Negotiation is a tough skill to master, yet one of the most effective in business once learnt. Across most industries, negotiation has caused concern for many small business owners not 100 percent confident on how to negotiate rates and get their businesses to kick off. This has also proved to be a common problem amongst experienced employees aiming to secure important business deals for their company.
This guide to the top 3 negotiation tips will help freelancers and start-ups become more confident and successful negotiators.
Specialise In A Particular Area
A common mistake that’s often made, particularly among freelancers, is being unsure how to specialise in a particular field. Though it’s great to have many different skills and want to dig deep into a bit of everything, the corporate industry is fast-moving with changes happening every day. Therefore, specialising and perfecting yourself in one area is far more valuable than being mediocre in five different areas. If you are unsure of what you want your brand to represent or what the actually focus is (it happens a lot more than you think), when it comes to negotiating you are already at a loss.
There are things you must know before entering a negotiation, just ask negotiation specialists The Gap Partnership. What is your brand? Who is your target audience? What service will you provide? Once you understand your own identity, not only will it help you feel more confident, it will also make prospects more willing to pay higher rates in somebody they can trust as an expert in their chosen industry.
Research Is Key
The more research and information you acquire before entering a deal, the better your negotiation and chances of success will be. Before entering a deal it is vital to be well prepared for what is thrown at you, particularly if you are a freelancer negotiating on your own, or a start-up trying to win your first big business deal. Know who you are dealing with, ask them questions about their company and be confident in what you want from them. This practise is vital and important to gain experience in this type of research. Many freelances take on negotiation training and courses to help master the techniques. Entering a negotiation without having thoroughly researched the surrounding terms, and conditions and dependencies will leave you looking vulnerable and underprepared, and will even have the opposing party questions whether the deal is worth their time. Good background knowledge and research will make you look credible and give you the opportunity to spot flaws in the opposing party’s arguments, building your own confidence as you continue the negotiation process.
It’s Not All About Winning
Entering a negotiation can be daunting, particularly if it’s a new experience to you. As much as we all want to come out of the deal successful and happy with the result, as a freelancer or start-up one of the most important negotiation tips is to realise that as important as winning a negotiation is, it’s about making sure both parties are happy. Particularly for start-ups, being able to build working relationships with other brands can prove to be far more beneficial for the future, than winning a deal in the short-term. In some cases and in order to keep building business relationships after the negotiation has been settled, it might mean having to walk away from deals to keep the opposing party happy.