Latest / Wealthy Woman Lawyer Podcast, Helping you create a profitable, sustainable law firm you love / Episode 257 | 5 Reasons I Love My Business (Do You Agree?)

Transcript

Episode 257 | 5 Reasons I Love My Business (Do You Agree?) · Wealthy Woman Lawyer Podcast, Helping you create a profitable, sustainable law firm you love

0:03
Davina: No 1 can take away your creative mind. And creativity allows us to move out of our frustration into a new direction. To ask what else is possible I am not yet considering this is a wonderful question from access consciousness called what else is possible that I am not yet considering what else is possible, that I have not even considered can be considered?
0:29
Intro: Welcome to the wealthy woman lawyer podcast. What if you could hang out with successful women lawyers? Ask them about growing their firms, managing resources like time, team, and systems, mastering money issues, and more. Then take an insight or 2 to help you build a wealth generating law firm. Each week, your host, Davina Frederick, takes an in-depth look at how to think like a CEO, attract clients who you love to serve and will pay you on time, and create a profitable, sustainable firm you love.
0:59
Devina is founder and CEO of Wealthy Woman Lawyer, and her goal is to give you the information you need to scale your law firm business from 6 to 7 figures in gross annual revenue so you can fully fund and still have time to enjoy the lifestyle of your dreams. Now, here's Devina.
1:18
Davina: Hi, everyone, and welcome back to another episode of the Wealth Woman Lawyer podcast. I'm your host, Devina Frederick. And today, I'm sharing 5 reasons why I love my business. I spend all day every day chatting with women law firm owners about their businesses, And I also follow several Facebook groups with lawyers and law firm owners and entrepreneurs. And I think it's really easy to get caught up in sort of the discussing the negative things about owning our own business, like the challenge of difficult clients or judges who don't see things our way or court clerks who treat us like trash or slow or no bill payer, software issues, employees who make you feel like you're a poor communicator because they can't seem to do their jobs right no matter how many times you explain something.
2:06
You get the idea. And for some people, it can get so overwhelming and depressing that they start to think about selling their law firms or just quitting their law firm or looking for jobs, working with other law firms, or leading the law altogether. And there's nothing wrong with any of those options unless your dream is to really own your own law firm business so you could have more time freedom and the ability to create wealth beyond your wildest dreams. If you find yourself looking at alternatives because you just can't figure out how to make your own law firm work, then I can help you with that. Click on the link in the show notes to book a call with me and we can discuss that.
2:48
But in the meantime, I wanna share with you a trick that I've used many times over the years, both when I owned my law firms, when I when we owned our gym, and while growing this coaching business for more than a decade now. This has helped me time and again when I felt like calling it quits, when I've had a bad day. And trust me when I say to you that you are not a true business owner unless you've had moments where you wanted to throw in the towel because you felt like nothing was going your way. And I know this not only from my own experience, but having so many conversations with other business owners of all different types throughout my career. So here's my trick.
3:25
When things get grim or even a little frustrating or annoying, I make a list of all that I love about owning my law firm business and working for myself in that moment. And this list list really serves as a start reminder for me of why I started this journey in the beginning and why I choose to still be on it. So I'm sharing this list with you. This is, the things that when I think about my business, and I think about why I love having my own business, these are some of the things I think of. It's not an all inclusive list, but some of the things I think of.
4:00
And you can steal my list or you can make your own. If you're having 1 of those overwhelming discouraging days though, I highly encourage you to take a few minutes to write out all the reasons why you love having your own business. And it really helps to reframe and get your mindset back in the right place to get in touch and remember why it is that you love working this way. So number 1 on my list for owning my own law firm I mean, my own business is that I get to spend the most days doing meaningful work with inspiring people. So my clients and my team are some of the most ambitious, interesting, and creative people I know.
4:43
And I just always think about how lucky I am to get to work with people like that. And maybe I would get that working for someone else, but by owning my own business, I really get to choose who I work with and who I don't. So believe me when I tell you that I have let money walk out the door because I knew someone was not gonna be a good fit to work with me, that it would not be enjoyable for either 1 of us. And while I love to help people, I never wanna work with anyone who's not ready to help themselves. As I always tell my clients, you cannot want to solve your client's problems more than they do.
5:19
I live by that. You cannot want it more than they do. When you work for someone else, you may find yourself working with many people that you do not like or doing work that does not feel meaningful to you. When we work for ourselves, we ignite a very strong lever in our lives, and it's called choice. Not all of our choices will work out the way we anticipate, but the freedom to choose cannot be underestimated when we think about what is required to live a happy and fulfilling and well filled, well lived life.
5:53
So number 1 on my list is getting to do meaningful work, work that is meaningful to me with people that I really enjoy being around. Number 2 on my list is control of my time. Quite frankly, until I began working for myself decades ago, I did not realize how valuable it was to me to be able to control how I spend my days. Some days, I think that's more important to me than money is, the freedom and ability to spend my life the way that I choose. Too often when I hear law firm owners tell me that they are deeply unsatisfied with their law firm business, it's because they're still allowing others to hijack their time and their priorities.
6:38
