Entirely unique negotiation techniques for entrepreneurs
Entrepreneurs can’t avoid negotiations, and that’s a fact they can’t omit.
Now that you’re established a company, hired employees and dealt with investors, it’s time to learn how to negotiate with them and help your start-up thrive. Experts agree that every entrepreneur should have a personal negotiating style. It’s important to set yourself apart from the competition because you want to people to see something different in you, something they can’t see in someone else.
Unfortunately, today’s business world is cutthroat. With the advent of the internet, only those that can value the power of social media will succeed. Having solid negotiation skills is fundamental for entrepreneurs; apart from dealing with investors and suppliers, you will be compelled to negotiate with customers and employees. It’s them you should convince that your start-up is worth checking out.
Company owners should want to be different. They should want to use strategies and employ ideas that nobody else has had the courage to adopt. They should also want to negotiate differently. Here are some unique tactics you might want to use to win people over.
Forget about money, focus on relationship
They say money is everything in business. Well, they’re wrong! Right now, social media is everything, and you don’t need a lot of money to market your company on Facebook as long as your ideas are catchy and insightful. When people see something they genuinely like, they will instantly want to share it on the Facebook/Twitter page with their peers. During a business negotiation with another important company in the same domain, it’s best to work on win-win agreements. “You help me, I help you; you scratch my back, I scratch yours” – this should be your motto.
Negotiate and be willing to accept a lower deal
Not every company would accept a bad deal, although if you’re a new start-up, you should get all the help you need. Let’s assume you’re a shoe company with little online exposure. What can you do to make your brand famous? Be ready to spend some money before seeing returns. Here’s a golden tip to help you make a profit: negotiate with fashion bloggers – fashion bloggers have thousands of fans, so sending them shoes for free and asking them to give you a tag can boost your sales.
Basically you’re losing a few hundred dollars to get more fans. But if these new fans will like your product, they’ll be more than happy to buy it. This is how most starting companies do business. They negotiate by agreeing to a deal where they have to pay in order to see returns.
Find leverage and use it wisely
Negotiations are not about exploiting a counterpart’s weakest points. Sometimes, they’re about using an advantage to get what you want, and maybe more. Having leverage can instantly help your business thrive. If your new start-up offers something unique (let’s keep the shoe company model and assume you manufacture shoes with removable heels in different colors and shapes), this means the entity you’re negotiating with will want to have it.
And since there aren’t many shoe companies out there to offer women shoes with removable heels, this means you have leverage. Use that advantage to your favor, but try not to seem greedy. Work on a deal that can bring you benefits, but maintain a professional relationship with your opponent as well.
Don’t assume win-win deals are for losers
Sadly, many business people think that win-win deals are for losers. It’s because they assume you’re negotiating for nothing, so what’s the point of doing it in the first place if the end result is a 50/50 offer? Now let’s look at the bright side. Mutual agreements foster professional relationships; apart from building connections you have high chances of doing business with those people again. In business, relationships are fundamental. They’re necessary for your company’s success, although if you’re not being careful they can also destroy you.
If you’re an avid entrepreneur who dreads negotiations, you should consider a few negotiation trainingsessions. The internet is your oyster; search for seminars, watch tutorials with professional business people, or subscribe for a complete training assembly. The secret to mastering negotiations is to find the courage to speak up; as long as you can do that, in time all your fears and emotions will fade away.