A judgment recovery business plan is one essential document you cannot do without and you’ll find out why.
Are you seeking to start a business in the justice sector? Does a judgment recovery service sound like a great idea to you? You might want to have a roadmap that details how to launch such a business.
JUDGMENT RECOVERY SERVICE BUSINESS PLAN GUIDE
For a lot of people, the thought of putting together a comprehensive legal service plan sounds overwhelming. Now, although writing a business plan involves a lot of work in terms of research, doing a good job at it is totally worth the effort.
Now, winning a case is half the battle. Having to recover one’s own property or debt is another.
This is where you come in as a judgment recovery service. However, it’s assumed that you know what the business is about so we wouldn’t bore you with what you already know.
Essential Components of a Judgment Recovery Business Plan
There are certain basic components you cannot ignore when writing your plan. These are considered the skeletal structure upon which the plan is built.
Such key sections include the executive summary, company description, and the products & services.
Additional sections include the market analysis, strategy & implementation, organization & management team, and the financial plan & projections.
Let’s discuss each of these as follows;
i. Executive Summary
Anyone going through your plan will first be greeted by the executive summary section. In other words, this is the section that comes first in order of arrangement.
As the name implies, it condenses the plan into a few pages (about 3 to 5 pages).
It’s easy for anyone to go through the executive summary. Being a crucial part of your plan, how well this section is written will determine whether it arouses interest on the part of the investor.
Your executive summary section should include your business name & location as well as your products & services. Others include the mission and vision statements, and the purpose of the plan.
Let’s consider each of these before moving to other sections;
Business Name & Location
Every judgment recovery business must have an identity. One of the key determinants of identity is the business name. Provide such information here in addition to the location of your judgment recovery business.
Now, the reader can better grasp or comprehend the contents.
Products & Services
A judgment recovery business is mostly service-based. As such, you’ll have to provide information on all the services you intend to offer and how much will be beneficial to your target clients.
Only the most basic of these should be stated here.
Further details on such services should be left for later where a whole section is dedicated to it.
Mission & Vision Statements
The mission statement of your plan should explain the goals you intend to accomplish. It’s all about the strategy you intend to implement to see to the actualization of such goals.
Your vision statement on the other hand should clearly define a planned future that fits your core ideals.
Purpose of the Plan
About purpose, your plan won’t be complete without having one that’s clearly defined. It’s here that that the reader gets an idea of what your plan seeks to accomplish.
Every plan is simply a strategy to guarantee growth and also to secure investments.
ii. Company Description
This is where you get into the nitty-gritty of who you are, how you’ll operate as well as your goals. The basic details include the legal structure adopted for the business and the history as well as the nature of the business.
Here, you’re looking at the demands for your service.
More points to include in your company description consist of the overview of services, and customers, a summary of company growth in addition to financial or market highlights.
What more? Also, provide a summary of your long and short-term business goals.
iii. Products & Services
What service are you selling? For a judgment recovery service, it isn’t difficult to figure that out. State how such services benefit your clients.
Also, include information on the market role of your service in addition to advantages it has over competitors.
Research and development activities may be ongoing to enhance service delivery. If there’s any such research, include the information here.
iv. Market Analysis
Success is guaranteed with a thorough understanding of the workings of dynamics within the justice system. So, having a market analysis of the justice sector regarding judgment recovery is very crucial to a smooth take-off or launch of your operations.
Under market analysis, you’ll need to have a sketch of target customer segments including demographics. A further assessment of the outlook of the sector helps a lot in the planning process.
Also consider historical, current, and projected marketing data for your services.
What more? You’ll need to adequately evaluate your competitors with a focus on their strengths and weaknesses.
v. Strategy & Implementation
Here, all your sales and marketing strategies, as well as implementation, are discussed. This helps clarify the process of its actualization. So, how will your judgment recovery business be promoted to clients?
How’s the pricing structure configured?
It’s necessary to also include information on how the service will operate or function. Include information on your sources of labor as well as the number of employees.
vi. Organization & Management Team
The organizational structure of your judgment recovery business needs to be included. This covers information on the owners and management team.
Begin with an organizational chart that highlights key departments and employees.
For owners, include details such as their names, percentage ownership, and extent of involvement. What more?
The profiles of management team members are required. Details include names, main responsibilities, position, and experience.
vii. Financial Plan & Projections
Out of all the sections discussed, the financial plan & projections section requires the input of professionals. In writing this section, historical financial data, as well as realistic prospective financial information, is needed.
An additional detail to include is a brief analysis of financial data.
Your judgment recovery service business plan should follow the above guidelines. The process of writing a plan should never be rushed but must be thoroughly done.