Negotiation 101: How to Get What You Want as a Young Entrepreneur

Negotiation is something you use every day, especially when starting a business. It takes skills like being flexible, confident, and paying attention to others, whether you’re sharing ideas or teaming up with partners. Here’s a quick guide to help you prepare and improve your negotiation skills.

Know What You Want and Why

Before negotiating, you need to be crystal clear about what you’re after. For example, say you’re selling homemade candles at your school’s holiday market. Decide beforehand that you want to sell 20 candles for $10 each. Write it down so you don’t get sidetracked by someone asking for a discount or extra work, like custom designs, that you’re not offering.

It’s also good to figure out where you’re willing to be flexible. Maybe you’re cool with dropping the price to $8 if someone buys five or more candles. Knowing your non-negotiables helps you stay focused and confident when you’re talking to customers or setting up deals.

Gather Knowledge First

It’s always smart to learn a bit about the person or business you’re talking to. For instance, if you’re pitching an idea to a local business owner, you should find out:

• What kinds of products or services they sell
• What industry they’re in
• If they might have enough money to sponsor or support your idea

You can figure this out by:

• Looking them up online
• Sending them a quick email to ask a few questions
• Checking out their business in person to see how they work

Preparation pays off—LinkedIn reports that 76% of top sales performers always research before reaching out to prospects. Write down what you learn so you can tailor your pitch and feel confident when the time comes.

Create an Irresistible Offer

Say you want to save up for a new pair of shoes you’ve been eyeing. You decide to run a bake sale at lunch to earn some money. Instead of just asking your principal, “Can I sell cookies at lunch?” explain why it’s a win for them as well. For example, you could say, “I’ll make sure the area stays clean, students are on time to class, and I’ll even donate 10% of the profits to the school fund.”

This way, they’ll see the benefits and be more likely to agree. It’s always a good idea to think about what the other person cares about and include that in your pitch—it makes them more likely to say yes.

Practice Your Pitch

Here are some easy ways to practice your pitch and get more confident before any negotiation:

• Role-Play with Friends or Family: Grab a friend or family member and have them ask you questions, like something a business owner or investor might ask. Try explaining your idea aloud and answering questions confidently to practice thinking under pressure.
• Use the Mirror Trick: Get in front of a mirror and rehearse your pitch. Check in with your posture and expressions to make sure you’re coming across as confident and polished.
• Record Yourself:Use your phone to record your pitch. Play it back or show it to someone you trust for feedback on things like nervous habits or parts that need to be clearer.
• Start Small: Practice negotiating in everyday situations, like asking your teacher for extra credit or convincing a sibling to trade chores with you. It’s great for building confidence for bigger talks.

Master Active Listening Skills

Active listening helps you really understand the other person’s concerns, show that you care, and find solutions that make sense for both of you. For example, if a client says they’re on a tight budget, you could say something like, “I totally get it,” or, “What if we tried this?” It shows you’re adaptable and open to working with them, which makes them more likely to agree with you.

Let’s say you’re trying to get a classmate to join your small startup, but they’re worried about not having enough time. Instead of brushing it off, you could say, “I understand. What if we divide the work so your part only takes about two hours a week?” By offering a simple solution, you show that you’re willing to make it work for them.

Be Bold

Negotiation is a skill anyone can get better at if they keep practicing. Make use of these strategies the next time you’re making a deal or even in everyday situations. As a young entrepreneur, you’re already making big moves—so why not use negotiation to take things to the next level?

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