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Are you a shop owner that is sourcing products from vendors...maybe trying to get a new deal with a vendor or secure a brand new contract? The negotiation part of making a deal can be tough, especially if you’d rather be in your shop running your business. But if you follow these five tips you could gain the upper hand… and big savings!

1. Remember You’re The Customer

When negotiating the best deal for a vendor’s product keep in mind that you’re the one giving them business. It can be easy to forget that, especially if you’ve been with them for a while and you’re looking for a better deal.

But no matter what company it is, they want your money – otherwise, they wouldn’t be in business! Don’t be a jerk about it, but keep it in the back of your mind that they don’t want to lose you as a revenue stream...and use it to your advantage in the negotiation.

2. Be Flexible

The above being said, you still want to be flexible during negotiations. Both you and your vendors are in business to make as much money as you can. Factors always come into play when discussing the exact terms of the deal, so make sure you’re able to come up with new terms when these arise. Don’t stray too far off your initial goals, though; sometimes things just don’t work out.

3. Don’t Get Starstruck

Sometimes when you’re talking to a vendor you can get wrapped up in the stuff you need rather than thinking about cutting a good deal. Try not to get too “starstruck” with the stuff you’re buying, no matter how cool it is. Worry about getting the best deal you can and then get excited over it in the privacy of your own home.

4. Stick To The Basics

Extended warranties, carrying cases, the extra options. We’ve all been there - vendors will often try to up the price of your deal by offering cool sounding options and features. While these features can be lots of fun, 99% of the time they’re unneeded. Again the vendor just wants to make the most money they can, and this is just a tactic to do so. Stick to the basics of what you need rather than what sounds neato.

5. Don’t Go In Blind

This may be one of the most important tips for negotiating pricing with anybody anywhere – know what you’re getting into! The more you know about the industry, the current rates in your area, and even special deals they cut for your competitors, the better off you’ll be. If you go in blind without having any idea of what to expect you’re more likely to accept a deal you think is good but is it actually terrible. You can often Google or ask around to get informed before you go into a negotiation. In fact, many vendors list their customers right on their website. Why not give them a call?

Good luck in your next negotiation...we hope these tips help you along the way!

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