Be sure to review the previous Mini-Series installments here:
- How to Choose a Business Entity
- Can a 50/50 Partnership Work?
- How to Make a Contract
- How to Fund Your Startup
Nearly every business interaction involves some form of negotiation. Any time you discuss the exchange of a product, service, money, or other tangible element for something of value with another party, you are entering a negotiation. You should always go into these conversations prepared with as much information as possible so you can advocate for your best interests, offer convincing perspective to the opposing party, and make informed decisions as the conversation evolves, with the goal of reaching a favorable consensus.
If you view a negotiation as the unnecessary initiation of conflict, try to pivot your attitude. Rather than being intimidated at the thought of asserting yourself, try viewing a negotiation as an opportunity to strategically secure a success for your business. This will help you shift your perspective from fearing the discussion as a personal threat, to feeling motivated and confident to achieve a win for your business.
Use this helpful chart to make your next negotiation a little less stressful, and much more successful:
Are you ready to negotiate your business deal but not sure how to draft it into a legally binding agreement? A seasoned business attorney can help you put your preferred terms in writing. Have you already received a written agreement from another party and have concerns about the risks involved in signing it as written? Ask a lawyer to do a quick review. Some business attorneys offer reasonable hourly fees and quick turnarounds for this service.
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