Lisa Price describes herself as "the accidental entrepreneur."
She got her start in her mother's Brooklyn kitchen, creating body butter and selling it at the flea market at her mother's church. Customers would stop by, smell a few things, and ask one inevitable question: "Do you have anything for hair?"
Price made this her top priority and never looked back. "Carol's Daughter," Price's ridiculously popular natural hair care and beauty brand, eventually became a multimillion-dollar business that sold to L'Oreal in 2014. Price says the ability to spot innovation, create something, and sell herself have been several keys to her success.
Negotiating Well and Staying True to Yourself
How do you sell yourself without selling out?
Price was committed to finding healthy ways for African-American women to care for their hair. She stayed true to this mission (though her customer base eventually included Caucasian women as well). While touting natural products in place of highly popular chemical relaxers used in salons, Price presented herself as a simple girl with simple solutions.
Her product popularity coincided with stints on the Home Shopping Network and the rise of YouTube. Price could offer product demos, educate young women looking for solutions, and bring affordable alternatives to young markets. In 2009, "Good Hair" (a documentary produced and narrated by Chris Rock) showed a can of Coca-Cola dissolving in a chemical relaxer, and momentum spiked: women using relaxers in their hair dropped from 89 percent to 36 percent in just two years.
"The Internet makes everything democratic," said Price. "Larger companies got left behind."
Along the way, Price grew comfortable negotiating for her company and fighting for herself without folding under pressure.
Want to emulate her experience?
While you may not feel very powerful before signing a new deal, career coaches say you have the greatest negotiating power during the short time between being offered a job (or a contract) and formally agreeing to take it.
Negotiating in these situations can increase your earning potential and ensure you're properly compensated both now and in the future. So prepare well before coming to the table! This may include researching market averages, calculating your value (or your product value), and preparing your talking points in advance (i.e., years of experience, sales goals achieved, or unique benefits your product can bring).
Rehearsing with a friend, asking for more than your target number, and communicating with confidence can bring significant gains when you sit down to negotiate. And don't worry about offending. Forty-three percent of job recruiters say it doesn't impact their view of a candidate if one negotiates for salary, and 19 percent said it has a positive impact.
Price shared her advice for when an acquisition or initial salary offer isn't right. Her script went something like this:
"I appreciate everything about this deal and am so excited, but if I have to live with this particular offer, it might be hard for me to be fully there and present. I don't want to be distracted and thinking about other opportunities, so . . . " Here, Price would lean in, give a specific ask, and let the chips fall. (It worked; she got more money.) When it came time to sell her company in 2014, Price said that outside of her marriage and children, this was the proudest moment of her life.
Negotiating is incredibly important because when you stand up for yourself, you tap into your skills to ask for more. This ultimately sends a message that you deserve it – which means you're more likely to receive that request!