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DESIGNWORKS: Getting Credit Terms For Your Business

Posted by learntobead on July 15, 2022

Getting Terms

Whenever possible, I suggest trying to get net terms with your suppliers. Net terms is a form of trade credit. Instead of paying upfront for your supplies, your suppliers will give you some predetermined period of time to pay for these goods. You get your supplies right away without having to pay until an agreed-upon future date.

Usually, you would get Net 30 terms, meaning you would pay within 30 days. Sometimes, if you have not paid within the terms set, you might get assessed a penalty fee.

To apply for net terms with any supplier, you would submit a Credit Sheet.

CREDIT SHEET

You will want to prepare a Credit Sheet which lists the following information. You give this sheet to businesses where you want to apply for terms.

When you buy things from businesses, you can pay cash (sometimes check or credit card) — this is considered Pre-Payment.

You can pay COD (cash on delivery), but there is usually an extra COD charge tacked on.

Or you can pay on terms or “on account”, usually signified as Net 30 or Net 10, where you would have 30 or 10 days to pay your bill. If you don’t pay within that time, the business may take away your privilege to buy on terms, or charge you a late fee.

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FOOTNOTES

Fundbox.com. Trade Credit: Everything you need to know about net terms for your business. n.d.
As referenced in:
https://fundbox.com/resources/guides/trade-credit/

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Thank you. I hope you found this article useful.

Also, check out my website (www.warrenfeldjewelry.com).

Enroll in my jewelry design and business of craft Video Tutorials online. Begin with my ORIENTATION TO BEADS & JEWELRY FINDINGS COURSE.

Follow my articles on Medium.com.

Subscribe to my Learn To Bead blog (https://blog.landofodds.com).

Visit Land of Odds online (https://www.landofodds.com)for all your jewelry making supplies.

Check out my Jewelry Making and Beadwork Kits.

Add your name to my email list.

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Other Articles of Interest by Warren Feld:

Resiliency: Do You Have The Most Important Skill Designers Must Have?

Disciplinary Literacy and Fluency In Design

Backward Design is Forward Thinking

How Creatives Can Successfully Survive In Business

Part I: The First Essential Question Every Designer Should Be Able To Answer: Is What I do Craft, Art or Design?

Part 2: The Second Essential Question Every Designer Should Be Able To Answer: What Should I Create?

Part 3: The Third Essential Question Every Designer Should Be Able To Answer: What Materials (and Techniques) Work Best?

Part 4: The Fourth Essential Question Every Designer Should Be Able To Answer: How Do I Evoke A Resonant Response To My Work?

Part 5: The Firth Essential Question Every Designer Should Be Able To Answer: How Do I Know My Design Is Finished?

Doubt / Self-Doubt: 8 Pitfalls Designers Fall Into…And What To Do About Them

Part 1: Your Passion For Design: Is It Necessary To Have A Passion?

Part 2: Your Passion For Design: Do You Have To Be Passionate To Be Creative?

Part 3: Your Passion For Design: How Does Being Passionate Make You A Better Designer?

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SO YOU WANT TO BE A JEWELRY DESIGNER
Merging Your Voice With Form

588pp, many images and diagrams Ebook or Print

PEARL KNOTTING…Warren’s Way
Easy. Simple. No tools. Anyone Can Do!

184pp, many images and diagrams Ebook or Print

SO YOU WANT TO DO CRAFT SHOWS

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198pp, many images and diagrams Ebook or Print

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