Starting a law firm is a lucrative idea, due to the fact that every individual and organization, at one point in their existence, may find themselves to be in need of some legal aid. This means that you have a virtually limitless customer pool and that the limit to your growth depends exclusively on how well you can adjust to the situation at hand. In order to stand any chance in the field as competitive as the legal industry, you’ll need an ironclad business plan. Here are some tips on how to make one.
You need a changeable roadmap
The first thing you need with any kind of business plan is a business roadmap. We’re talking about your sales, product, marketing and major milestones. These things need to have key dates, estimates, expectations and even research goals included in order to bear any meaning. Keep in mind, nonetheless, that you have to make these things changeable. Things won’t always go according to plan, which is why you need to leave some room for last-minute changes.
One of the biggest items on this list is the importance of describing your enterprise to the detail. First, tell your story, your goals, your mission statement. What is your business all about and why are you in this industry, to begin with? These are just some of the ideas that you have to deal with. Next, you need to determine your geographic location and figure out how this affects your business model. Last but in no way least important is your need to determine a legal structure. Not only will this determine the ownership of the company but also determine the way in which you pay your taxes (your tax scheme).
A pricing model
Another thing you have to understand is that, at the end of the day, you’re running a business, which means that your effectiveness depends on your ability to charge for your services. The problem in the legal industry lies in the fact that cheapest doesn’t necessarily mean the most competitive. You see, when you’re in legal trouble, the last thing you want to hear is that your legal team is the most affordable there is. So, you need to find the right balance between having your services accessible to your target audience and maintaining a certain degree of respect that comes from being a high-end legal firm.
Prepare for the local market
When promoting your law firm, you will have to make some bold claims and statements. However, proclaiming yourself to be one of the best legal firms in the world (as a small business) is not going to fool anyone. This is why you need to set your bar a tad lower and try to fight for your spot on the local market. For instance, as a Victoria-based law firm, what you want is a reputable brand agency from Melbourne to conduct your campaign. By marketing yourself as a reputable local law firm, you stand to gain a lot of credibility amongst the local community.
One thing that you should probably do even before your marketing campaign is to analyze your market, to begin with. First, there’s the industry description to talk about. Then, you have to deal with the concept of the target audience and even conduct some competitive analysis. Lastly, you need to make some projections. These projections often depend on the specific data of your estimated audience, earning, etc.
In the end, you need to understand that even the best-written business plan ever is not going to execute itself. This is why you need to improve your organizational skills, as well and probably even seek some professional help. Just because you’re well-versed in matters of law, this doesn’t mean that you have what it takes to make your law firm work. For this, you also need to be a businessperson. Therefore, you have a lot on your plate and a lot yet to come to prepare for.