Learn the Art of Negotiating for Solopreneurs
An important trait of being a businessperson is the ability to negotiate well. However, not everyone is good at it. If you have a hard time negotiating as a solopreneur or simply want to improve this skill, now is the perfect time to learn more. Below are nine tips that help:
Know who you're dealing with and prepare yourself
What can they offer you? Do they have a good reputation? Are they from overseas? Different people of different cultures have unique negotiation styles. Start by researching the other party.
Choose the right place
Your choice of location helps create the first impression. Set to meet at places that are relaxing and peaceful, sociable but not too crowded, and lively but not too loud. Examples are coffee shops or high-end bars. You can also take them to your office and have the opportunity to showcase your products and facilities. A meeting at your home is also ideal as you speak with them in a more comfortable space and show a part of yourself.
Offer a drink and make the first move
If you’re the inviter, offer a hot drink before you start the conversation. Studies show that the feeling of heat makes a person more indulgent. Negotiate by sitting on something comfortable. When you're ready and relaxed, be the first to make your offer.
Play fair with your offer
It is very tempting to bargain and haggle. I strongly recommend not to start this way. If you’ve researched well on who you're about to deal with, make your offer beneficial and in line with what they want. Work with a win-win attitude but don’t give anything without gaining something in return.
Be a good listener and keep the conversation going
After making a generous offer, be patient and let your guest respond. Silence is golden because it gives you time to choose your next words carefully. Listen to their deal and don’t interrupt just to reply. Mirror their body language. If they lock their eyes and lean close to you, then do the same. When they are done talking, it is very likely that you both will have a moment of silence. Promote dialogue to keep the negotiation going and interesting.
Learn to say no
Do not hesitate to say and ask things when you are in doubt. Ask as many questions if deemed necessary. Deception and negotiation have a fine line. Both are likely tactics in the world of business. If you feel there is such a thing, call it out. Doing so may make you sound rude but it will show that you’re not gullible, you mean only well, and you want serious business. Set and stick to your boundaries. You’ll know when the offer is fair for both parties.
Strip-line and renegotiate bad deals
Strip lining is where you let an opportunity go but reel it back in. After a bad deal, both parties are likely to leave. Always attempt to renegotiate. The key is to not take the other person’s behavior personally. Do this not with thinking about the resolution in mind. Another way is to focus on their pressure and not yours. This means thinking about how bad they need your offer and not how bad you need theirs.
Demand their commitment
Document the agreement as soon as possible before they change their minds. Shake their hands with a smile while you hand over the pen and papers to be signed.
Become a friend and a close associate
Open up with more information about yourself over drinks or food. You can do this either during the negotiation or after. Share your enthusiasms, goals, and expectations. Tell stories about your life and listen to theirs. Establish a comfortable space to ensure more successful deals in the future.
A successful deal is not only about having a good offer alone. Research and preparation before a deal contribute to its success. Talking and listening right is important. Also, be wise in accepting, rejecting and renegotiating.