there is a time and monetary investment. Not to mention, having and using the same vendors means you have a better relationship, better pricing, better customer service, and quicker sourcing because you are familiar with the line, the fabrics, the team, etc. You’ve placed orders to maintain your annual spending requirements. You’ve invested money in placing opening qualifying orders (and maybe carried inventory AND kept is safe in the hopes to sell it to an upcoming client). You’ve invested time researching vendors, going to market, meeting with vendors in your office, shopping for new release items/fabrics, and so on. There is a cost for you to have this account. This is the professional trade-only pricing that you applied for, qualified for, and maintain because you are a business and have met (and continue to meet) certain requirements. So this doesn’t make them a red flag client, this just means they need clarity into your process and your business model.Ġ2 | It costs you and your business time (which is a higher value than money) to have these accounts. 01 | First let’s assess, WHY are your prospective clients and clients asking this question?Īre you marketing yourself as a discount designer? Are you only showing images of you shopping at retail or discount stores? Is your body of work or marketing attracting clients who can’t afford trade items OR people who simply do not want to pay for them? If you’re like NO NO NO then I want you to know your client is likely asking this because they’ve heard other people do this, NOT because they expect you to do it. This one gets me pretty heated (it’s NOT a discount, it’s your trade pricing) and in this post, I’m going to share a few ways to respond PLUS my thoughts on why you should never ever (or, “never sever” as my daughter says) share your “discount” with clients. You’re on a discovery call with a potential client and they ask the dreaded question that makes your skin crawl. This week’s Dear Dakota question is one I know you have dealt with before. That includes the tough lessons some employees learned after spending thousands of dollars to exercise stock options that were rendered completely worthless after the sale to Bed Bath & Beyond.ĬNBC's parent NBCUniversal is an investor in Recode's parent Vox, and the companies have a content-sharing arrangement.Designer submitted Question “Will you share your discount?” There's a lot more to the story of what went wrong at One Kings Lane and what e-commerce entrepreneurs and employees can learn from it. Within months of raising $112 million for his company in early 2014, then-CEO Doug Mack stunned insiders and outsiders by leaving for the same role at Fanatics, an online seller of licensed sports apparel. One of the first red flags now seems so obvious in hindsight. But that project was killed less than a year after launching. The startup tried to jump-start growth through new initiatives like Hunters Alley, a site that was like an eBay for high-end decor. To make matters worse for One Kings Lane, the furniture and home decor categories are much less seasonal than the fashion industries, meaning there wasn't as much unsold merchandise to come by organically on a quarterly basis, as there is for discount sites in apparel. In short, it was really tough to keep the selection of goods fresh on a daily basis. Traditional retailers and brands also began running their own versions of these sales on their own sites. Over time, the company secured $225 million in investments from firms such as Greylock, Tiger Global, Kleiner Perkins Caufield & Byers and Mousse Partners, and at one point it booked hundreds of millions of dollars in annual revenue.Īs the economy bounced back, however, excess inventory was harder to come by for flash-sale sites across the board. Personal Loans for 670 Credit Score or Lower Personal Loans for 580 Credit Score or Lower Best Debt Consolidation Loans for Bad Credit
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