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5 Negotiation Tips and the One Negotiation Hack You Need to Know

5 Negotiation Tips and the One Negotiation Hack You Need to Know

How can you be a confident negotiator, get the price you want that feels valuable, and be happy about the transaction?

In a growing world where prices are continually fixed, negotiators and ones who can do so successfully are hard to find.

The truth of the matter is that while most people don’t want to negotiate and will avoid doing it whenever they can, this leads to a tremendous opportunity for those who do know how to negotiate.

The following are the 5 negotiation tips and the one negotiation hack you need to know:

1. Research and set an ideal outcome with a plan to get there

Before you do your negotiation have your research done and know what the market is for the item that you are looking to buy or sell. When you have this figure in mind then you need to plan out the likely ways that your outcome is likely to come to fruition.

Negotiations are rarely going to go according to plan, but you need to set a worse case scenario plan. What is the most you will pay for an item or the least you are willing to settle for in letting an item go?

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Then you also need to do the same for the best-case scenario. What is the lowest price that you can pay for the item or what is most that you can get for the item you are selling?

When you have the best-case scenario you can direct your mind better in what you want to accomplish. The worst-case scenario will show you what you need to avoid and how to be better directed towards a more favorable outcome.

2. Don’t take the negotiations personally           

The biggest resistance people have to negotiations that they might be unaware of is their unwillingness to take out the personal aspect out of the negotiation. They see it as a friendship and aim for a person to like them better than to achieve their goal.

People like others more who they respect. It is more challenging to respect someone who is willing to compromise themselves and what they want in favor of being liked. In the same vein, it is hard to not respect someone who goes for what they want.

Take the personal aspect of the negotiation out of the equation. Focus on what you want and do what it takes to get there. Most negotiations can be totally friendly, but they are actually more challenging to engage in if you are worrying what everyone thinks of you.

3. Bid to the extremes

It doesn’t matter who states the first price. You should be well versed in what this product is worth, the market for such an item, and you should have an ambitious figure in mind for your first offer.

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Whether it is bidding low when you are buying or setting a high price when selling, you are giving yourself more room to negotiate by setting an extreme figure that your counterpart has to accept or adjust for.

Going too far at an extreme has the potential to drive a deal maker away, but there are always more people to deal with. Making sure you set firm your initial standards will at the very worst show the person you are doing business with that you are for real.

4. Aim for counter offers

If the potential deal has come together with only one offer and acceptance, then it is very likely that you could have done better in your negotiations. Upon your first offer, your counterpart should always give a counter offer.

If they immediately accept instead, then you know you could have offered lower or higher depending on your side of the deal.

Remember, most people want to get out of a negotiation as soon as possible. They are worried about upsetting others and don’t want to feel the pressure of the event. Go back with a few well-planned counter offers and you will wear your fellow dealmaker down and get exactly the right price that you were looking for.

5. Honesty first

Commonly there is a lot of negotiation advice that is deceitful or deceptive and this will only inhibit your negotiation skills, strategies, and success as a negotiator.

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While you may get a quick win, it is more important that you develop the skills and can have long standing positive and fruitful business relationships.

For these reasons, if you are the one in charge don’t act like you have someone else making the ultimate decision. This is dishonest and deceitful. Own your negotiation. Don’t tell someone else, “This is the lowest I can go.” This leads to limitations and most people are more likely to do deals with people who are more flexible.

And finally, the one negotiation hack you need to know:

When you are negotiating as the buyer of an item, right before you present your initial offer you need to say something negative about the item up for purchase.

“I like this car, but the tires look bald and will definitely need to be replaced soon. Will you take $5,000?”

You include the negative phrase because it is psychological in nature.

People are motivated by the fear of loss more than the pleasure of gain. When you include a phrase such as the above you give the seller fear and the pleasure of the sale becoming completed right after.

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Most times this hack compels a seller to move the item right then, but if they don’t it gives you an extra edge in your negotiations as well.

Being a good communicator and negotiating what you want is a key to life. If you can’t negotiate, you will be worse off in your relationships, your career, and your life.

How would you be able to have a balanced relationship if you couldn’t negotiate the responsibilities in such partnership?

