“It’s ok; you can make $1,000,000 a month and work for only one hour!”
- Richard James
One of the parts that I love most about Partners Club is that our members are starting to figure out that when they bring their staff, you know, the ones who are trying to implement all these new ideas, to the PC event, they create a very powerful environment back at the office. Because now the staff is vested.
I remember one member of Jackson Turner Vaught’s team said:
“I walked into this room with my arms crossed waiting for you to prove to me why I should buy into all this stuff. And I walked out inspired, and with a plan in my hand of what needed to be done next to help the firm succeed.” That’s powerful stuff. Anytime a member's staff “gets it,” good things are about to happen for that member. But, there are attorneys still suffering from what Zig Ziglar called “Stinkin’ Thinkin’.”
What You Think and What Others Think About You
In one Partners Club program, someone had mentioned a thought about how much they made per hour, and that their rate was “reasonable” by most people’s standards. Then, a short while later another member had made a comment about what their staff will think about them if they show success.
I’m not sure what got hold of me, but I really got fired up about this. First of all, there is no “reasonable” hourly rate or profit margin, or number of hours worked. It’s ok; you really can work an hour a month and make a million dollars that month! Just because the world around you believes that you must work 60 hours a week to “deserve” the pay you make doesn’t mean you have to believe it.
There is no rule in the Universe that God created that states we must work a certain number of hours to realize a certain number of dollars. Yes, I do believe that “as you sow, so shall ye reap.” But, I also believe that once you’ve figured out this game of business, and once you’ve created leverage, there’s no reason you can’t earn as much as you want in as little time as you wish to dedicate to it. Stop feeling the guilt society, your family, your spouse, your friends, your clients, or your staff put on you. If they don’t like it, that’s on them, not on you.
How New Businesses Become Successful
When running a business, regardless of the product or service, one of your main business goals is to make money. Now the question that a lot of lawyers who want to be profitable have is this: can I ensure that my business will become a successful business?
The answer is yes, if you have the right people helping you. Starting a small business can be quite difficult, but this does not mean that small businesses cannot become profitable businesses that can get ahead of an established competitor.
Whether you are a lawyer who now wants to start your own business or are the owner of a firm struggling with the specifics of online business, you should constantly look for the best business ideas that will work well given your target market.
A reliable legal systems expert can help you create a business plan. Upgrading a decade old firm or starting a new business needs time and patience. For you to be able to grow your business, you need to correctly transform any new business idea into a concrete marketing plan and campaign.
Ensure Legal Business Success Online
Now, if you are a legal professional who tried your best to learn how to start a business so you can be your own boss (like most small business owners do), remember that you constantly need to update your entrepreneurial skills. You would know by now that setting up and starting your own business is not easy, and an aspiring small business owner must constantly modify business ideas and business plans, depending on the need.
Starting a business is complicated on its own, but even more so is maintaining a business given its complex legal structure. You need to ensure that you register your business and update licenses, permits, and other paperwork involved. You also need to make proper use of branding to market effectively, all while attending to your obligations as a full-time legal professional.
As such, whether you are just planning to start your business or would want to boost your business growth, seek business help from a legal systems expert. Someone who really knows how to run a business will help you be successful financially.
Your Law Firm Staff and Business Matters
And as far as your staff is concerned, most of them will always think you’re rich. They believe that every nickel that comes through that firm goes right into your pocket. When you come in late or leave early, they forget about your late nights and your long Saturday hours you invested for years to get to this point in your career and guess what? That’s on them.
Listen, I’ve been there. I’ve suffered through this. I too used to wake up at 3 a.m., just to send an email to the staff so they would think I was working hard in an attempt to ward off bad feelings if I took a day off or left the office early to play golf. But then I figured out all that crap was on me.
Your staff has the right to go to law school, get their degrees, pass the bar, and go out and build a practice of their own. And in my opinion, if that’s what they want, you should encourage it.
But, if they are working for your firm, and they like their job and they agree that they are paid a fair wage, then your responsibility is to provide them an environment where they can master their craft. Because the truth is, once we’re doing what we like to be doing and we feel we’re adequately compensated for it, now we’re after mastery.
You have no requirement to prove how hard you work or how many hours you put in. In the end, you own the firm, and if you build a firm that creates residual income for you and you don’t have to be there, then you know what? Congratulations, you’ve succeeded in business.
Get in Touch with an Experienced Legal Systems Expert!
The goal in business is to build a business that is independent of you. One that creates residual income that allows you to do as you please. If that means you want to take a nap at 2 PM, then, that’s your right. If you want to work until midnight and come into the office at 11, that’s your right.
Now, if you have a management role in the office or a task-driven role in the office that others depend on, you must consider what ramifications your actions have on the team members who depend on you. But, once your business has come to the point where you are investing your time as the owner and marketing director, all bets are off.
If you want to build a successful business, contact our legal management consultant Richard James or schedule a 1-on-1 consulting to get your customized growth plan.
Building a better business, one million-dollar-hour at a time.