By Natalie J. Armstrong,
www.MarketingMediation.com

Background Work

• Assess your strengths and weaknesses

• Narrow focus and define business concept

• Establish business and personal goals

• Assess your financial resources

• Identify the financial risks

• Determine the start-up costs

• Decide on your business location

• Do market research

• Identify your customers

• Identify your competitors

• Develop a marketing plan
   

Business Transactions

• Select the appropriate legal counsel if needed.
• Choose a form of organization (proprietorship, partnership, or corporation, for example)
• Create your business (register your name, incorporate the business, etc.)
• Select an accountant
• Prepare a business plan “Road Map”
• Select a banker
• Set up a business checking account/ merchant account
• Apply for business loans (if applicable)
• Establish a line of credit
• Select an insurance agent
• Obtain business insurance (Error & Omission)

First Steps

• Get business cards

• Review local business codes

• Obtain a lease

• Line up suppliers (if applicable)

• Get furniture and equipment (Phone lines, Internet connection)

• Obtain a business license or permit (if applicable)

• Get a federal employer identification number (if applicable)

• Get a state employer/FedTax I.D. Number (if applicable)

• Send for federal and state tax forms

• Join a professional organization(s)

• Set a starting date

Natalie J. Armstrong is the Founder and Managing Director of Golden Media a marketing and consulting firm dedicated to promoting resolution industry. She is the author of The Essential Guide to Marketing Your ADR Practice and speaks internationally on business development and the successful marketing strategies of the conflict resolution industry. More ADR Practice Development articles and information about Ms. Armstrong and Golden Media can be found at www.MarketingMediation.com.