REVIEW: The advantages of going SOLO
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Recently we’ve been having a lot of discussions with clients who transitioned to become entrepreneurs in the past couple years instead of remaining employees in a larger law firm.
Here are some of the things they told us:
You’re in control of what you want to be
Your successes and failures rest squarely on your shoulders, and while this is a great thing, it must be well calculated and risks must be monitored closely for optimal growth and sustainability.
We recently conducted a survey and it appears more than half the workforce is employed by small firms.
Being entrepreneurial means you work for yourself or a part of a team that you put together.
You don’t have to follow any rules and instead you can make them for yourself or anyone who works for you or with you.
It’s good to start small
A big trend that we’re seeing in the legal industry today across Ontario is that people are starting small while growing and building a network of similar solo entrepreneurs.
What seems to be happening is that these networks continually grow until they form much larger networks of entrepreneurs, creating a web-like entity that functions in unison while slashing costs and limiting liability.
This can differ based on silos of practice, but we’re seeing a big trend on how solo entrepreneurs get together to form a small firm. A network of individuals who are able to handle things.
Being aware of potential business failure
As a business owner, you’re supposed to be shooting for a success ratio.
While you might be able to stumble across a success, it doesn’t mean that there isn’t an opportunity—for whatever reason—for your business to fail as well. And when it does, there won’t be anyone to blame it on but yourself.
In order to handle this, your brain needs to be calibrated to perceive and expect the unexpected. Problems are always going to appear, and they will appear and manifest themselves in ways which will not be given warning.
Understanding and preparing for these kinds of obstacles will set you miles ahead if you’re able to brace your business model to be able to manage financial loss from these kinds of circumstances.
Getting used to financial insecurity
When you start fresh, you’re either going to be using your own money, the bank’s money, or someone else’s resources in the form of private loans.
No matter how you shake it, this can be uneasy ground to be treading on, but it isn’t unmanageable nor should this deter you from becoming an entrepreneur.
The first year is always the hardest year
During its first 365 days of operation, a business will most often be faced with high levels of expenditures—potentially with low returns—while significant mental and physical resources are spent to market the service.
Your first year is a make or break window, where the highest level of financial security is likely to be experienced by most operations.
We know how difficult this can be, which is why we offer recent entrepreneurs with a student package to use our practice management and legal accounting software. The benefit of using this service is incalculable if you put our costs in comparison to the costs (time or money spent) associated with hiring an administrative assistant, or doing the work manually by yourself.
Using your network
If you see yourself becoming the master of your own destiny in the near future, we recommend you build a network of people who may need your services. Whether it’s friends, colleagues, or acquaintances: they should all be made aware of who you are and what you can accomplish!
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