Not all deals are made with cash
When we think of business deals, we often visualize the shaking of hands, contract signing, and handing over funds in exchange of services or products. We’ve forgotten how to make “playground” deals like we did when we were kids. Usually, this comes in the form of trading toys or lunch. Sometimes, you might even tutor your younger brother if he does your chores for a week. I went back to these playground basics today.
In exchange for a 75% tuition discount, I work at the school library. This has become a bad idea because my tuition discount is considerably less than what I would’ve earned if I spent those lib duty hours working on my sites.
Today I learned that the Dean hired a new marketing/business consultant for the college. She was good friends with the librarian, and, by association, I got into “accidental” contact with her.
It turns out that the school is planning to launch a new marketing campaign. Currently, our print ads… well… suck. The consultant pointed this out. I also “casually” mentioned that the website was horrible, and that I, an experienced web publisher, could do a better job. (Hardly a subtle hint!)
She was very interested in letting me do the job. However, since we’re a 3rd world college and the school is giving her a marketing budget worth peanuts, she said “I can’t pay you your regular rate. Can you do it pro bono?” Knowing the school’s situation, I knew she wasn’t bullshitting me.
Still, I said “No,”
“But I’d do it for a 75% discount in tuition for next semester.”
She seemed happy with the idea and asked me to send her a proposal. She then pointed me out to one of the school’s administrators, mentioned my “talents” to the Dean, and introduced me to a Fine Arts professor I never met before. I feel confident that I’ll get the deal. If I don’t - nothing was lost.
Although a tuition discount is technically considered as money, I think it would’ve been a bad idea if I just said “No” after realizing that the school couldn’t pay. There are other ways to make deals with people, trading services rather than currency. The important lesson is not to close your options when negotiating. If your business prospect doesn’t like your quote, you can give a reduced quote while asking for something in kind. This could be a couple of backlinks, a referral, some samples of their products, etc. In my case, it’s a big load of worry off my back (tuition), gaining new contacts (the consultant can easily expand my network), and adding something to my very small portfolio.
So don’t forget to use your imagination. Sometimes, these non-cash payments are worth more than what you’d expect.
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Great story and I couldn’t agree more! Not only it is important to think about other advantages to doing the job rather than monetary payment but also the flow on affect, for example adding to your portfolio and networking
I like the idea of exchanging a skill/good for something else rather than monetary reward really opens up the idea of how to do business and brings the humanity aspect in - we are all just humans trying to get something done. Its almost like a buddist economics approach.