In 2013, I had a really embarrassing experience at a bank trying to cash a check. So very embarrassing that it became a pivotal moment for me. I decided that I would never again be in a position that required me to beg the bank manager not to put a hold on my check so that I could cover the cost of my daughter’s daycare.
Never. Again.
And I did it.
That year, I took my business from $60k in revenue to $300k in less than 12 months.
I started my own business because I wanted to have freedom while also taking care of my family and helping people. Lawyers don’t typically get to spend regular quality time with their families and friends. The legal profession is infamous for requiring very long hours and the work never ends– weekends, holidays, sleep– all may be sacrificed.
I never wanted to play that game, which meant I had to build my business the smart way (not just with endless hours of labor).
Here are the steps I took to 5x my revenue in 2013:
- Created a streamlined onboarding process. Did you know that having an onboarding process makes customers a lot more likely to buy from you again? Repeat customers = repeat cash! My onboarding process welcomed new clients in and anticipated their needs. It also included a solid, easy-to-read contract so that my customers were clear on what they were purchasing. A clear client service agreement means not wasting time, energy and money trying to resolve issues that should have been spelled out in your contract from the get go. I spent a ton of time in early 2013 setting up an onboarding process for all of my different services and it made good customer service easier to execute and led to lots of repeat business.
- Hired a team. I know it seems counter-intuitive but the sooner you invest in hiring help the sooner you’ll increase your income. It’s really hard to build a business by yourself so hiring a team is essential. Because you’ll have two or more people working towards the same goal, instead of just one. Hiring an assistant in 2013 helped increase my revenue by making sure clients and potential clients received quick responses. Plus assistance with my marketing efforts and general business operations freed me up to do more of the work that brings in the dollars.
- Created a digital product. Putting your IP to work for you is one of the best ways to increase revenue. Why? Because it enables you to make money when you are not working. For example, one of the things I did in 2013 that made the biggest difference was create my first piece of intellectual property, a product called Small Business Bodyguard. I put my knowledge of business law and experience working with entrepreneurs and put it into product form. Creating IP is just taking the stuff you know or create and putting it into a tangible form for other people to use. From July 2013 through December 2013, I made over $100,000 from Small Business Bodyguard. Less than four years later, Small Business Bodyguard has generated a million dollars in revenue for my business and continues to generate at least five figures every single month.
So these are the things that I did back in 2013 to increase my revenue. I share this story because I want you to see that it’s not some big sweeping, fancy marketing plan that makes a huge revenue difference. Sometimes it can. But for most of us, it’s just the little tweaks, the small steps that we consistently take to build our businesses that make a world of difference on the revenue front.
