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In this video, Mitchell Losey discusses the importance of contracts for new photography and video businesses. He highlights the common scenario where a business owner begins working with a client without having discussed payment or project specifics. This can lead to awkwardness when it comes time to address compensation, especially if the deliverables have already been completed without an agreed-upon price. Losey stresses the necessity of clearly defining expectations, including cost, before starting a project to avoid uncomfortable conversations and ensure that both parties understand the terms of the arrangement.
