One Thing: Day 277: Walking Away…
Day 277: Walking Away…
Yesterday I sent you an email explaining why I do what I do… THANK YOU from the bottom of my heart for all the beautiful replies/messages.
And no, I don’t privately wear lipstick dress up in women’s clothing… but I’d be lying to say it doesn’t sound like a great time.
In other news…
I’ve been eating candy and wearing a mask for 6 months.
Not sure Halloween will be the same this year.
Your ONE COACHING THING Today Is:
‘80 / 20 Negotiation’
I’m on a roll here with the 80 / 20 magic.
There are MANY that can teach you negotiation far better than I.
But I can tell you that when I was in my early 30’s I negotiated a $750,000 coaching deal.
I created the vision…. sat with the lawyers, helped draw up the contracts, found my ideal prospect, closed the deal myself…
Got it signed, sealed, and delivered… Bingo, Bango, Bongo.
Did many other 6 figure coaching deals that looked like $100,000, $250,000 and $500,000.
As I look back… here’s what I learned as far as 80 / 20 relates to negotiation.
Mega successful business owners are mega-successful negotiators.
No one wants to feel like they’re ‘losing’ or ‘giving too much’ so you need the other party to feel like they’re having a win.
1. Manage your psychology, be aggressively patient, and be willing to WALK AWAY.
2. Have faith that ‘good deals’ come together and ‘bad deals’ fall apart.
My mentor told me that ‘deals are like busses… there’s always another one coming.’
3. YOU draft the agreements (not them) where and if possible. Start with a Memorandum of Understanding (MOU) prior to spending too much time and money.
4. Negotiations can be predictable. Allocate more time to planning the negotiation rather than making decisions as you go.
5. As part of intelligent planning establish items you’re willing to dramatically move on / eliminate and also a list of your must-haves.
Mentally move to the other side of the table and establish what you assume are the other parties ‘must-haves’ and areas they’re willing to move on.
6. When coming to an agreement, of any kind, 20 percent of the points in the agreement will result in 80% of the value.
As negotiations move along concede some of the points in the 80% so the other party feels the win.
7. 80% of the negotiation will come together in the last 20% of the time. An amateur will rush everything…. Don’t rush and don’t give away your 20% cause you’re impatient (see point #2).
8. In consideration of #4, pace your negotiation to address the most critical parts as the deadline approaches. Assuming the deal is a good one and coming together (see #1) the other party is far more likely to be flexible at the later stages than the earlier negotiations.
Assuming a territory deal…
An example would be ‘first right of refusal’ on the territory besides the one they’re purchasing.
A small-scale example with your clients is when they buy from a supplier…
“I’ll buy exclusively from you provided you’ll give me 60-day terms or a 7% discount when I pay upfront.”
The mistake your high-end coaching clients make… they don’t negotiate.
They avoid it!
You heard it here first.
Obsessed with your business coaching success,
Karl Bryan aka King Karl
PS. Losers visualize the penalties of failure. Winners visualize the rewards of success.
PPS. If you’re looking for a proven system to follow for your coaching…. I created business coaching software and high-end step by step training to support it…
It’ll teach you ‘How to find any small business owner $100,000 in 45 minutes without them spending an extra dollar on marketing or advertising.’
Imagine finding your annual $12,000 to $50,000 coaching fees BEFORE you started coaching your new clients?! And a proven coaching system created for you to follow with your new coaching client.
Reply to this post if you want to start following a proven coaching system.
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Entertaining, Informative, Uncensored, Unedited:
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Karl Bryan gets clients for Business Coaches...period. He is the Founder and Editor-in-Chief of The Six-Figure Coach Magazine and Chairman of Leader Publishing Worldwide, home of the largest private community of Business Coaches (24 countries and counting) in the world.
His goal is straight forward… to help serious coaches/consultants get more clients.