By Natalie J. Armstrong,
www.MarketingMediation.com
Mediation Practice Startup Basics First Steps

Starting and managing a mediation practice takes motivation, talent, and good dose of confidence. It also takes research and a solid amount of planning. Although initial mistakes are not always fatal, it takes extra skill, discipline, and hard work to regain the advantage. Take time beforehand to explore and evaluate your practice, lifestyle, and personal goals, then use this information to build a comprehensive and thoughtful mediation practice development plan.

Developing a business plan will force you to think through some important issues that you may not otherwise consider. We’ve seen it first hand. About 1 out of 12 clients that come through our doors actually sit down and hammer out concise plan putting all of their thoughts down in one place. Without hesitation, I would venture to say it’s one of the most important things you’ll ever do for yourself.

The clients that go through the entire exercise and draft a plan first increase their probability of success, but equally as important, have a stronghold on their practice’s operations and development. It’s obvious that they know their practice inside and out, they know their numbers, the can quote to me their financial and marketing plans, understand where their future growth is most likely to come from, and when they open shop, you can bet they’ll hit the ground running towards profitability.
Getting Started :

1: List your reasons for wanting to open the practice. Some of the most common reasons for starting a business are:

• Self-management
• Financial independence
• Creative freedom
• Full use of personal skills and knowledge
• Unlimited upside potential

2: Next determine if running a practice is right for you. Ask yourself these questions:

• What do I like to do with my time? E.g. mediate, convene, manage, etc
• Do I have the basic business and technical skills to run my own practice or should I outsource those activities?
• How much time do I have to run a successful practice and mediate as many cases as I would like?

3: Identify your practice niche. Research and answer these questions:

• What kind of practice am I interested in starting?
• What ADR services will I sell? E.g. consulting, mediating, arbitrating, ombuds, and whether or not you will take unrepresented parties.
• Is my idea practical, and will it fill a need?
• What is my competition?
• What is my practice’s advantage over existing practices?
• Can I deliver a better quality service?
• Can I create a demand for my business?

4: The final step before developing your plan is the pre-business checklist. You should answer these questions:

• What skills and experience do I bring to the business?
• What legal structure will I use?
• How will my practice’s business records be maintained?
• What insurance coverage will be needed?
• What equipment or supplies will I need?
• How will I compensate myself?
• What are my resources?
• What financing will I need?
• Where will my business be located?
• What will I name my business?

Your answers will help you create a focused, well-researched scaled-down business plan that will serve as a blueprint for business operations, management, and capitalization. Golden Media offers consulting on preparing a solid plan to help you leverage your assets further to create the mediation practice you want to have.

Natalie J. Armstrong is the Founder and Managing Director of Golden Media, a marketing and consulting firm dedicated to promoting the 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.

By Natalie J. Armstrong,
www.MarketingMediation.com

Are you ready to get business to come to you instead of having to spend your time drumming it up. Odds are that you’re eager to get word-of-mouth and mindshare marketing working for you.  But are you ready to do what it takes to get it?

To find out, complete this checklist and then stay tuned for a complete break-down of each component. You might be surprised to find you’re not as ready as you think. You might realize why you don’t yet have all the business you can enjoy. And you’ll know what to do right away to get things going your direction.

Have you decided on a single thing you want to become well known for?
OR
Are you still trying be everything to everyone?

Have you committed to spending all of your available time, money and energy into developing this one thing?
OR
Are you dividing your time between numerous possibilities?

Have you developed your own niche that capitalizes on your background and expertise?
OR
Are you doing what numerous other providers in your area are doing?

Can you clearly demonstrate why you’re the provider prospects should choose?
OR
Are you just hoping that folks will believe enough in ADR to want to do business with you?

Do you have a long-term plan to reach your prospects and then maintain their attention to create mindshare?
OR
Are you marketing efforts sporadic and inconsistent?

Are you able to follow your plan with the consistency and frequency to attract the clients you’re interested in obtaining?
OR
Do you let your marketing efforts wax and wane due to a lack of time or interest?

Unless you’re already exceptionally well positioned, getting business coming to you will take time. How long it will take depends on how ready you are. You might find that you’re ready immediately. Conversely you might find that you have several weeks or months to get yourself and your practice in a position to begin attracting clients. If you rush into trying to get business without positioning yourself solidly, you’ll just have to go back later and get into a better position.

Why not start now? Contact us today and let’s get new mediation business to start coming to you. 

Natalie J. Armstrong is the Founder and Managing Director of Golden Media, a marketing and consulting firm dedicated to promoting the 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.

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.