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    4 Replies Latest reply on Apr 10, 2010 7:30 AM by Mongoose

    Starting own law practice.  Need Help!!!

    wdrkbwdrkb Newbie
      I need some advice about financing my new adventure. Seriously, I'm nervous about leaving firm life for my own practice. Any advice is greatly appreciated. l
        • Re: Starting own law practice.  Need Help!!!
          LUCKIEST Guide
          Starting own law practice

          Advice - - - Go to Members page and share some info.

          Develop a business plan. Talk to SCORE
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          • Re: Starting own law practice.  Need Help!!!
            GratisSoft Newbie
            Congratulations on that :)
            I would advice you to have a good online presence. That is writing in social networks, twitter, blogs, forums (use a good signature). You would need a website. My company can help with that. Don't under estimate the power of the Internet presence ;)
            See , you don't have a good presence even in this forum ... no picture, no signature, no web site. I see you are just starting , but your posts on the web really matter, every post is crawled by Google, so if you have a good signature and a website to link it to, you will have a much bigger public that would remember you.
            • Re: Starting own law practice.  Need Help!!!
              Tracker

              wdrkbwdrkb:

              You're taking a potentially big leap from the perception of security to the unknown. What are your biggest fears? Stable income? Building a customer base quickly? Having enough personal funds to bridge from employee to solo entrepreneur?

              The quickest way to alleviate fear is to take action ... the right action.

              Although I don't know the full details about your plans, I recommend you start by defining your UVP (unique vale proposition) and prime prospects. Without taking this step, you put your new business at risk of wasting time and money trying to figure out who you are, whom you will service and why they should choose you instead of another attorney - basically chasing after a paycheck instead of attracting clients.

              I recently wrote a blog post on the subject. Here's the link:

              http://thesologuide.com/1830/define-your-uvp-and-prime-prospects/

              Once you have your UVP and definition of prime prospects, you can move forward with market research, creating a business plan (in your case, you may not need a formal business plan, but at minimum a plan including your UVP, prime prospects, start-up funds and financial projects, marketing capmaigns and goals), setting up your legal structure, and then on to launching your marketing campaigns.

              During the research and planning phase, you will calculate out the money you need to cover your personal finances until your business can pay you back.

              Please realize that these are some of the fundamentals. Your personal scenario will create variation in each of these steps. Please let me know if you need further in-depth help.

              All the Best,

              Doug Dolan

              The Solopreneur's Guide

              http://thesologuide.com/
              • Re: Starting own law practice.  Need Help!!!
                Navigator
                Do you have an existing book of business to give you cashflow as you build?