Many legal professionals working for a law firm or corporation dream of striking out on their own and becoming their own boss. Or perhaps you already have a legal business and are looking for ways to add value and revenue. If you are in either of these categories, is it time for you to act and make your dream a reality?
Business experts assert that finding a niche business is the way to success. It’s not enough anymore to be a generalist; instead, pinpoint a specific sub-group of potential clients as a focus for your business. One such niche in the legal field is having your own divorce services business. But how do you know if you are ready to have your own divorce business?
As founder of the Divorce With Dignity business model nearly 20 years ago, I know what it takes to start and run a successful divorce services business. Because I believe strongly in the concept of assisting people to achieve peaceful, cost-effective divorce, and wanted to make it more available to people across the nation, I developed the Divorce With Dignity Network to support other legal professionals in developing their own peaceful divorce business using my proven methods.
Whether you are a paralegal, mediator, or attorney, here are some questions to help you assess if you are ready to take the next step towards owning a divorce business.
Knowledge and Research
- Why am I starting this business?
What is it that you want? More independence? The chance to direct your own career? More freedom? Greater income? Knowing your reasons will help keep you motivated while building your business. You must also have a vision of the purpose behind your business, and an idea of what it will look like two to three years down the road.
Who is my competition?
It’s vital to research who your competitors are and what they are offering. Then you can see where there might be some client needs that are not being fulfilled.
- What is unique about my business idea and the legal services I will provide? Who is my target market?
Think about what will set you apart from your competition. In the legal field, divorce services is a great niche position. Instead of “casting your nets wide” you want to laser-focus your outreach to find your ideal clients. The Divorce With Dignity name and reputation will automatically attract those seeking a peaceful divorce without going through litigation.
Financial Considerations
- How soon will it take before my services are available?
Figuring out all the pieces of setting up a business can take awhile, especially if this is your first time doing it. Working with a mentor will greatly speed up this process. As a Divorce With Dignity affiliate owner, you will receive one-on-one training with me on setting up and running your divorce services business, and start off ahead with the business name, logo, webpage, and marketing materials already done for you.
- How much money do I need to get my business set up?
You will need to calculate intitial set-up expenses such as licenses, legal fees, website creation, logo development, marketing materials, software, office equipment and supplies, etc. If you join the Divorce With Dignity Network, some of the developmental work (website, logo, marketing materials) will already be done.
- How long will I have to be able to finance the company until I start making a profit?
Estimate the on-going expenses of running your business for the first three years. Do you have the capital to keep the business going this long without making a profit? It might even take longer; are you prepared for that?
- Will I need to get a loan?
Based on your answers to the financial questions above, you may need to get a business loan. Are you comfortable doing that?
Am I prepared to spend the time, money and resources needed to get my business started?
After taking a realistic look at what it’s going to take to get your business going, if you are still excited about your venture and have the drive to get things implemented, go for it!
Other matters to consider
There are also legal and tax issues to take into account –
- Do I know what kind of business structure is best for my business?
- What kind of insurance do I need to invest in?
- What do I need to do to ensure I am paying my taxes correctly?
And questions about running the business –
- How will I price my services compared to my competition?
- How will I market my business?
- How will I manage my business?
Your training as a Divorce With Dignity affiliate owner will help you answer all these questions. I encourage you to visit our website today, and then give us a call to discuss how we can help you realize your dream of having your own divorce business!
