Becoming a sole practitioner is challenging but not always unforgiving. As with most things in life, you only get what you put in. It doesn't matter if you are a natural-born entrepreneur or a passionate pro bono provider––preparation and consistency count. We understand that it can be daunting to know where to start, so we've put together a few steps that you can take beforehand in order to make things a little easier.  

Before You Branch Out: Ask Yourself if it's a Good Fit

Consider whether becoming a sole practitioner will be a good fit before leaving the comfort of a corporate position.

There are plenty of benefits—you get to work on things that matter to you, build an amazing team, and enjoy more flexibility than ever before. But there are also factors that might make it hard to take the leap: you need to find clients, learn new skills and processes, manage finances and bookkeeping––and then there's the risk of failure. So before you decide whether or not to go out on your own, think about whether it fits your personality and lifestyle. 

Do the Maths: Will it be Financially Viable?

Considering your financial status alongside your financial goals is also a must. You'll need to determine what you can invest in your legal practice and what profits you'll need to make each year so that you can grow your practice while supporting yourself at the same time.

Areas of Law: Which One Will You Choose? 

One of the keys to success is to begin by defining what your company does. Resources as a sole practitioner are limited, especially for one just starting. You won't be able to cover all areas of law, so having a focus makes sense. 

It's All About the Tools: Have Good Systems in Place 

As a sole practitioner keeping up with communication, document organisation, automation of precedents, tracking time etc., requires time, and a lot of it. 

There are some great tools out there to save time in your day-to-day practice, like mattero. It's designed to streamline your business by simplifying your matters, an essential time-saver when launching a new business. 

Networking: It's a Sure Fire Way to Success

Diane Helbig was on the mark when she said, "Networking is an investment in your business. It takes time and, when done correctly, can yield great results for years to come." 

Networking connects you to other people and connects your ideas to a myriad of opportunities––opportunities that could mean the world to your business. Taking the time to participate, even when you're busy, is an investment in your business.

Connect to Industry Associations

It helps to join industry associations and professional communities to stay up-to-date on what's happening in your industry.  The Law Council of Australia is the peak national representative body of the Australian legal profession. It represents the Australian legal profession on national and international issues, federal law and the operation of federal courts and tribunals––an excellent source of advice for sole practitioners.

Flying Solo: Work Smarter

Steve Jobs once said, "I'm convinced that about half of what separates successful entrepreneurs from the non-successful ones is pure perseverance." 

You can't expect to sit back and have your business thrive, not in the beginning anyway. Getting in there with all hands on deck will keep you in good stead, ensuring success as a sole practitioner is within your reach.

If you've decided that a solo practice is the way to go, get started by consolidating, managing and controlling all matters in one central place. Need help? mattero will get you there. After all, partnering with the leaders in legal technology makes smart business sense.