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How do I negotiate a good deal?

Tuesday, 31 August 2010 | By Patrick Stafford

Negotiation skills are crucial when starting your business. You won’t have the cash to spend as much as you want, so negotiating discounts and deals with suppliers, customers and advertising teams will be crucial to helping you get off the ground.

 

Don’t be shy when negotiating deals. When talking about buying ads, or dealing with suppliers, be upfront about how much you’re willing to spend. Part of this means being prepared to ask for as much as you possibly can.

But you should also expect to make compromises. If you’re offered a deal and it’s better than you thought it would be, keep going and ask for more – you want to stretch your money as far as it will go.

Be prepared. A negotiation only works when you have something the other party wants, so list three or four reasons why you’re offering a good deal – will you ensure a repeat sale? Can you show market research to a supplier indicating you can sell products extremely quickly?