Hello! I'm Chance Reynolds - AKA - That LLC Guy. Here's How You Can Follow Me everywhere to see how I'm building my businesses!
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Welcome to the entrepreneur like you with business attorney and entrepreneur chance reynolds, a daily podcast that brings you the best legal tips, marketing strategies and storytelling tactics that will help you grow your business the right way,
at least 10 times before. But when we're talking about it for the 11th time, I guess, so what are the things that people are going to try to get you to do is expand the scope of the services or the products that you're providing. If you're providing a product, it might be a little bit easier to expand it depending on the product, but if you're, if you're providing a service, you can get into deep water really quick because you're desperate to make a sale. So one of the things that I am doing now, I'm really making an effort to do is to be on the phone with new prospects for at least two to three hours a day. I'd prefer three. Um, and last week I was doing like five, six hours a day, but that was too much. I couldn't do the day to day stuff I needed to do.
So I'm shooting for two to three hours a day for new prospects and if you're operating as the sales wing or the prospecting sales wing of your business, which most of you probably are, because most of us are solo entrepreneurs or maybe we have a couple of virtual assistants or maybe one or two employees, and then you. That's your responsibility if you don't. If you're not prospecting today, then what are you gonna do tomorrow for sales? What are you going to do two days from now? Lot of times it takes people two, three, four days before they turn over a sale if you don't close them right on the phone. So I try not to do like a hard close with people on the phone. I'm not in a situation where I'm negotiating like competing necessarily against somebody else. My offer that I'm making is, is kind of what's called an irresistible offer.
So if somebody wants to go somewhere else than the, that's their choice. Whatever. I'm not gonna. Try to give them the hard sell, you know, sell to come with me. I'm not using any urgency or scarcity tactics. Meaning, I'm not saying this offer expires in 24 hours. You need to buy now. I'm not doing that right now. I May. There's nothing wrong with that. I don't look down on that at all, but I'm not doing that. So at least with the offer I'm making right now. So, so prospecting and filling up the pipeline with potential people, letting them know who I am. Um, hopefully if I help them they go off and help tell somebody else how helpful I was is a huge part of my business. But something that people are constantly asking me to do is to help them with estate planning issues.
So they just see that like you're an attorney, they see that you do all season that, you know, you understand asset protection and they're like, OK, but what about leaving my property to my kids in a trust and avoiding probate. These are all things that I understand how to do, but it would me a while to do it and I would have to charge a lot more than, than probably really what I'm worth in that arena because that's not my specialty. Like, that's just not what I do. Um, it's like going to a dentist with a broken arm. It's like guests, they, they're kind of like doctors, but that's not really what they specialize in and, and probably they could have their staff who are nurses and they're equipped to do things and they have machinery there that could measure what's going on with you.
Um, but ultimately they're going to send you down to the doctor down the street. So that's what I try to do with, with those sorts of offers and I don't know, one out of every four people I talked to tries to do that and on top of that I'll have at least, you know, a friend or a family member asked me to do something in that arena. Like anytime somebody dies or gets sick or, or is contemplating even death or they have a family member that does or something, they call me to see what they're supposed to be doing. And it's like, I don't know, like that's not what I do. I'm not a probate attorney, I'm not in a, you know, an estate planning attorney. I'm a business attorney and so people dying is not the business that I want to be in. I guess you could be a business attorney, you know, in your clients were all, you know, cemeteries or morticians or something, but that's not what I do and if they're really close friends, I'll, I'll do my best to help them, but for the most part I just, I, that's just not what I do.
I don't know how to do every single thing and so I could do it. I know how to learn how to do it, but it would take me like a whole day at least to learn how to do it and I can't take a day away from my business so I have to say no to people all the time and I feel really guilty about that. But when I don't do it, I feel a lot worse because then I can't grow my business. I don't have any money to, to pay the bills that I need to pay. So it's really a balance between those things and understanding that you have to just be able to say, I don't know. And you don't even know, it's not your responsibility to refer to them over to somebody either, like, it's not your responsibility to grow a network of people that can help other people with their, their problems.
You want to be able to refer your clients to somebody depending on, on where they are. So it's rough for me because I'm rough. It's, it's, it's complicated for me because I'm in Texas and my clients are kind of a all over the country and I can do that because I'm not providing them legal service as much as I am a providing them with something like a filing service. So I'm giving them business advice, not legal advice while they, it always spills over into them wanting legal advice reasonably. So they're like talking to somebody that's knowledgeable and um, I'm demonstrating that I know a ton about the LLC. You probably more than anyone else they've ever spoken with. And definitely more than all of the, like when I'm talking about real estate people way more than any of their mentors or anything like that about the LLC.
And so they're like, well, I've heard this thing about the trust and the trust is something that, that, you know, I'm, I'm considering building into my business, but they're not asking about it and in a business sense, they're asking about it and like how to move their personal property, uh, you know, after their death in order to avoid probate fees for their kids, stuff like that. I understand it, but it's just, I'm not going to do that in my business. It takes too long and that's not what I'm doing in my business. I don't have like an estate planning firm. So I might be launching, you know, a foreclosure or pre-foreclosure wrong for wrongful foreclosure from here very soon. And in that business I will be handling a lot of pre foreclosure discussion, but I'm only going to be doing that with very select group of people that were kind of targeting, you know, in the state of Texas.
I can't do that all over there. Certain legal. I can't really give legal advice outside of the state of Texas period. Um, and people don't want to hear that. They're just like, I got an attorney on the phone. It's free is the first time I talked to attorney in a long time. Probably the last thing. I'm going to talk to one in a long time. They want all their questions answered. I've had people just straight up say, I know that, uh, you're only giving away 30 minutes for this consult for free, but, uh, I need like an hour maybe more. And it's like, OK, right now just saying, OK, let's do it. As long as I don't have a, another client meeting right after that, like stacked 30 minutes later, I'm like, OK, I'll do that. Like, that's not something I'm going to say no to, but if they're asking me to, you know, spend five, six, seven hours researching, drafting something up, maybe possibly using one of my paralegals to help me do that.
I'm not going to do, I'm going to have to say no. I'm going to have to say no. And you have to learn how to say no to the time consuming things in your business. You want to provide people with what they want. That's, you know, if you, if you're not asking your potential clients what they want and then providing it to them, then you'll probably go out of business, but you can't give them everything they want, you know, focus on a couple of those things and once they start going further and further out from what you do, then you have to learn how to say no.
Hey guys, thank you so much for listening. I really, really appreciate everybody tuning in and all the great feedback I'm getting about the podcast. I'm going to keep it up and I just wanted to say thank you. Also if you want to figure out the three ways that most entrepreneurs are getting themselves sued, you can head over to llc, freedom dot [inaudible] slash get sued. I have a little freebie there that kind of outlines the three major ways that people are getting sued and how they can easily be avoided. So hop over to [inaudible] freedom.com/get sued and pick that up today. Yeah.
