Business Overview

A contract negotiation service has a wide variety of clients. This includes clients in fields such as media, insurance, software, and so on. Your business may occasionally work with governmental entities, non-profits, and unions. Regardless of the client, your business serves to resolve disputes and ensure that the companies involved are able to come to terms.

Who is this business right for?

This business is best for those who are able to easily understand various points of view from different parties. An ability to quickly gain confidence in others and persuade them to make necessary compromises is also beneficial. While it is not strictly required, having a college degree in fields such as business, political science, or a related field in which you intend to specialize can help you out, and it may be necessary to negotiate certain contracts with certain companies.

What happens during a typical day at a contract negotiation service?

On any given day, your responsibilities will include communicating with current clients as well as reviewing and analyzing contracts. You will also need to study and review laws, legal precedent, and business histories relevant to whatever contracts you are currently working on. You will also be meeting with multiple parties involved with the contract in order to create one that best represents everyone's interests.

What is the target market?

Your preferred customers will likely vary by region and specialty. In areas with strong unions, for instance, labor union contract negotiation may be some of your most regular work, while someone specializing in employee contract negotiations may prefer small businesses. Regardless of the exact group, your best clients will be those who are patient, willing to carefully review your work, and willing to work with other parties in good faith.

How does a contract negotiation service make money?

On the most basic level, a contract negotiator makes money by successfully negotiating contracts. You must determine whether you will bill clients by hour or by a flat fee.

What is the growth potential for a contract negotiation service?

The growth potential for this business is somewhat mixed. The Bureau of Labor and Statistics projects employment in the related field of Labor Relations to drop by eight percent between 2014 and 2024, primarily due to the decline in workers represented by unions. However, certain areas have a higher concentration of business and corporations that need your services, and you can always choose a specialty that is more in-demand in your area.