I want you to take action to make more money in your business today. It is not dirty to earn money, and it is not greedy to earn money. You do great work, and you deserve to make a great living, so I want to empower you to take three different steps to start making more money today!
Accept Credit Cards
The first one is, start accepting credit cards! So many small businesses still do not accept credit cards, it blows my mind. Of course, I understand, because I was extremely resistant to accepting credit cards as well. I thought that it would be a headache to set it up. I thought it would be a headache to take payments over the phone when I was requiring pre-payment for a consultation, and I thought that my clients wouldn’t pay by credit card because most of my clients come from a cash culture. But I realized I was so wrong! With credit cards, you can do so much more.
In 2018, I processed over one million dollars in credit cards. And who knows, I like to say that if I didn’t ever accept credit cards, I would still be in the low six figures. I believe that none of those clients would have come in if I didn’t accept credit cards. So, start accepting credit cards today. The fees will not wear you down, you will not lose money. You will make more money by accepting credit cards. So, whatever reason it is that you have that you’re resisting, you’ve got to move past it and start accepting credit cards.
Once you start accepting credit cards it makes payment plans so much easier. What you can do is have your clients authorize you to automatically charge their card every month in accordance with their payment plan. So all you do is an automatic debit or automatic credit card payment every single month for the life of the contract. So, if you are going to have five payments of $600 that are going to be paid on the 15th of each month, with your credit card processing system, you just set it up so it’s automatically charged on the 15th of each month. Set it and forget it. People don’t have to come in to pay you, they don’t have to deposit into your business account. All of the things that make payments messy and disorganized are gone! Credit cards make keeping up with payments extremely organized, and your profits will soar.
Offer Payment in Full
The second thing is, offer payment in full as an option. So many of us are accustomed to offering a payment plan immediately. We give a price, and then immediately we set a payment plan, even if the client doesn’t ask for it. We just sit down and we set a payment plan, it’s just what we do.
But in doing this we are making a mistake. We are not giving clients the opportunity to pay in full. When you have someone pay in full, you get a cash infusion into your business, and you can also start allocating resources so you can be even more efficient in your practice. So, the way that we do it is we offer two prices. One is paid in full, and then another one is a payment plan that’s about $1000 more. So the payment plan does cost more. Why? Because you’re essentially becoming a bank. You are becoming a bank by having people pay monthly payments. You’re essentially extending them credit, which is very difficult because it’s time-consuming to follow up on it if people don’t pay on time, etc.
So, offer your clients the option to pay in full. It helps you and your business so much when people say, “Oh, can I have a discount on legal fees?” It’s like, “Yeah, absolutely. You pay in full and you get a discount.” It is a win-win for everyone, and clients truly, truly like the option of being able to pay less, even if it means paying in full.
Get Active on Social Media
Finally, you should start posting videos online, on your Facebook page, on your social media. I really recommend doing live videos if possible, but if you can’t do a live video, just do 60 to 90 second videos. Let go of perfectionism, let go of the idea that everything has to be the most premium quality. All you need is high quality information. Get your information out there. There is no reason, not one reason why you can’t make a 60 second video. Like, hey, three reasons why you need a will. One, two, three. You need more information? Give my office a call, we’d love to talk to you in more detail about this. It’s that easy!
Then you can get that circulating on social media, you can put it on YouTube, you can start a YouTube channel. So many lawyers say, “I don’t want to make videos. I don’t know how I look on video, I don’t like how I sound on video.” And you know what? It doesn’t matter. Just get your message out there! People need to hear from you, and they aren’t judging what you’re wearing in the video. If they are, well that’s their own problem, not yours. You need to get out there and give them good information. Show people why they should hire you.
Whenever lawyers tell me they’re nervous about it, I say, “You know, videos are just what you say all day in consultations. It’s nothing different. You’re just getting out there and giving the same information that you give day in and day out.” So take these three actions today. Start accepting credit cards, start to offer a payment option where people pay in full, and start making and posting videos!