As a small business owner, you’ll likely find yourself in the position of negotiating with vendors and venues at some point. For my business, it has always been in the March/April time when venue owners and vendors update their prices and policies.
You should do the same!
It’s important to keep a few key things in mind when doing so, in order to get the best possible outcome for your business.
You may see this period of time when vendors and venue owners “up the ante” so to say. I used to get a little bitter at this time each year.
Why are you raising my prices? I’d think. Or, Why are you asking me to go through so many hoops in order to book you? I just want to give you money! Why are you making it so hard?!
First and foremost, your job is to advocate for your clients. Be clear about what you want and need from vendors and venues that ensures the best possible experience for you and your clients. What are your goals for the event or project? What are your budget parameters that ensures your couples get the best value? Knowing this information upfront will help you immensely during the negotiation process.
Another key tip is to be prepared to walk away from a business relationship if it’s not beneficial for your business. Most relationships have an expiration date, and business relationships are no different. Sometimes, the best way to get what you want is by showing that you’re willing to walk away from an unfavorable deal. This can be a difficult thing to do, but it’s important to remember that not every negotiation will result in a successful outcome.
Finally, don’t be afraid to ask for help from someone who has experience negotiating deals. Not all negotiations have to be strictly this-for-that. We have negotiated guaranteed sales with vineyards, for example, by including the price of a bottle of wine and a couple of glasses in each of our package offerings. The vineyard got wine and product sales, and the couples got wine and a nice keepsake.
If you are stuck and need a good outside-the-box idea, don’t hesitate to use me at ElopementBiz.com for some ideas. That’s what I’m here for! Having an experienced negotiator on your side can make all the difference in getting a good deal for your business.
The big take-away is to advocate for your business and your clients. This is where you really earn your value, and it will pay greatly down the line!
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