I never said it was easy!
Welcome to all of our new subscribers who attended my Kids Protection Planning training session last week.
It was incredibly gratifying to train hundreds of you who want to serve parents!
In today’s Law Business Secrets newsletter, I want to address an issue today that I hear frequently and never more frequently than now when so many people are experiencing financial fear.
Q: How did you grow your law firm into a million dollar business in such a short time? I don’t have the budget to do more marketing or invest in coaching. How did you do it?
Let me address this first by saying this:
I didn’t have any financial resources other than the income I generated from my law firm. At least not at first. (More on that in a minute).
My husband was a stay at home dad, meaning no income from him. My family was not wealthy, meaning no investment from them.
No savings to speak of and all the expenses that come with two little children.
It was all me.
The first 12-18 months, I scraped together all the money I needed with no outside help.
But, I was stalled.
All of the revenue coming in was being used to support the current overhead needs and there was none left over to invest in coaching, consulting or most importantly marketing.
I had just become aware of the idea that if I wanted to grow a business that wouldn’t depend on me constantly and that I could sell one day or retire from I had to start thinking of my business differently.
If I continued to think of myself as a sole practitioner, the business would always depend on me.
I had to start thinking of my business as a company. Only then would it have the possibility of being able to exist without my daily input (or my minute by minute input).
So, I began to ask myself what Mark Cuban would do, what Ray Kroc would do, what Michael Gerber would do. What would the business owner version of myself do?
And, I started making decisions from that place. From the place I wanted to be, not where I was.
I decided to grow my business so I could take vacations, spend more time with my children, and sell my firm and retire one day.
I began to understand that my business would only grow if I invested in it for growth. To do that, would mean investing more money than I had coming in every month.
That was scary! Terrifying in fact. Financial fear was always my biggest fear.
And yet, as soon as I stepped into this bigger vision and started making decisions from where I wanted to be instead of where I was, the resources showed up.
I wrote a financial business plan that showed if I invested money in my marketing, I’d get more clients.
I took that financial business plan to my banker and he gave me a line of credit.
I was actually embarrassed to apply for the financing. It felt as if I had failed in some weird way. And, I only asked for $50,000.
Looking back, I now know that I should have asked for at least $100,000.
But, I was embarrassed.
But, you know what? That was keeping me small. I now see that as a huge turning point in my business.
Which of your successful clients built a business without investing?
None of them!
It takes investment. Investment of time, money, and your emotional resources.
But, what is a better investment than you?
Nothing.
Your business is your best investment. Especially now.
So, how did I grow my business so quickly?
I invested in it. I invested a lot of money. I invested a lot of time.
I busted my butt.
And it all paid off. In 2006, my business hit a million dollars of revenue.
In 2007, I did it again. But, that year, the business only needed me in the office 2 days/week.
Was it scary? Yes. Was it worth it? Yes, it was.
Can you do it? You sure can.
What does it take? You making a decision that you want something bigger.
That’s it.
Everything else will show up.
PS – Join me on January 15 for a teleconference that will give you all the details about my elite Personal Family Lawyer program and how you can be 1 of only 15 lawyers to get my help on growing your business.
Register here
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About the Law Business Revolution
The Law Business Revolution is a law firm marketing and training organization focused on helping attorneys attract quality clients, start and grow productive law firms, systematize their businesses and ultimately help lawyers attain more time and greater resources than ever before.
Training through the Law Business Revolution includes (but is not limited to), private and group coaching led by professionals that surpassed the 7-figure mark in their own firms and businesses, client engagement strategies, client attraction strategies, educational, relationship-based marketing techniques designed to get results, lead generation training, campaigns for consumers, referrals and prospects and systematizing a firm to run on autopilot.
Licensed attorneys are welcome to download over $22,500 of free practice building resources courtesy of the Law Business Revolution at http://www.lawbusinessrevolution.com .
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