Friday, August 24, 2012

Frugal Quotation

The week has been long for me, so I'll leave you with a simple post, a quotation I find inspiring.
"Industry is the fortunes right hand, and frugality is its left".
-John Ray
Why inspiring?  Because it states the truth.  One cannot be industrious without also being frugal.  My primary industry is operating a solo law office where I help people address illness, death and taxes via wills, powers of attorney, etc.  Frugality has been key in the continued existence and growth of my practice.  Thanks to frugal ways, I have never borrowed a cent for my practice.  Not one.  And with it has come freedom to do what I see fit, and what I think is right.  No pressure to pay back the damn bank.

Whether you want to hang out a legal shingle, start a flower shop, or create the next Twitter, keep the following in mind:

  • keep overhead to a minimum.  I traveled to clients for meetings my first few years, and drafted out of a home office;
  • hire students because they are bright, energetic, and willing to work for less because in addition to pay are earning experience.  Delegation is essential, but do so wisely;
  • use coupons and loyalty cards for office supplies.  This will save you hundreds of dollars a year;
  • buy in bulk when possible.  Numbers will make or break your profits;
  • do not drive a car, own a house, or wear clothing that you will be able to afford once you start making money.  Accept the reality of where you are and buy accordingly; and
  • market yourself wisely.  How might customers find you? Don't let an ad person "sell" you on paying for advertising.  Word of mouth, providing education, and simply being liked by a lot of people will do wonders for creating referrals.

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