Can’t get a job? Start your own practice!
The question was asked of me today: I can’t get a job and am forced to start my own practice sooner than I expected. I’m working out of my own home. How do I start?
The least expensive way to grow a law firm from “ground zero” is to do what you are doing, working out of the house and seeking sub-contract work from government entities and other attorneys. When you do this, negotiate the best arrangement you can for adminstrative tasks to be performed by the contractor, items such as their office staff taking your dictated material or rough drafts of computer-entered typing to complete the document preparation for your final review and submission to your contractor; if an office is needed, if an office is needed, your contractor providing one to you; same with telephone, and other requirements. This keeps your overhead to an absolution minimum.
Also, be sure to create a marketing plan for yourself which will describe how you plan to market yourself to other lawyers to get sub-contract work; then how you will extend your efforts to get “private” clients to know of you; and then how to expand beyond that into a full-blown office environment, traditional practice of your own.
Once the revenue starts flowing, be sure to set aside as much as you can, using only a minimum amount for living expenses. The savings then can be used to do what is needed when you are ready to start out on your own in an office environment, such as purchasing needed technology, paying rent and investing in the growth of your accounts receivable during your first few months.
This is just the beginning. You will have many adventures in your future. You may want to visit our web site again, to see practical resources available to help you grow your practice from the home-based practice to a traditional practice, as well as how to create a business plan for your future.
And, when you’re ready, our coaching has helped many lawyers increase their revenue by five and six figures! Consider this when you are ready to invest in yourself and your future.Tags: Coaching
Categorized in: Coaching