Many law firms and conveyancing practices have been established by an entrepreneurial mindset looking to break away from the shackles of employment. There are many benefits of running your own business such as greater reward, increased job satisfaction and sometimes the increased flexibility and control that comes with being your own boss.
Unsurprisingly, a study by the law society revealed that the number of sole practitioners and small firms (those with two to four partners) increased by 37 per cent and 74 per cent, respectively, in the five years to 2016. Reports are also telling us that “the time of the small law firm has arrived”.
With technology driving efficiency alongside an ability to move fast, it’s often argued that sole practitioners and start-up firms are delivering better services to clients than their larger counterparts.
There’s plenty of opportunity and encouragement for anyone running a business in the legal sector today, but this doesn’t mean that entrepreneurialism comes without challenges.
Being an entrepreneur requires an entirely different way of thinking to working as an employee, and business growth often depends on how well you master the right mindset.
So, here are some tips to help you think more like an entrepreneur, so you can continue to drive your practice forward.
Take on new challenges
It’s easy to stay within your comfort zone when working for an employer. After all, there’s always someone else who can step up to a new challenge if you don’t feel ready and it won’t affect your salary.
But if you’re running your own practice, shying away from every new challenge and ‘playing it safe’ is only likely to stifle your growth potential.
By embracing challenges, you’ll continue to learn new skills and gain confidence in a way that makes you a stronger leader with great entrepreneurial mindset.
And you should never be afraid of making mistakes along the way – every slip up as an entrepreneur is a learning opportunity for how to do things better next time.
Be agile with your entrepreneurial mindset
The status quo is probably one of your worst enemies when running your own business; this is because while your business stands still – doing things the way it always has – your competitors are likely to be creeping further and further ahead.
Openness to continually assessing and adapting your operational processes or business strategies is key to keeping ahead of the game in a fast-moving environment.
For example, implementing an automated search solution like triSearch for all your property and business searches could give you an immediate edge over the competition, even if you have been comfortable conducting your due diligence manually.
It would also come at a fraction of the cost of other automated Search solutions, so you’re not breaking the bank trying to keep up.
Take ownership of your actions and problems
Blaming others for issues or passing the buck when problems arise is not an effective way to overcome difficulties as an entrepreneur in the conveyancing sector.
Instead, you must always adopt a constructive approach to solving problems which usually starts by taking complete ownership of your actions and the consequences they bring.
Taking ownership could mean reflecting on your activities and behaviours in order to determine what went wrong and how you might be able to change your approach to achieve better results next time.
And you should never be afraid to do things differently as an entrepreneur because while it’s impossible to get everything right first time, a little trial and error nearly always leads to improvement.
Show resilience in your entrepreneurial mindset
When you have responsibility for running a business, you’ll experience plenty of ups and downs. From the highs of winning new clients to the lows of struggling with cashflow, it can sometimes be hard to push through.
But there’s no doubt resilience and perseverance will make the difference between failure and ultimate success.
While getting bogged down with negativity is likely to see you slip further behind, having the ability to bounce back and move on will allow you to quickly learn from mistakes and become more innovative in your approach to business.
For example, even one of the world’s most widely-known brands, the Virgin Empire, has had plenty of failures on the path to success over the years.
Be confident and sell yourself
It’s fair to say that promoting your successes, strengths and abilities at every opportunity is not something that comes naturally to everyone – especially if you’re more introvert than extrovert.
But taking every opportunity to sell yourself and your business will be crucial to growth.
Whether you’re networking with potential clients or casually speaking with business connections, friends and family, have the confidence to share positive stories about your business while demonstrating your credentials.
After all, you never know when new opportunities or referrals might arise. Similarly, having an aptitude for selling your ideas to other people in the business will be key to keeping your business moving forward with new projects and strategies.
There’s probably never been a better time to be running a small-to-medium sized law firm or conveyancing practice.
While the business environment is rife with opportunity, new technologies are helping even the leanest practices do so much more with less every single day. But by embracing an entrepreneurial mindset, you’ll also have what it takes to stay focused on your entrepreneurial goals no matter what obstacles fall in your path.