When you’re sourcing a product, negotiating price is a crucial skill — but it doesn’t have to be aggressive or awkward. Here are 3 practical tips to help you negotiate more effectively:
- Have More Than One Supplier in Mind
Don’t put all your leverage into one option. When you’re talking to 2–3 top suppliers, you gain negotiation power — and peace of mind — knowing you can walk away if needed.
- Know Your Maximum Price — and Stick to It
Decide upfront what the highest price you’re willing to pay is. If the supplier can’t meet it, be ready to walk. You’ll avoid emotional decisions and stay within your margin targets.
- Ask What Quantity Unlocks the Best Price
You might not hit the best pricing on your first order, and that’s okay. Just make sure there’s a clear path to better pricing as your volume grows. Lock that in early.
In the beginning, aim for a fair deal — not perfection. Strong supplier relationships are built over time, but your profit margin starts on Day 1.
When you’re sourcing a product, negotiating price is a crucial skill — but it doesn’t have to be aggressive or awkward. Here are 3 practical tips to help you negotiate more effectively:
- Have More Than One Supplier in Mind
Don’t put all your leverage into one option. When you’re talking to 2–3 top suppliers, you gain negotiation power — and peace of mind — knowing you can walk away if needed.
- Know Your Maximum Price — and Stick to It
Decide upfront what the highest price you’re willing to pay is. If the supplier can’t meet it, be ready to walk. You’ll avoid emotional decisions and stay within your margin targets.
- Ask What Quantity Unlocks the Best Price
You might not hit the best pricing on your first order, and that’s okay. Just make sure there’s a clear path to better pricing as your volume grows. Lock that in early.
In the beginning, aim for a fair deal — not perfection. Strong supplier relationships are built over time, but your profit margin starts on Day 1.
