Establishing a Professional Practice

Abstract

The steps involved in establishing a practice begin with organizational goals. The methodology and concepts of locating clients are evaluated as critical factors in the formative stages. Attracting and retaining clients who can offer repetitive assignments are parts of the foundation for the new firm. Handling mistakes [safely] during the formative period is important to the organization's life. As the young practice consolidates into a viable enterprise, the expansion framework is developed in order to maintain growth and avoid stagnation. Advertising must be used with caution, weighing costs against potential benefits, and analyzing impacts on the firm's image. The attitudes of employees and management, the controls used in everyday operations and the direction of personnel outside the office are issues involved in establishing the practice, as is the interrelationship of procedures, plans and services.