Make Money Mondays: Three Time’s the Charm
Have you ever considered a new practice area or business model for your law firm but weren’t sure whether it had legs? If you’re looking for a quick way to figure out the NBT, you might try the “rule of three” – which is how Chris Wilson, founder of Lululemon knew that a company focused on attire for yoga would be a success.
As Wilson describes in this video, he would often apply a “rule of three” to evaluate the potential for his business ideas. For Lululemon, Wilson noticed trending interest in yoga at three touch points: he observed a couple of women going to a yoga class, saw a sign posted for a yoga class and had attended a yoga class himself. The increased popularity in yoga combined with the rise of a generation of young working women with disposable income to pay for apparel (another trend that Wilson spotted) eventually lead to Lululemon’s breakout popularity.
In today’s world, even with partial isolation and social distancing, there are dozens of data points from which to glean information: social media, conventional press, chats with friends and family on Zoom. What trend have you spotted that will catapult your law firm into the limelight? Remember, when it comes to finding a trend that will give you a first mover advantage, three time’s the charm.
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