Thinking about opening a real estate law firm? We tell you what you need to know to get started.
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Elements of a Real Estate Law Firm Business Plan
Your real estate law firm's business plan should be tailored to your business's unique traits and goals. But if it's done right, your real estate law firm's plan should contain a handful of sound business plan elements:
- Mission Statement – A concise declaration of values, strategy and identity.
- Goals & Objectives – A list of mile markers on your real estate law firm's road to success.
- Financial, Marketing & Action Plans – Specific plans that describe your business environment, demographic targets and quantitative estimates.
Don't Ignore the Competition
Well in advance of opening a real estate law firm within your community, it's worthwhile to determine how many competitors you have. We've provided the link below to help you find competitors in your city. Simply enter your city, state and zip code to get a list of real estate law firms in your town.
Is the local market large enough to support another real estate law firm? If not, you had better be sure that you are doing things much better than the competition.
Talk to People Who Are Already in the Business
If you are seriously contemplating launching a real estate law firm, it's a smart move to have a conversation with someone who is in the business. If you think owners of nearby real estate law firms will give you advice, think again. It'd be crazy for them to teach you the business.
Thankfully, an owner of a a real estate law firm in a location that is not competitive to you will be much more likely to talk with you, given that you don't compete with them in their area. In that case, the business owner may be more than happy to discuss the industry with you. If you are persistent, you can find a business mentor who is willing to help you out.
Where do you find an entrepreneur who is running a real estate law firm in a different locale who can assist you?
Easy. Find them using our link below and start calling until you are successful.
Three Arguments for Buying a Real Estate Law Firm
It's almost always preferable to buy a real estate law firm than to pursue a real estate law firm startup.
You'll want to conduct a comprehensive due diligence process, but here are three arguments why you should think about buying instead of a startup.
- Proven Profitability. If you're careful in your research, the real estate law firm you buy will have a track record of profitability – a big plus since it may take months or even years for a startup to turn a profit.
- Operational Efficiency. A good real estate law firm should already function like a well-oiled machine.
- Capital Acquisition. In general, it's easier to finance an existing business than it is to fund a startup. While a startup only exists on paper (initially), established businesses have the benefit of historical earnings statements and tangible assets.
Franchising May Be a Better Way to Go
If you want to increase your chances of business success, you may want to consider franchise options in your industry.
If you planning on starting a real estate law firm, a smart move is to determine whether franchise opportunities in your space might make sense for you.
The link below gives you access to our franchise directory so you can see if there's a franchise opportunity for you. You might even find something that points you in a completely different direction.
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If you are still exploring all of your options, please browse our directory of guides below.