In this Tuesday Teaser, I want to talk about getting your numbers right when negotiating for your services. You’re going to get meetings with business owners who want your services for their locations. But you’ve got to make the numbers work for you.
This is where you begin to negotiate. It is all about making sure your time, your energy, your business, is not taken advantage of. So in this chapter, we’re gonna discuss the following:
- Is the juice worth the squeeze?
- When it comes to overtime, who’s responsible, and can I bill you for it?
- After all these services are rendered, how long will it take to get paid?
Maybe you’re a new business owner that’s already got overhead, that’s invested anywhere between $3,000-$8,000 to get your business off the ground. What do you do when a business owner tries to negotiate with you at $21/hr? You have to be competitive, you gotta pay caregivers anywhere from $15-$18/hr. At $18/hr you’re living on $3/hr profit per hour.
You’ve got to find a number where the squeeze is worth the juice. That’s a pretty term for… if I’m gonna put the efforts in, you’ve got to make it work my while.
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Video Transcript:
So, congratulations on setting up that meeting with the owner – the owner of seven locations has agreed to meet with you, break bread and discuss the next steps of this adventure.
Recognize he is well aware that you are a brand new business and he may be able to bully you. That means he’s gonna try to take advantage of the fact that you’re new. He’s gonna lowball his first offer. So what are you gonna do about it, young entrepreneur?
This is where you begin to negotiate. It is all about making sure your time, your energy, your business, is not taken advantage of. So in this chapter, we’re gonna discuss the following:
- Is the juice worth the squeeze?
- When it comes to overtime, who’s responsible, and can I bill you for it?
- And number 3, after all these services are rendered, how long will it take to get paid?
We’re gonna discuss this in detail in this next chapter
So we need to find out where his breaking point is, or where his comfort zone is. Remember, it can’t be a number where your company is working for free. Unless of course you’re willing to pay yourself, and you young entrepreneurs, do the care. In other words, if you were to say the best I can do Dave is $27/hr, and you’re a $12 /hr. person or your wife is $13/hr person, going from $13/hr. To $27/hr. Is a million-dollar raise. Or so it feels.
But if you’re a new business owner that’s already got overhead, that’s invested anywhere between $3,000-$8,000 to get your business off the ground, and he lowballs you at $21/hr, and for you to be competitive, you gotta pay caregivers anywhere from $15-$18/hr. At $18/hr you’re living on $3/hr profit per hour. You’ve got to find a number where the squeeze is worth the juice. That’s a pretty term for… if I’m gonna put the efforts in, you’ve got to make it work my while.
