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In this video, Mitchell Losey discusses the importance of contracts for those starting a photography or video business. He highlights common challenges new entrepreneurs face, particularly regarding payment discussions with clients. The scenario involves receiving inquiries from known and unknown clients without established pricing or service expectations. After completing a project, the lack of communication about payment can lead to awkwardness when asking for compensation. Mitchell emphasizes the necessity of having clear contracts that outline services and pricing to avoid these uncomfortable situations and ensure both the business owner and the client understand financial expectations from the outset.
