Business ownership is one of life’s most rewarding achievements, but it takes planning and dedication to succeed as an entrepreneur. As you seek to achieve success as an independent lawyer, keep these three tips in mind:
Don’t begin without a mentor
Having an experienced professional consulting you along the way and acting as your business mentor will be one the greatest things that has ever happened to you. It is so much better to have the sound advice of someone who has “been there and done that.”
Seek out a mentor whom you trust to benefit from his or her lessons learned as an entrepreneur. Your mentor could be a fellow attorney, but that is not always necessary. The key here is to find someone who understands the challenges of starting and building a new business.
Have a backup financial plan
It’s hard to run a successful business without money. That is why you have to plan things meticulously and prepare for the worst of circumstances. Work with a financial consultant and CPA and don’t spend money you don’t have or expect money from others. One of the best ways to overcome difficulties in any situation – personal or professional – is to be wise with your money.
Don’t sabotage yourself
Self-sabotage sounds like a simple enough thing to avoid, but so many people do it subconsciously. You will inevitably face frustrations throughout operating a business, but the key is to remain positive. If you begin doubting your abilities, stop and remind yourself of your skills and accomplishments thus far. Resilient entrepreneurs are adept at recognizing any self-doubt, and they work fast to address any negativity as it crops up.
To learn more about what it takes to launch a successful independent law practice, download our complimentary e-book.