Lessons From My First Quarter in Business
When you’re an entrepreneur, you learn new business lessons at every turn. Because Legally Bold is not my first foray into entrepreneurship or online entrepreneurship, I’ve learned many. In January 2015, I left my job and started an online law practice called the Law Office of Toya Gavin.
I know what you’re thinking. The originality of that business name is astounding, but just for the record, my choice was based on an ethical requirement of the bar in my state.
Anyhoo…starting Legally Bold and my law office challenged me in similar ways. I started both businesses with a brand new concept and in a new area that required lots of study on my part. I also started each business with no clients. Basically, I decided to take a chance on myself and see if I could turn an idea into something bigger.
Now that I’m nearing the end of my first full quarter running my second online business, I can begin to compare and contrast the two business and extract the lessons I’ve learned so far. I thought those lessons might help someone else so here’s what jumped out at me when I sat down to reflect:
Legal Services Sell Themselves
Although they are often lumped together, there is a difference between marketing and selling. Marketing is letting everyone know that you are open for business. Selling is persuading the people in your target market that they should buy your products or services in particular. Although I thought I was marketing and selling my legal services when I opened my practice, I realize now that I didn’t have to.
Legal services are such integral parts of our society that no one needs to be persuaded to understand their value. People know that they need a lawyer for certain things in their life, and when that time arrives, they hire an attorney. Period. They don’t need to be convinced that hiring an attorney is a worthwhile investment.
By contrast, most people don’t really understand what coaches do. Part of the issue is that explaining something that is transformational and experiential is difficult to put into words. The other problem is that our culture judges coaches harshly. People view coaching as some kind of joke that only super “woo-woo” beings pay for, along with their tarot card readings and trips to the sweat lodge.
But here’s the thing, every successful person I know (and you know) has a coach. Whether that person is an actor, athlete, or successful online business owner, they all had coaches help get them there.
Coaching is about empowering clients to make, meet, and achieve goals in the real world. That’s the world where you and I live. It includes bakeries on every corner when you are trying to lose weight or children screaming for your attention the minute you sit down to take a client call. Coaching helps people tether themselves to their goals so that they accomplish them no matter what.
Because coaching isn’t as well known as legal services, coaches have to market and sell. We have to show any potential client that spending her hard earned money on our services makes sense. That requires more communication, consistent demonstration of value, and a better display of your expertise.
Basically, I’m saying I was spoiled by my law practice and didn’t know it. Even still, learning all of this and helping lawyers through coaching is worth it.
Consistency Is Key and I Need Help To Be Consistent
This quarter is the first time that I have consistently blogged, put out a newsletter, marketed, and sold my services all while still showing up for my other responsibilities consistently. Every week, come hell or high water, my newsletter and blog come out. Every week.
In the past, I thought I couldn’t achieve this level of consistency because I wasn’t motivated enough or I didn’t have enough time or ideas. I even thought that I was just too lazy, but none of that is true. Turns out I just needed help and accountability. I found this in my online business manager.
The thing about having to answer to a person that you pay is that you get things done. If you grew up like me, then you don’t like to waste money. So hiring someone to help you, and then not being able to receive the benefit of their help because you didn’t do you part literally feels like you’re throwing money in the trash. I would never do that, and so I show up and do the work. My online business manager always does her part. And it works. We produce content. We generate ideas. We turn those ideas into action. It’s all pretty exciting. Plus she’s a genius, so that helps. Hi Tressa!
What I know now is that instead of wasting time trying to go it alone, I should have hired help in my law practice a long time ago. I’m a self-starter but not necessarily a self-finisher. For that, I need help.
CEO = Reading A LOT
If you are going to start a business, be prepared to read a lot. There is no way around it. As a business owner, you are constantly innovating, improving, and creating. To do this, you need new ideas, lots of them, and nothing sparks new ideas like reading.
As an attorney, I’m used to reading a lot anyway. However, the CEO type of reading is about opening your brain up in new ways. It’s also about investing a significant amount of time reading about ways to get over yourself. When you’re in business for yourself, things come up in your psyche that hinder business growth. It just happens. So instead of beating yourself up about it, you read and learn ways to move forward anyway.
Take A Break
Despite having a lot of things on my plate with Legally Bold and my other responsibilities, I really feel like I’m ready to take on the challenge of running this business. There are ups and downs, fear and triumphs, but overall, it feels good. I’m excited to help people, and I’m healthy.
I was excited to help people when I started my practice as well. Looking back, I just don’t think I was in the best shape to do it. Practicing law can be overwhelming and anxiety-producing regularly. However, lawyers never get a chance to process all of those feelings. We lay up at night replaying what happened in court the day before and dealing with adversaries and judges who can be downright abusive. But lawyers are not supposed to say that. We’re supposed to take the abuse and anxiety while not taking it to heart.
However, that unspoken rule is just not realistic. We are overworked and overtired. We need rest. I needed rest before I started my practice. I just didn’t realize it. I was used to operating in flight or fight mode and thought it would ease up once I was on my own. It didn’t. Things got worse. I needed to change my behavior not just my circumstances. Investing in rest and a vacation is investing in the longevity of your business. I didn’t understand that before. I get it now.
Business Strategy Takes Work
I was spoiled by my law practice when it comes to business strategy too. I had goals and executed plans, but I didn’t have a cohesive strategy for many things. I didn’t have to. Things just sort of worked out, and I got clients. A coaching and consulting business is a bit different. You have to test strategies and not everything will work the way you planned. It’s like putting together pieces of a puzzle, but you don’t have the picture on the box to help you create the right image. You make that image up too. Although that part makes the nerd in my head smile, it takes a lot of work to create a cohesive strategy.
I Like Entrepreneurship
Although I think I’m at a point in my career where coaching and consulting fits my lifestyle better, the truth is I just like entrepreneurship. I enjoy creating something from an idea and discovering if it will work. I also like the freedom to be creative and to try things. I have new entrepreneurial ideas regularly, and my ultimate hope is that I can try a few more in this lifetime.
Right now though, I am here. I’ve accomplished a lot and have so much more that I want to do. As I continue on into the next quarter, I excited to see what pieces of the puzzle I discover next.
Do you have any lessons from your business or businesses? Let me know in the comments below. And don’t forget about our 4th Quarter Hustle group coaching program. Schedule a free call with me to define your 4th quarter goals and learn more.