Can an Entrepreneur Regularize Her Income?

Can an Entrepreneur Regularize Her Income? by Aimee B. Davis

{3 minutes to read}  One thing an entrepreneur can rely on is that from time to time she will encounter a rather unpredictable revenue stream. That’s okay, some folks have the stomach for this and others simply don’t. Frankly, I didn’t know the strength of my own gut until I found out in practice.

Can an Entrepreneur Regularize Her Income?

After eight years as a solo practitioner, I have discovered some tactics that can be employed to help regularize one’s revenue:

  1. Maintain the Hustle – In my experience, you must continue, and be consistent about “Showing Up” in your networking efforts, even during busy times. I remember attorneys in Big Law struggling to maintain consistent networking efforts in the midst of their big transactions. But as a solo, I’ve learned firsthand of the damage wrought upon my pipeline from a brief lapse in my own networking efforts.

       I recommend you keep on your hustle.

  1. Follow Up with Clients and Prospective Clients – At the end of the year, I had several deals go ON HOLD for one reason or another. So, in keeping with my advice above, I stayed on my hustle by following up with those clients to remind them that I am ready, willing and able to refocus on their matters. I also reached out to certain referrals and prospective clients that I was introduced to at the end of last year with the same message.

       I recommend you follow up.

  1. Invoicing – One of the keys to success is to invoice one’s clients on a regular and consistent basis. If you fail to bill on a timely basis, you send your clients a message that you don’t care much about timely payment. Sounds obvious, right? But, I know plenty of attorneys who month after month got in trouble with Big Law administration for failing to timely submit billing information.

       I recommend making billing a priority.

  1. Be Curious – When asked recently to what she attributes her long-term success, Martha Stewart said she attributes it to remaining curious and trying new things. See Martha & Snoop’s Potluck Dinner Party. Martha’s remark harkens me back to one of the best pieces of advice I’ve ever received. When I first lost my job in Big Law, I had a courtesy interview with a senior in-house attorney at CBS. This woman had seen it all over the course of her long-standing tenure with CBS and its predecessors. Like me, she was a media lawyer, involved in the conversion from analog to digital, as well as the introduction of the wireless and other telecommunications industries. She said, the most important attribute that an attorney could have is to be adaptable.

       I recommend you stay adaptable and curious.

What ideas do you have as to how to regularize your income?

Aimee B. Davis Law P.C. is committed to advising its clients and resolving issues relating to the legal and business matters that are important to them. If you have any questions, please feel free to contact us at (917) 617-2243 or email aimee@aimeebdavis.com.
Aimee B. Davis

Aimee B. Davis
Aimee B. Davis Law P.C.
122 Ashland Place
Brooklyn, NY 11201
www.aimeebdavis.com
aimee@aimeebdavis.com

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4 Responses to Can an Entrepreneur Regularize Her Income?

  1. Jesse Langel says:

    Thanks, Amy! All great advice! Let me go get my hustle on!

  2. Amy’s ideas are spot on, especially #1 and 3. As a small firm managing partner, I know it is vital to network, especially when busy. By doing so, you can hopefully prevent a dry spell. In addition, billing on a monthly basis allows you to learn early on which clients are not going to pay their bills. It also prevents bills from becoming too large for the client to pay. Keep up the good work Amy!

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