Use the preceding advice and take your skills of negotiation to the next level. By continuing to practice you will soon feel yourself becoming a fine dealmaker.

Featured photo credit: Robert Owen-Wahl via pixabay.com

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Shawn Schweier

Life Success Coach

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Last Updated on December 1, 2020

How to Find Your Entrepreneurial Passion and Purpose

How to Find Your Entrepreneurial Passion and Purpose

I wrote a few articles about starting a business based on something you love doing and are passionate about. I received several responses from people saying they weren’t sure how to go about figuring out what they were most passionate about or how to find their true purpose. So I’m dedicating this article to these issues — how to find your entrepreneurial passion and purpose.

When I work with a new client, the first thing we talk about is lifestyle design. I ask each client, “What do you want your life to look like?” If you designed a business without answering this question, you could create a nice, profitable business that is completely incompatible with your goals in life. You’d be making money, but you’d probably be miserable.

When you’re looking for your life purpose, lifestyle design isn’t a crucial component. However, since we’re talking about entrepreneurial purpose, lifestyle design is indeed crucial to building a business that you’ll enjoy and truly be passionate about.

For example, say you want to spend more time at home with your family. Would you be happy with a business that kept you in an office or out of town much of the time? On the flip side, if you wanted to travel and see the world, how well could you accomplish that goal if your business required your presence, day in and day out, to survive? So start by getting some clarity on your personal goals and spend some time working on designing your life.

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At this point, you may need a little prodding, and you may want to hire a coach or mentor to work with you through this process. Many people are very used to the idea that there is a particular way a life “should” be. There are certain milestones most people tend to live by, and if you don’t meet those markers when or in the manner you’re “supposed” to meet them, that can cause some anxiety.

Here’s how to find your passion and purpose:

Give Yourself Permission to Dream a Little

Remember that this is your life and you can live it however you choose. Call it meditation or fantasy, but let your imagination run here. And answer this question:

“If you had no fears or financial limitations, what would your ideal life, one in which you could be totally content and happy, look like?”

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Once you’ve figured out your lifestyle design, it’s time to do a little more soul-searching to figure out what you’re truly passionate about. This is a time to really look within and look back.

Specifically, look back over your life history. When were you the happiest? What did you enjoy doing the most? Remember that what you’re looking for doesn’t necessarily have to be an entire job, but can actually be aspects of your past jobs or hobbies that you’ve really enjoyed.

Think About a Larger Life Purpose

Many successful entrepreneurs have earned their place in history by setting out to make a difference in the world. Is there a specific issue or cause that is important to you or that you’re particularly passionate about?

For some, this process of discovery may come easily. You may go through these questions and thought experiments and find the answers quickly. For others, it may be more difficult. In some cases, you may suffer from a generalized lack of passion and purpose in your life.

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Sometimes, this can come from having suppressed passion in your life for too long. Sometimes, it can come from eating poorly and lack of exercise. But occasionally, it may have something to do with your internal chemistry or programming. If the latter applies to you, it may be useful for you to seek help in the form of a coach, mentor, or counselor.

In other cases, not knowing your true purpose may be a matter of having not discovered it yet: you may not have found anything that makes your heart beat faster. If this is the case, now is the time to explore!

The Internet is a fantastic tool for learning and exploration. Search hobbies and careers and learn as much as you can about any topic that triggers your interest, then follow up at the library on the things that really intrigue you. Again, remember that this is your life and only you can give yourself permission to explore all that the world has available to you.

How Do You Know When You’ve Found Your True Entrepreneurial Purpose?

I can only tell you how I knew when I had discovered my own — it didn’t hit me like a ton of bricks. Rather, it settled over me, bringing a deep sense of peace and commitment. It felt like I had arrived home and knew exactly what to do and how to proceed.

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Everything flowed easily from that point forward. That’s not to say that I found success immediately after that moment. But rather, the path ahead of me was clear, so I knew what to do.

Decisions were easier and came faster to me. And success has come on MY terms, according to my own definitions of what success means to me in my own lifestyle design.

Dig deep, look within, and seek whatever help you need. Once you find that purpose and passion, your life — not just your entrepreneurial life, but your entire life — will never be the same.

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Featured photo credit: Garrhet Sampson via unsplash.com

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