Before I get there, I want to talk about the questions I've asked myself to get to my answers. And, as is usual with much of my direction, I haven't obtained this information from any lawyer sites. I picked it up from somewhere else. And to get to my goals for the year I asked myself 4 primary questions. First, how much money do I want to make this year? Second, what kinds of specific things do I want to do with the money I will make? Third, what am I going to do to reach that moneymaking goal? And finally, what am I going to do to measure day to day success?
First, the money. People start law firms all the time for different reasons. One of my reasons is to make money. I want to be able to provide for my family. But I'm realistic. I know it grows over time. But I also know to reach goals you have to set goals. My gross income goal for this year is $100,000. That boils down to about $8,333 a month, though I may not make that much every month (the goal is to increase my revenues every month).
Second, what kinds of things do I want to do with the money I'll make? The first thing I want to do is pay down debt. I won't tell you what I owe, but it's a lot. The main thing I want to do with this money is pay down the debts I owe (these are primarily personal debts). I'd like to pay down at least half of the debt that I owe that isn't associated with student loans (the interest rate is too good to pay off early). The second thing I want to do is travel with my wife. The third thing is play some golf. And the fourth thing is begin saving money to buy a house.
Third, what am I going to do to reach that moneymaking goal? First, I am going to continue to strictly adhere to my online marketing plan (you can read more about that here). Second, I am going to set up a system where I give one online or in-person talk a month about dealing with cops. Third, I am going to continue to track and tweak my marketing efforts to get the return on investment I need. And finally, I'm going to continue working every day to become the best Seattle DUI attorney there is (this includes doing at least 5 trials this year).
Fourth, and finally, what am I going to do to measure day to day success? This is easy, but won't be readily explained here. I'm going to create a strategic plan in the next couple of days that will produce a day to day list of action items to carry out. It will be set up so the next 6 months or so are planned out for me. The day to day satisfaction I'm going to take out of meeting my goals is crossing everything off the to-do list I've got scheduled for that day.
2010 is on the horizon, and I'm really excited about it. I'm looking forward to getting new business, helping new people, and making more money.
By the way, I'm working out my finances for this year right now. When I get those numbers I'll let you know what they are so you can have an idea of what I've been doing.
Happy New Year and thanks for reading How to Start a Law Firm!
Related Posts:
How to Start a Law Firm | To-Do List
Starting a Law Firm | Practice Update