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Common questions you may have as an LDA and starting your business include:
1. How much money will I make as a Legal Document Assistant?
2. What will be my initial startup costs?
3. How soon will it take for me to get a return on the financial investment that I make in the business?
And the answer to these three questions is well, “It Depends.”
While it is true that being an LDA is financially rewarding and many LDAs make a great living doing this type of form preparation work, Becoming an LDA is not a Get-rich quick scheme.
In order for an LDA to be financially successful, an LDA must be committed to the business, invest in themselves and their business financially, and finally, be willing to market themselves out to succeed.
Let’s talk about the first question!
In answering the question, how much money will I make as a Legal Document Assistant? The answer is “That depends on your level of commitment to your business?”
I’m not saying that you can’t run a successful business part time. All I’m saying is that people who put 100% effort in making their business work, tend to see a higher revenue at the end of the month.
In this business, you’re going to have to put in the work. Whether it’s part time or full time, you’re going to have to show up, you’re going to have to do the work.
You’re going to have to be willing to do client development. You’ll need to put yourself out there, you have to answer the phones and be willing to meet with the clients either in person or by Zoom.
Running a business is going to take a big time and energy commitment. You have to put in the work and just make it happen. I can’t stress this enough. Having the work ethic necessary is going to make a difference in how successful you are. You’ll have to look at the services you are offering, can you offer more, are you leaving money on the table? Are you working hard or hardly working?
I know there are some people that do LDA work as a side hustle. And that works for some people. However, just know that if you’re not doing it full time, and you’re only doing it part time, let’s say you only work in your business, after you come back home from work a few days a week, or on weekends, then it’s possibly going to delay you getting your return on investment faster, because it’s taking you longer to provide results for what people hire you for.
Being an LDA can be financially rewarding, and it can also be emotionally rewarding. As the saying goes, “if you want to make $1 million dollars, you have to help 1 million people.
Don’t follow the money, focus on serving your customers and providing real value, the money will follow. Do a good job, and your clients will refer you their friends and family.
How much money you make Will be determined on how much time you put into developing your business.
For example, the time you spend educating yourself on different subjects to be able to confidently provide more services to your clients, will pay you back ten-fold.
And
How much time you spend on developing your relationships with clients, your network of referral partners, vendors, other attorneys, etc.
Those relationships (if nurtured correctly) will pay you back for years to come.
Sometimes the return on the investment of time or money can’t be quantified, so don’t just focus on the monetary gains in your business.
Instead of asking the question, “How much money can I make? ask “How much impact can I make? and
instead of asking, “how soon will I make my money back, ask” “How soon can I get the client on my calendar”?
Next, we’ll answer the next questions, “What can I expect that my initial startup costs will be? How soon will I get a return on my investment?
As with any other business, what your initial investment is going to be on setting up the business can depend on various factors, such as:
To invest in becoming an LDA, typical startup costs can include filing your bond, paying for registering with the county clerk, obtaining a business license, getting a fictitious business name, opening a business bank account, leasing a commercial building, software fees, equipment, and marketing your business.
Obviously, some LDAs have more expenses, and some have less. But what is important is that you invest in you and in your business. If you don’t invest in your business, how can you expect others to invest in you?
Separately, how soon you can start making your money back is dependent on the type of systems you use in the business. For example, have you invested in software such as a customer relationship management software to help you keep track of your clients and business contacts? Do you have Billing document system that allows you to get timely invoices out and timely payments in? Also, are you leveraging the use of employees to help you get the work out so that you can provide more work for more clients and meet their needs.
Other costs to consider include: Do you have a website? Is that website active? Are you listed on a directory? Where can people find you? Is your social media active on your platforms? Have you posted in a while? Or does your social media page look abandoned?
Don’t forget, not all investments are financial. In the beginning, some LDA’s don’t have money to invest in their business, so they have to invest their time instead. These LDAs can’t afford to hire an employee, so these LDAs will have to work harder in the business than other LDAs. It’s the tradeoff and the dues you have to pay to be financially successful.
In conclusion, the Return on Investment is dependent on your level of commitment to your business, and what your initial startup and investments are in yourself and in your business. The Return you get won’t always be financial, brownie points count too.
I hope you found my information helpful, thank you for joining my podcast. Please hit like and subscribe. Thanks.
Let’s make this happen.