They jump whenever someone asks for their attention even if it's not the highest best use of their time or not a choice they have made on how to spend their time. So I create a schedule that works for me. I've created a business that works for me and also serves others. Does that mean that I take time off anytime that I want to? No.
6:59
Not really. I still work a full time job, and I do it because, I am compelled, and I'm inspired by an internal motivation to work. I enjoy it. It is, purpose purposeful for me. I protect my time for being wasted on that which does not make me feel like I'm living in per in my purpose or inspired work.
7:22
Sometimes, I need to do work that doesn't thrill me, but I never resent it because I'm on a mission, and all the work I do is about furthering that mission. I also remember that I am not the best person to handle every job in my business even if I know how. My number 1 priority is to stem my life in a way that makes me feel satisfied, joyful, and like I'm living in a purpose. And my calendar and my checkbook reflect that. How I invest my time, how I invest my money reflects the me living the kind of purpose driven meaningful life that I want to live.
8:01
Alright. Number 3 on my list is control of my finances. I love my unlimited potential to acquire as many resources as I desire, AKA make as much money. And I enjoy making decisions about how I will allocate those resources. There's no 1 but me to limit my income.
8:21
Sometimes people get discouraged when money does not flow smoothly or evenly into their business. They worry that there's only enough to go around. And if somebody else gets a piece of the pie, then they will not have enough pie themselves. They never consider that what that we can always bake more pie. And I get this.
8:40
I used to think that way myself. But when I made a decision to begin to observe all the abundance surrounding me every day flowing through my life, I began to realize that there is more than enough for all my needs and my wants. And I am not limited by what someone else deems is enough for me. So I'm not limited by someone saying, here's your paycheck and this is what this is worth to me. I get to choose what I want.
9:07
I get to choose how I feel. I get to choose what I think. And I get to choose how open I am to receiving opportunities or, you know, rejecting opportunities. So I, as a business owner, the limitations I'm placing on myself are are just that. They are limitations I'm placing on myself.
9:28
And I really have a choice, to not limit myself and not limit what I have the ability to earn. Now with that comes a certain amount of discomfort sometimes at risk, a lot of times. So I if I want to, be successful to the level I wanna be successful, sometimes it's risky and it's uncomfortable. But I I get to choose. I get to choose what that looks like for me.
10:03
Alright. The 4th reason I love owning my own business is because of the the variety and the creativity, the creative outlet it provides for me. Every time I'm feeling frustrated about something not working out the way I envision, I've really turned to creativity as the solution. I ask myself in what ways can I create something new for myself in this moment? So if I'm feeling frustrated, I I turn to my wellspring of creativity because I know that that is unlimited.
10:34
It does not come from me, comes through me, from the universe, and I know there is an unlimited source of creativity. So I asked myself what I can create in that moment. Is it a new emotion? Is it a new thought? Is it a new idea, a new project, a new process?
10:52
Just like no 1 could take away your hard earned education, no 1 can take away your creative mind. And creativity allows us to move out of our frustration into a considering. This is a wonderful question from Access Consciousness called what else is possible that I am not yet considering? What else is possible that I have not even considered can be considered? It opens the door to new possibilities when we sort of stay in that question and we ask ourselves that.
11:27
When we get creative, we get to experience more variety in our lives. And and our creativity may take us in a direction that we never considered before until we opened our minds to it. And that really keeps us from being stuck in the same old same old. And we might not have that in a job where we're kind of have this set sort of skills or, projects that we are limited to. When we own our business, we can really invite more opportunity through our creativity.
12:02
And reason number 5 on my list of reasons why I love my business is because of the legacy that allows me to create. So I don't have children. My legacy will not come through having children. I have 2 beautiful nephews. I don't expect my business to live on after me, really.
12:20
It might. Somebody might decide that they want to buy it and and take it to a different level. I might decide I wanna sell it. But I know there are women who have been inspired and influenced to create a better life for their families as a result of either listening to this podcast or working with me through my coaching or even just hearing about the work that we're doing over here. There are women who are wealthier and they're living their best lives, women who are creating generational wealth for their families, women who are using their law firms to create jobs for other women who now are better able to support their families.
12:56
My legacy comes in the ripple effect of the work that I do, and it's really the same with you. I've experienced this as an attorney, as a law firm owner, as a health and fitness trainer, and now as a law firm growth strategist and business coach. And I know you 2 are out there creating your own legacy through not only your work in the world, but also through just being who you are. Because I see it every day with my friends, my colleagues, with my Facebook friends, my Instagram followers, and my clients. I see you all out there creating those legacies and not even really realizing that you're creating those legacies.
13:39
And, so that's another reason why I love having my own business. So I hope you've enjoyed this week's episode of the Wealthy Woman Lawyer podcast. I'll be back next week with more content that's created especially for women law firm owners. And until then, I hope you have a wonderful week and that you really revisit and think about why it is that you love having your own business and all that it contributes to your life. I'll see you then.
14:05
Intro: If you're ready to create more of what you truly desire in your business and your life, then you'll want to visit us atwealthywomanlawyer.com to learn more about how we help our clients create wealth generating law firms with ease.