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Are there affiliate programs already running in the same industry? You can check to see what kind of commissions they receive. If it is electronics, the margins are much thinner than, say, psychic advice. Also, make sure you get all details in writing including payout scale, pay periods, payment terms, notice of agreement termination, etc...
Actually, it's related to women apparel and accessories. I am not much aware of many related popular affiliate programs, at least here in India.
Also, I haven't yet had any talk to the client regarding any written agreement, actually he's an old client of mine and we are working together for the last two years and so far haven't faced much problems.
If the standard affiliate commission is 10% I would shoot for at least 15-20%. The margin on the products you are promoting is probably somewhere around 25-30% so that should be a workable deal for your customer.
Make sure you both have access to the joint clients (in case things go sour).
Make sure you both have access to the stats of the site.
If you are going to be partners, I'd suggest that 50% each of the net profit (i.e. after the cost of producing the goods and shipping etc..) would be fair, but it really depends on what you are bringing to the table.
We get approached by companies looking to do the revenue share thing and insult us by offering the same rate they offer affiliates, this doesn't sound like it's an affiliate scheme so don't let them treat it as such. My advice on the percentage is to have 3 levels.
Ideal - Best deal for you
Walk Away - Don't do the deal for less
Win-Win - The deal sits right with both parties
If you are promoting the site, don't let them think they hold all the aces, without your skill they have a pile of apparel sitting gathering dust.