FREELANCE PARALEGAL BUSINESS PLAN GUIDE
Do you have some legal background you feel can be explored in setting up a law-based business? You can go ahead to actualize your desires with proper planning.
This article provides a template for persons in this line of business to follow in writing their business plans. It’s no secret that a business plan is a key tool that helps guarantee success.
In this template, you’ll find details touching on different aspects of your plan that need to be covered.
After the example shown below, you only need to carefully go through to know what needs to be included and how to pattern your below. With the right approach, your plan should be ready for implementation.
Key Sections to Include
Without proper guidance, writing a freelance paralegal business plan can be overwhelming.
To avoid that, you’ll have to provide structure. Such is achieved by including sections considered highly necessary to achieve expected outcomes. So, what are these sections?
They include the executive summary, company description, products & services, and market analysis. Others have strategy & implementation, organization & management team, and financial plans & projections.
With this said, let’s look at each section with how it should be developed.
i. Executive Summary
Your executive summary section of a freelance paralegal business plan should provide an overview of the entire business plan. It’s a short document (about 2 to 5 pages long) and is considered a synopsis of the project.
It’s aimed at providing readers with a quick grasp of the plan’s critical elements within a short period of time.
As a condensed and summarized version of your business plan, it’s necessary to ensure that the goal of writing it is achieved. A well-written executive summary should capture or hold the reader’s attention to make them want to discover more about your business idea.
Within this summary, there’s a need to include the business name and location, services & products offered, mission and vision statements, and the specific purpose of the plan.
By way of introduction, the reader will need to know what name you will call your freelance paralegal business. Such identity is crucial, especially when seeking to attract investments.
Another essential detail investors will want to know where your business will be.
The mission statement should explain the purpose of establishing your freelance paralegal business in concise and straightforward terms. Here, your business’ culture and values are highlighted.
Equally important is the vision statement, which should be future-focused with a definite timeframe set.
The vision statement is basically part of your strategy plan, which helps align your workforce’s efforts towards reaching the desired goal.
It’s one part of the plan that will require constant review once set milestones have been achieved.
What’s the purpose of your business plan? This might sound too obvious, but it is one of the requirements for a great plan. It’s important to recognize the definite purpose for which your plan is being written.
This gives a clear direction of where your business is headed.
ii. Business Description
The business description section of your plan is key to providing your audience with the information necessary to grasp better what your business is about.
To describe your business, you’ll need to look at specific areas like the legal structure adopted for your operations.
Also, a summary of short and long-term business goals is vital, but that’s not all. You also need to provide a clear plan on how you intend to make a profit through your freelance paralegal business operations.
Provide a brief history, and the nature of the business with specific client needs you to plan on filling.
Is your paralegal business already established? If it is, you’ll need to summarize business growth with financial and market highlights. You may also want to provide an overview of services and products.
iii. Services & Products
The services and products section of your paralegal business plan requires outlining all the services you currently offer and those still in the works.
While providing such information, it’s necessary to state how these will benefit your clients clearly.
Ongoing research and development activities leading to the development of other related services also need to be highlighted. Are there any trade secrets, copyright, or patents associated with your services?
You may want to include such under this section.
Provide a clear explanation of the market role of your services and products and services. Like other sections of your plan, this requires a thorough job.
You’ll need to think things through to ensure it’s as comprehensive as possible.
iv. Market Analysis
Without market analysis, you’re unlikely to be taken seriously. This is the section where your industry knowledge is assessed. Here, you want to leave the right impression on the minds of your audience.
Begin with a sketch of targeted customer segments, including details like size and demographics
Describe the industry in which you’re a participant with outlook and supporting statistics. Investors will also want to see a detailed evaluation of your competitor’s strengths and weaknesses.
Also, have historical, current, and projected marketing data for services and products.
v. Strategy & Implementation
Sales and marketing strategy is crucial to the growth of the business.
Here, you’ll need to clearly explain how you plan on promoting your freelance paralegal business to clients. Plus, how do you intend entering into the market?
Provide information on labor sources as well as your workforce strength.
vi. Organization & Management Team
Your organization and management team determines how well your freelance paralegal business performs. Include an organizational chart with departments and key employees.
Also, provide details on the owner(s) or founder(s) with more information like name, percentage ownership, the extent of involvement, and biography.
Give the names, positions, primary responsibilities, and prior experience. for the management team profile
vii. Financial Plan & Projections
The services of a professional accountant will come in handy here.
Areas to cover here include the historical financial data (for existing or established paralegal businesses) and practical prospective financial information.
By following the flow of this freelance paralegal business plan sample, you should be able to create your own unique plan.