Some of you may know that I have an ongoing thread about a job dilemma that eventually broadened into starting my own law practice. That thread is here:
https://forum.mrmoneymustache.com/ask-a-mustachian/employment-dilemma-take-new-job/I've been very transparent for those following, so I'll just repeat here: my profit was about $57,000 in about seven months last year. I'm projecting at least double that this year.
Now that my practice is relatively grounded and established, I have two main issues I'm trying to tackle in 2019: (1) securing a bigger office space and (2) bringing on some sort of part time assistant to help me out.
Regarding the office (you can see the full breakdown in Post #233 in that thread), my current space is an office share, and my workspace is a mere 9x9 room that used to be a production room. I'm feeling very crammed. A new space has opened up with 700 square feet, still a good location, and only $50 more per month. But, the best part of my current space is close proximity to other lawyers, and free technology (phone line, copier, fax, scanner, unlimited paper, etc.).
So basically, more space, shorter commute, more autonomy; but no receptionist, need to furnish it on my own, have to get my own technology and pay for its ongoing cost.
Regarding hiring an assistant, I'm just getting bogged down in simple tasks that I can't bill clients for. Sending letters, billing, organizing, calendaring, etc. I'd love to have someone come in for 10-15 hours a week.
With all this said, I'm terrified of expanding too quickly and taking on too much risk. Much of my success can be credited to maintaining a very small overhead. Moving would probably increase that by several hundred dollars a month, as well as the cost of furnishing. Hiring an assistant would obviously increase overhead as well.
So when is the right time to do all this? I feel like I can more than afford it, but I'm generally conservative and hesitant to take on these new costs.
I welcome any ideas and comments from a other professionals, but also a wide variety of industries, as I know this problem is not unique to professionals.