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Bad Advice? “Don’t Quit Your Day Job”
7 June 2006If I had $10 for every time I have heard mediators say, "Don't quit your day job." I would have a good start on my kids' college fund…
Why is it that everyone says, "Don't quit your day job?"
They say that because if you are providing for yourself and/or your family it is going to take some time to build up a thriving practice.
We all agree on that reality.
How long it will take to build a profitable practice will depend upon many factors: e.g. how strategic and intense your marketing is, how skillful you are at the table, the market you are in and a host of other "factors." It could take anywhere from 90 days (time for Teresa Wakeen www.wakeen.net in Oregon in the early 1990s to recoup her start up costs, 1 year to profitability – but she's a superstar) or the more typical 18 months to 2 years (if you are really committed and know what works) to build a profitable practice.
Yet, here is the thing: The advice not to quit your day job has led this field to have a ton of mediators who pursue mediation as a hobby. Why?
Because they are told not to quit their day job, they never do and as a result, they never are able to make the transition to full-time mediation & conflict management work. It becomes a self-fulfilling negative prophecy.
Let me share with you an excerpt from my interview with Jeff Kichaven (www.jeffkichaven.com, one of the expert mediators featured in the Mediation Biz & Marketing Success System) and his advice to you:
KH: So what would you say for someone who is living in a very well developed market, like
Los Angeles and they just feel called to this work and they want to make a go of it. What advice would you give them?
JK: I would say that there’s a certain point at which you don’t dare quit your day job.
KH: Yes.
JK: Because let’s face it we all need to make a living. Right?
KH: Right.
JK: And at a certain point you don’t dare quit being a litigator or being whatever it is you happen to be. And then at a certain point, you’ve got to quit your day job. There’s a certain point at which unless you are a full-time committed professional you don’t have a chance competing in the marketplace. And knowing when you hit that point is, I think it’s more a matter of art than science, and you have to hit it just right.
Friends, at some point, not quitting your day job is bad advice!
If your goal, ambition, deep desire is to have a rewarding career as a mediator then, at some point you must let go and GO FOR IT!
That point should come after you have built a strong foundation for your practice(building a proper foundation is discussed at length in the action plan I have created to accompany the Success System), gotten some experience at the table and are firmly committed to pursuing your passion.
Now, here is the key: funding your commitment. For many of us, we must fund our commitment because it is going to take some time for the money to come in (folks this is true for ANY business). That's why the Silicon Valley folks get Venture Capital, that's why there are small business loans, that's why people mortgate their house, or save up etc….
You may not dare do this until 1) you are totally committed to making this your career; 2) you have faith and believe that you will succeed; 3) you have put together a strategic marketing and business plan. (although I have to be candid with you all and admit that when I took my "leap of faith" I had the first two elements but not the third… and many entrepreneurs may mirror this).
Once you are ready… then here are some things people I know have done to pay the bills while they build their practice:
1) get an equity loan on your house (if you own your own home and you have enjoyed the incredible real estate appreciation of the past 7 years this is a great option);
2) get a private loan from a friend, family member or someone who believes in your mission;
3) get a small business loan (American Express, banks etc);
4) get a part time job teaching law school (if you are a lawyer or have education in a field that allows it);
5) be sure to diversify your services in your niche, e.g. conflict management can encompass corporate training, fact investigations, coaching and a host of related services;
In the future, successful mediators and organizations should put together fellowships for aspiring mediators to make the transition to the profession (Frank Sander entreated the members of the IAM (International Academy of Mediators) to do this at the recent Dialogue at Harvard). Until there are more resources out there, be resourceful.
If you never get out of the boat, never quit your day job, you will not fulfill your calling and step into your destiny.
Building a thriving mediation practice requires serious commitments of time and energy and knowledge of the right strategies and tactics. If you play it safe and don't quit your day job, you won't make it.
Committed to your success,
Your partner in peace,
Kristina Haymes
p.s. Jeff Kichaven and Teresa Wakeen are two of the world class mediators featured in the success system. When it's ready, I will let you know so you can hear how Teresa built her first practice in record time!
Posted in Mediation Biz & Marketing Success System, Practice Building Advice, Successful Mediators Showcased
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July 6th, 2006 at 8:42 am
Kristina, I couldn’t agree more! Building a profitable mediation practice requires a huge commitment of time, resources and courage!
In my coaching practice for aspiring mediators I remind people of two thoughts:
1. People tend to achieve what they expect to achieve; and
2. You have to let got of what you were in order to become what you will be.
These ideas combined with good old-fashioned grit- that’s persistence in the face of challenge- are critical to creating the satisfying and sustainable practice mediators want. Thanks for reminding all of us.
Dina Beach Lynch, JD, Ombudsman
Business Mensch
http://www.adrpracticebuilder.com