How do you pay for it all in advance ?

For traders and related people to share

Moderator: Moderators

Post Reply
User avatar
Martin
Absolute Wizard
Posts: 2712
Joined: Thu Apr 24, 2008 9:30 am
Location: wales

How do you pay for it all in advance ?

Post by Martin »

We're filling in our forms for shows coming up and an alarming amount want 100% payment in advance most in fact and it is understandable if your organizing a show I understand that, but we just dont have the £2750 we need to pay them all, and also there is the worry that if any shows are canceled getting the pitch fee back can be a difficult problem, not anyone's fault I also understand that, but how , as a small trader I was just wondering how do you cover the cost of so many shows at the beginning of the year ?
We're drafting a letter asking if we can pay 10% of the pitch fee and the rest nearer the date as we get money in from other shows we do. :)
Just a query really
:)
"you dont make friends with salad!"

G Cooley
Posts: 30
Joined: Thu Aug 09, 2007 9:08 am

Post by G Cooley »

Hi Martin,

Unfortunately we are probably not the best example as we only do half a dozen markets a year. However, we know how much each show is likely to be and put this much aside from the previous shows to cover the cost.

It is part of the budget planning for each event along with the petrol, child care, hotel accommodation and extra meals that may be required.

We are quite particular about the shows we go to for a number of reasons but the main ones revolve around wanting to keep this as our hobby and also the ones we expect to cover our costs at and then hopefully make a profit. It does not always work and we do get ad shows but the budget planning helps.

The plan does not have to be detailed but have you thought about puting say 10% from each show away into a saving account for this? You know that you will need £2-3k every year so 10% should help. You may be able to link the savings account to your mortgage so you save interest on the mortgage.

Graham

User avatar
Martin
Absolute Wizard
Posts: 2712
Joined: Thu Apr 24, 2008 9:30 am
Location: wales

Post by Martin »

The plan does not have to be detailed but have you thought about puting say 10% from each show away into a saving account for this
we did that for the first 2 years and it went rather well, but after almost 2 years of crappy summers/ canceled shows etc last year we were literally hand to mouth most of the year and this years debts are mostly carried over from last year, at the moment things are going rather swimmingly :D , internet sales are up by about 60% and things are looking very good for the coming year, truth be told we're really looking forward to it, its just little glitches like all pitch fees in advance that's a sticking point at the mo, though not an insurmountable one , we're sending a letter out with each booking form explaining things and for those that can hang fire for a while thats great, but those that cant and need the pitch fee staright away, well those are shows we may have to skip but other stuff is coming in all the time at the mo, we cant belive the difference between this time last year and now :D
"you dont make friends with salad!"

User avatar
Tod
Absolute Wizard
Posts: 2884
Joined: Wed Aug 17, 2005 11:25 am
Location: A small part of Scotland hidden in middle England
Contact:

Post by Tod »

Ask them if you can post date the cheque.

User avatar
david smith
Posts: 415
Joined: Tue Jul 19, 2005 1:28 pm
Location: Wellingborough
Contact:

Post by david smith »

You get to trade for free at the Boot Camp, also the East Anglian Medieval Fayre!

The other shows I'm doing this year it is money up front but only first of previous month up front. Too many traders let me down last year, probably for extremely good reasons, but I'd prefer to know how many are definitely coming so I can plan the layout etc.

Best wishes
David
Image

User avatar
Martin
Absolute Wizard
Posts: 2712
Joined: Thu Apr 24, 2008 9:30 am
Location: wales

Post by Martin »

Ask them if you can post date the cheque.
did that year before last and over half were banked and honored by our bank prior to the date, apparently post dated or not, if its put in the bank the bank cleared em :lol: , I ( and the chaps who put em in) thought that they would only clear on the date on em :) .
"you dont make friends with salad!"

