Solo Practice

With all the discussion about Millenials and Slackeoisie, we may have discovered the ultimate highly motivated, ethical "un-consumer' in this generation as well, the YAWNs (Young And Wealthy but Normal).  And it's no wonder we don't hear about them.  The majority deliberately stay under the radar.  They do not fall victim to competitive consumption. And given the greatest number of bankruptcies are now Baby Boomers, well, maybe you can learn something important from the YAWNs about how to run your solo practice.

Since I've started doing one-on-one focus group sessions with new solos to help guide the education at Solo Practice University, I am finding much of what is being stated in this Kiplinger article quite true about those who are aspiring towards the 'W' in the Yawn. (When you read this article you will see Bill Gates is their unofficial leader...yes, he's absurdly wealthy....but the new generation of aspiring YAWN's are creating a lifestyle along the way to earning their version of "W" which can only be achieved with a solid work ethic.)

So, how does a solo practitioner live a 'YAWN' ing lifestyle?

• Extremely low overhead(personal and professional) including serious consideration for the home office option;
• Smart low-cost operational office purchases which keep them untethered to a phsycial location or traditional office hours;
• Paperless office - addresses efficiency, low overhead, being untethered AND environmental concerns;
• Taking on those clients or legal issues which fire up their passion reminding them why they went to law school and also gives them the freedom to serve the indigent or new business owner without putting themself out of business;
• NOT feeling compelled to network in conventional ways or ways which go against their 'lifestyle' choices;
• Using social media for both business and pleasure;
• Understanding there is no 'work' life and 'personal' life...but just 'life.'  I'm finding aspiring YAWNs in their 20's don't have traditional Monday through Friday mindsets.  Each day plays out as a combination of the two and can no longer be so cleanly divided.  Nor can the hours in a day thanks to technology.

I'm sure this post will raise somebody's hackles.  Anything I write which doesn't pay full homage to the old guard while eschewing the new usually does.  But you see, I can respect what was, is and will be equally and with full appreciation of all. 

But the fact is, aspiring YAWN's aren't swimming against the tide loaded down with baggage everyone else thinks they ought to carry.  They are going with the flow consciously unencumbered....and, in my opinion, in a much more interesting river.