Multiple streams of revenue possible in your law business?

In this week’s Law Business Revolution weekly briefing memorandum, I’m kicking off a series of messages about how you can leverage your business into multiple streams of revenue, some of them even passive.

Back in the boom time of a few years ago, there was a lot of talk about using real estate to build multiple, passive streams of revenue.

It was pretty easy to get caught up in the hype as real estate prices were going up-up-up.

I decided to invest in some real estate and I nearly lost my shirt. We were fortunate in that we were able to sell at break even right before the big crash in the market.

It could have been really ugly.

I was lured in by the idea of a no-effort return on my dollars.

The reality was not so much like that.

I didn’t know anything about real estate. And while I invested with a real estate agent who was successfully flipping and fixing properties all over town, I was not focused enough to keep an eye on what he was doing and there was a lot he did that I would have done differently.

It probably would have been a-ok if the market kept going up, but in a bear market, you cannot make sloppy mistakes!

It’s the same for your business.

What worked out okay over the past few years, may not work anymore. You’ve got to get into overdrive if you want to survive in a recession economy!

The good news is that if you do, you’ll be in the minority and will do far more than just survive, you’ll thrive.

So, what does that mean? And, how do you do it?

One way is to build multiple streams of revenue into your law business. Not by investing in risky real estate ventures or uncertain stock speculation, but by leveraging your existing core business assets.

We’ll talk a lot more about this over the next several weeks because there are some right ways to do it and some wrong ways to do it.

For now, know this, understand that there are basically three models for leveraging your core business into multiple streams of revenue:

1. Provide a broad range of services to bring in new clients.

2. Offer your existing clients additional services that are complimentary with other services you’ve already provided.

3. Teach other business owners how to do something you do that is specialized or unique.

Most lawyers are doing #1, but not only doing it the wrong way, but doing it in such a way that it actually dilutes their effectiveness.

Very few lawyers are doing #2 and even fewer are doing #3.

Over the next few weeks, I’ll be sharing how you can do all three of these things effectively to create multiple streams of revenue in your law firm.

Power to the People (and Your Dream Law Business!)

Alexis

Image courtesy of Flickr

About the Law Business Revolution

The Law Business Revolution is a legal marketing and training organization focused on helping attorneys attract quality clients, start and manage 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 .

Related posts:

1. More Streams of Revenue for Your Law Firm
2. More Streams of Revenue For You
3. Is YOUR Law Business Set Up Right? The Smart Lawyers Guide to Protecting Your Personal Assets From Your Risky Business
4. Four Easy Ways To Recession Proof (and Grow!) Your Law Firm
5. 3 Sure-Fire Ways to Increase Revenue Without Increasing Overhead