User avatar
david smith
Posts: 415
Joined: Tue Jul 19, 2005 1:28 pm
Location: Wellingborough
Contact:

Post by david smith »

That's cos the banking system doesn't care what date is on the cheque, it goes on the date they enter the system, so if the cashier doesn't clock the date is wrong, or the signature is missing, or that words and figures don't match, then it goes through. Their machine readers only pick up the specially inked stuff printed on the cheque, ie sort code, cheque number, account number. The cashier has to manually enter the amount. The system puts current date.

Best wishes
David
Image

User avatar
nathan
Posts: 130
Joined: Thu Oct 20, 2005 1:27 pm
Location: Winnipeg, MB, Canada
Contact:

Post by nathan »

Slight CUBA

Martin, don't rely on post-dated cheques, afaik the process of post-dating has been specifically disallowed by T&C's by all the big banks for at least the last 10 (if not longer) years. If a cheque is presented to a teller they will process it at that point.

HTH
N.
http://www.conroidevey.co.uk
Beware of dragons, for you are crunchy and good with ketchup.

User avatar
Phil the Grips
Absolute Wizard
Posts: 2000
Joined: Thu Jul 28, 2005 2:01 pm
Location: Auld Reekie- capital village o' Jockland
Contact:

Post by Phil the Grips »

It's illegal to write a cheque knowing you don't have sufficient funds to cover it- which is what you are, in effect, doing when postdating a cheque.
--Angels also carry weapons--
http://www.blackboarswordsmanship.co.uk/

archerofthelevy
Posts: 25
Joined: Mon Dec 08, 2008 1:15 pm
Location: Hereford, UK
Contact:

mortimers cross

Post by archerofthelevy »

Weve had 2 post dated cheques from traders, wishing to join us in September. They just informed us they were post dated so I've filed them until the nearer the time.
I appreciate the trader may cancel nearer the time but I tend to believe that they will turn up!
I run The Levy, an archery and living history based group in and around Hereford and the Welsh borders. C15th... And for my sins I'm now editor of The Re-Enactor. http://thereenactor.webs.com

Pilsbury
Posts: 43
Joined: Fri Jul 27, 2007 12:05 am

Post by Pilsbury »

david smith wrote:You get to trade for free at the Boot Camp, also the East Anglian Medieval Fayre!

The other shows I'm doing this year it is money up front but only first of previous month up front. Too many traders let me down last year, probably for extremely good reasons, but I'd prefer to know how many are definitely coming so I can plan the layout etc.

Best wishes
David
if Martin books up the east anglian David please let us know as there would be no point us coming if Martin is there as we sell his stuff as well as ours. We cant make Boot camp unfortunatly.

User avatar
Druid
Posts: 39
Joined: Wed Aug 31, 2005 4:43 pm
Location: Almunecar, Spain
Contact:

Post by Druid »

I know that most show organisers probably will not let you pay by credit card. But some of the bigger, more commercial ones might, and these are the ones who are probably asking for the bigger fees!

If you can pay by credit card(NOT debit) you are protected as if the show is cancelled you have not been provided with the service that you paid for and so can claim from your card company. You also get an extra month to find the money if you time it right;-).

Paul
www.re-enactment.com
Never put off until tomorrow what you can do today because if you like it you can do it again tomorrow!

Anthony of the MSS
Posts: 300
Joined: Thu Aug 18, 2005 10:33 pm

Post by Anthony of the MSS »

Martin- quick tip from my friend who is a (non-reenactment) trader..

Presumably you have to put money aside to pay your tax at the end of each year. Get an offset mortgage, and use this sum that’s sitting there accumulating over the year before vanishing off to HM Treasury in April to offset against your mortgage each year. The saving on your overall mortgage is normally a darn sight more than you would get in interest from putting the money in a savings account.

Doesn’t solve your immediate problem, but will reduce your mortgage quicker and free up capital in your house.

Disclaimer: I’m not a qualified financial advisor – seek your own professional advice on this before you consider doing anything.

Post Reply