The dream is there to start your new Law Business and now all you need is the plan. It’s time to draw up the details and get everything together so that you can meet with investors and provide them an accurate description of your business.  

This guide is going to help you dive into the nitty gritty of what you need to write a very successful business plan so that you can grab the attention of investors and the bank to fund your business.  Let’s do this!

Determine Your Goals

Before you even begin writing, which starts in the next section, you have to determine what your goals are and how you want to achieve those goals.

Don’t worry, this can be a difficult part to vocalize or write down but they are the most necessary part.  If you don’t know what it is that you want to do, how can you make sure you’re on the right path?

You want to make sure that you are using a S.M.A.R.T. goal format which means that your goals are specific, measurable, applicable/attainable, realistic, and within a time frame (timed).  If a goal meets each of these defining factors, then you have a solid goal written out!

Detailed Summary of the Business

Also called an executive summary, the way that you add in the details of your business is supposed to be succinct and to the point.  You want to make sure that anyone who looks at the detailed summary could easily tell someone else what your business is about.

Usually, because of all of the detail, this part of the plan is going to be easiest to write once you have everything else in place.  Don’t try to write this at the beginning or you will feel very lost and defeated.

Market Analysis

This is not your marketing plan!  Market analysis requires that you look into your competition a bit more deeply than saying, “Yes, I have competition”.  You want to look at the types of businesses that you are competing with, how big they are, who is running the business, and what is the history of the law firms that you’ll be competing with. 

Divide these into different sections and make sure each is clearly labeled.  Remember, you’re writing this for someone who hasn’t heard of your business before and wants to potentially invest.

Organization of Business and Management Flow

This is a pretty common element of any business plan that anyone and everyone has to make.  This is what tells different business departments in different states and in the United States as a whole what in the world you are doing.  

Now what does that entail? The way that you set up your business is going to determine the suffix that goes at the end of your business on official papers.  You have to have a clear structure and demonstration of how the business will be managed to determine what kind of business application you will need as well.

What Do You Offer?

Otherwise known as your services or offered services, this is where you dig into the details of what you are going to offer other people when they come to you for help.  

Can this change and grow?

Of course!  This is the start of where your business is and it can be edited at a later date as you develop. The major goal here is to define what you can do and what you want to do.  This will help investors see your drive, ambition, and skillset.

Marketing Plan

While not the easiest or the hardest element of a solid business plan, it’s important to remember to market!  If you’ve already looked at your competition, then you can see how they have been marketing.  Take a hint from the big dogs if you’re just starting out and market like they do.

Once you have started the business, update your marketing as you see fit and adjust to your clientele.

Revenue and Expenses

Most of the time people are going to need to see your financial plan.  How are you going to set your fee schedules, what packages are you going to offer, and what are you going to invest in right off the bat?

To get this together, you need to heavily consider what services you want to start with such as the answering services you can read more about here.  This makes it easier to show your investors that you have done the research and know what is needed to both run your business and turn a profit.

Conclusion

Writing out a business plan isn’t fun and games, but you can make it more fun than it has to be.  Let your imagination run wild and look to the future.  Can you turn that future into a goal?  The answer is yes with the right business plan!