Articles Posted in budget

One of the most frequent questions client ask is : ” Can I save money by having my office in my home?”

The answer is WELL, MAYBE.

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Best to give this one a lot of thought before you go forward with hanging your shingle on your front porch.  First of all, it is more than likely that clients will know your home address at some time, even if you meet them at a coffee shop.  Certainly most of the time this is OK until you get that client from (you know where).  Then you are not protected from all kinds of tactics including stalking and harassing you.  Remember this is why attorneys rip off the address labels on magazines that they bring from home for their offices.

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Since it is the first of the year, it is still great fun to talk about money!  Last blog you got on it and created a plan to find out if you were meeting your monthly nut.  Today, I thought it would be fun to take a look at a few hints or “sound bits” that you might do immediately and make more money.

  1.  RAISE YOUR FEES:  Even a small increase of fees will bring you substantially more revenue.  Its January and the perfect time to tell your clients that its time to raise fees. Or, don’t tell them until you start doing it and ask if they want to pay you a retainer now at the old fee scale.  Money will go into your trust account and be reimbursed if it isn’t used but it will be accessible immediately, saving your wait time.
  2. PAY YOURSELF FIRST:  This is one of the oldest but wisest tips for earning more.  When you get revenue put 10% of it in a  interest earning (LOL) bank account that is sacrosanct and don’t touch it.

SPENDING REVIEWLET’S BE HONEST.  NO ONE IS LOOKING.

Review your income and expenses in 2015 NOW.  Yes, I know you don’t have to do taxes for a few more months but this is really important.  Also label expenses or categorize them so you can see where your money went.  Be brutal and don’t let anything get by.  Can you tell how much you spent on designer coffee?  How much for gym or classes? What was your overhead total? How much was spent on marketing?

Now go through and mark each expense as N. Necessary or NN. Not Necessary. Look at the N’s and see if all or part of that expense was not really necessary and mark it.  N is things like rent, reasonable food, gas, phone, gas, car expense, etc.