Type of Business to Start

[alex90048]

Dear all:
I have a legal and consulting business which has chained me to the slow lane because it violates the commandment of time. I do not have enough savings to completely stop what I am doing.

Accordingly, is it better for me to:
1. Think of a creative way to scale the business I have right now? I.e. through online funnels, subscription services, etc.
2. Spend less time on what I am doing right now, and start a new business which has more potential to be a fast lane business?

Please let me know your thoughts.

 

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[johnlepore]

Do you have good ideas what business you want to start? Without knowing alot about you it seems scaling your current business would be the most viable option for now. Can you create a course to sell from your consulting business?

 

[Prusak]

Do you have good ideas what business you want to start? Without knowing alot about you it seems scaling your current business would be the most viable option for now. Can you create a course to sell from your consulting business?

I don't quite like that the idea of fastlaning a professional business is always to create a course/get into teaching your trade, seems quite reductive, but I understand it's labour intensive and very expensive if you employ other professionals to help grow your business so will definitely be following this one.

 

[alex90048]

Do you have good ideas what business you want to start? Without knowing alot about you it seems scaling your current business would be the most viable option for now. Can you create a course to sell from your consulting business?

I do have ideas. But the concern I have is as follows: MJ says in millionaire fastlane that you should not start multiple businesses at once. So I would still need to run my current business PLUS start something new. Or I could do something like what you suggest (consulting course, virtual law firm, etc.)

 

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[alex90048]

I don't quite like that the idea of fastlaning a professional business is always to create a course/get into teaching your trade, seems quite reductive, but I understand it's labour intensive and very expensive if you employ other professionals to help grow your business so will definitely be following this one.

It may not be the only way. For example, right now one idea would be to scale my current business by starting a virtual law firm...

 

[Prusak]

It may not be the only way. For example, right now one idea would be to scale my current business by starting a virtual law firm...

How does that work- I am myself an accountant (no business atm) and asked myself a question about scaling, for my profession I think it's a bit easier and there is already a market for outsourcing online bookkeeping to Asia (based in the UK), not sure how easy it's for law, I'd assume you don't have as many repetitive tasks that lend themselves to outsourcing and you'd still need to be very involved

 

[alex90048]

How does that work- I am myself an accountant (no business atm) and asked myself a question about scaling, for my profession I think it's a bit easier and there is already a market for outsourcing online bookkeeping to Asia (based in the UK), not sure how easy it's for law, I'd assume you don't have as many repetitive tasks that lend themselves to outsourcing and you'd still need to be very involved

I think it is a matter of generating leads online and then having the work done by other "of counsel" lawyers. A legal subscription service could be a good idea too. The client pays the same amount every month regardless of the amount of work that is done...

 

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