Articles Posted in MONEY

Marketing concept torn newspaper headlines reading marketing, strategy, branding, advertising etc

AS A SOLO YOU ARE DOING ALL THE TASKS SHOWN ABOVE. YOU ARE  NOT  MAKING ALL THE INCOME YOU WANT AND YOU ARE PUZZLED WHY YOUR MARKETING DOESN’T SEEM TO BE WORKING.

Read on.  This might just be the answer. 

You probably already know the elements of a good marketing plan.  Most of it is broken down in the illustration above.  Yes, you need to strategize your plan to access your target market. Wait, stop right there.

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In 8 years of coaching I have found that some attorneys, especially solos, actually give away money! You may not even know you have been doing this, but usually because of circumstances somewhere in your background, its happening. The biggest underlying cause I have found is that some attorneys don’t feel their work is worth very much. If this is you, let me try to dissuade you.

See if any of the following is applicable to your practice:

Attorneys make money based on their time and expertise.  You have expertise and time……and you are an attorney, but are you giving money away?

3d small people - new player in the teamI wanted to let you know that we are forming a Mastermind Group for Attorneys here in Santa Cruz, CA.  Below is the announcement.  If you don’t live in this area but are interested in attending a group , let me know.  We will be expanding into other regions by skype or phone shortly.

                                      DYNAMIC  ATTORNEY MASTERMIND GROUP FORMING:

Led by Eleanor Southers, owner Professional Legal Coaching and Mastermind Facilitator

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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.

After last week’s analysis, you have found you need more money. This is not just money to take a trip to Paris but a real need to up your income so you can lead a reasonable and comfortable life. It’s OK to want money to go to Paris but that’s not what we are talking about here.  This is a necessity task because you are not covering your basic needs.

Dollarphotoclub_651521901-300x1841. First question:   HOW MUCH DO YOU NEED?

You can answer this quickly by looking at the accounts that you did last week.  How much more a month are you running short? Say it is $1,000.  That means that you have to generate $250 a week more. If it is a much larger amount then you need to allow yourself to know that. No whining here.  This is an important life situation.

How many times have you heard that?  Bottom line is that you need income to live.  The manner of living is different for everyone but bottom line, it still takes money to fiance eating, housing, clothing, and other basic needs.

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Let’s first find out if you presently are making enough money to fund a reasonable lifestyle.  Again, we get into questions as to what is a reasonable life style?  Studies have shown us that $75,000 a year presently can provide a suitable life style in today’s world that will provide security and less worry.  I’m not sure if that is for only one person or covers a family.  Kids in college and having a  retirement plan doesn’t seem likely to be available  with only $6,250 before taxes a month to spend. Do you buy the $75,000 idea? It doesn’t really matter for our analysis as we are going to be looking at you as an individual with certain needs.

So let’s go about this a old fashioned way.  Get out your friendly bank statements (personal and business) and take a look at your expenditures.  Look to the basics first.  How much is the mortgage? How much for food? Day care? etc.  Be brutal and honest about how much you spent on those items and more in the last 6 months.  Now add how much debt you have and what the monthly payments are. Are you saving any money each month? Then using this information come up with a monthly budget of what you need to sustain your present lifestyle.