Featured Question – Business Formation
I have a business idea but don't have the time or resources to work on it. How can I sell it to a company I know does?
I have started my own mediation company and I find it very hard to secure clients. My main competitors are solicitors. I have a law degree and am an accredited mediator, my fees are set at 70pc of that of solicitors. How can I get a bigger audience?
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I have started my own mediation company and I find it very hard to secure clients. My main competitors are solicitors. I have a law degree and am an accredited mediator, my fees are set at 70pc of that of solicitors. How can I get a bigger audience?
Professional services of this kind are purchased on the basis of recommendations and track record and are priced at set levels. I suggest three immediate courses of action:
- Write a thought leadership piece that highlights a challenge and offers a unique angle on reaching a solution. Circulate this to your key constituency, ideally electronically, and follow up with a phone call. Don’t try to sell, just emphasise that you would be interested in having a relationship.
- Seek out a mentor with whom you can work as an observer. The school where you trained should be able to help with this. This will give you experience and an advocate who may be willing to recommend you.
- Check your current price with a customer. Is 70pc of the solicitors’ rate the right fee for someone of your experience and qualifications? Remember, a high price can discourage and a low price will suggest you lack confidence.
Finally, be patient, it is hard to build a business in this kind of market but if you consistently deliver on your promise to customers it is equally hard to lose a business.
Answered by
Damien McLoughlin
