Friday, November 11, 2005

Startup Nation

As grows, I find myself filled with new ideas on how to bring ADR services to more people in new, different ways. I need to focus on creating a viable business that can be profitable and complements WWT.

Questions like will the new company be a corporation or LLC; will it be online or real world only; how will the two companies relate to each other, are all instrumental to success. And, frankly, how I set this up will impact my exit strategy. (it's harder to sell a solo practice than a corporation, I think)

When you start your ADR practice, or even if you've already started, don't neglect the business basics.

Decide what your business structure will be: sole proprietor, partnership, collective. Devise a revenue model- how are you going to make money? (Hint: you won't make much by just selling your time- think products). How will you let the world know about how you can help (marketing).

These are critical questions to starting a profitable business, so get lots of help in answering them. Resources are all over the Internet. I recommend, written by the Sloan brothers. Their site is very accessible and chock full of good information. Sure, you'll have to become a member, but it's free.

Ciao, Dina

PS Welcome to all the new readers. Don't be shy about leaving a comment that's ADR related. Thanks!


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