Choosing a Winning Law Business Idea that Sells
So, you want to build a revenue stream outside of your law practice so that you can earn more passive income. But what kind of product or service would people buy? What are you qualified to offer? Who are your target customers?
When creating any kind of business, these are the first questions that you have to address before you can start making money. But, as you begin thinking through the possibilities, you may come up against what we call The Big Three Blocks. These blocks are the very common, very annoying refrains that tell you to stop trying something new. Let’s go through them and talk about how to shut them down.
Big Block #1: I am not qualified to offer this product/service.
If you are following Juris Diction, that means you are a lawyer. Let me repeat that: YOU. ARE. A. LAWYER. That means you have been through years of schooling to qualify you to handle complex problems in an organized, well-reasoned way. Unless your big idea has to do with providing medical care, you probably don’t need more schooling. Instead, you need to be strategic about the skills and experiences you already have. Take a look at what you’ve done throughout your lifetime: in school, in your personal life, and in your career. Big or small, your experiences have shaped you into the complex, wonderful, and wise person you are today. You are qualified … to provide the exact service or product that you have to offer.
Big Block #2: I don’t know if people would pay for this product/service.
I love this big block because it is so easily surmountable. You know how? Try it out. Don’t be afraid to make mistakes. As lawyers, we are taught to prepare, over prepare, and make sure we have considered every eventuality before making any moves. As an entrepreneur, you need to know that you can’t possibly prepare for everything and the stakes are lower than if you are representing someone else. In your business, it is ok to try something, fail smart, and adapt based on the feedback you receive. So, would someone pay for this service? Ask them. And don’t be afraid to let your product or service grow with you as well. You aren’t marrying this one offer for the rest of your life. You are trying it on.
There are also some awesome ways you can structure your product or service to make sure that you are providing ample value to your ideal clients while keeping the ultimate goal in mind: earn more while working less. Leverage your skills and expertise to break out of the Professional Service Provider’s Dilemma. We will go through this process in a future post, but don’t wait! Get your ideas out on paper NOW.
Big Block #3: Someone else has already done it.
I have one thing to say to this: so what? OF COURSE there is someone else out there who has tried something similar to your Big Idea. That doesn’t mean you shouldn’t do it! First of all, you are a unique, complex, magical individual. That means that your product or service is inherently unique. Your personality, qualities, and experiences make your offer one-of-a-kind. Even if there is someone else out there making the same kind of offer, your ideal clients are waiting for you. Secondly, there are A LOT of people in the world. Like, a lot. No one business is offering the perfect service or product for everyone. Remember your abundance mindset: there is enough to go around. Honestly, don’t even think about the competition at this point. Just focus on creating an authentic, valuable business based on your strengths.
Once you’ve looked at your Three Big Blocks head-on, let’s say goodbye to doubt and just get started.