Business Idea

Become A Business Law Consultant

About

Becoming a business law consultant requires a great deal of effort, dedication, and most importantly passion.

If you're interested in how to sell business law consultant, or selling business law consultant online, you can use this page as a guide for everything you'll need to know.

Want to learn more? You can check out our full guide on how to become a business law consultant ➜

Key stats

market size
$729B
revenue (monthly)
$938K
starting costs
$17.2K
gross margin
65%
avg product price
$1000
time to build
8 months
growth
SEO
business model
Consulting
time investment
Full time
work from home?
Yes

About

Becoming a business law consultant requires a great deal of effort, dedication, and most importantly passion.

If you're interested in how to sell business law consultant, or selling business law consultant online, you can use this page as a guide for everything you'll need to know.

Want to learn more? You can check out our full guide on how to become a business law consultant ➜

Key stats

market size
$729B
revenue (monthly)
$938K
starting costs
$17.2K
gross margin
65%
avg product price
$1000

 

time to build
8 months
growth
SEO
business model
Consulting
time investment
Full time
work from home?
Yes

Startup Costs

Min Startup Costs Max Startup Costs
Office Space Expenses $40 $2,350
Employee & Freelancer Expenses $0 $5,500
Equipment & Supply Expenses $525 $5,500
Website Costs $232 $6,500
Business Formation Fees $600 $4,700
Software Expenses $162 $3,069
Advertising & Marketing Costs $0 $2,550
Training & Education Expenses $0 $1,000
Other Expenses $0 $800
Total Startup Costs $1,559 $31,969

Successful Businesses

Business URL Rank
PWC pwc.com #4,559
UpCounsel upcounsel.com #13,687
Indianapolis indianapolis.score.org #20,354
Lexington Law Firm lexingtonlaw.com #32,721
Vkeel vkeel.com #94,219
FreeAdvice freeadvice.com #100,817
Healy Consultants Group PLC healyconsultants.com #150,816
Business Setup Worldwide businesssetup.com #173,633
SeedLegals seedlegals.com #202,063
Scott Legal, P.C. legalservicesincorporated.com #360,733
On-Demand Legal Talent for In-House Counsel axiomlaw.com #364,339

Pros & Cons

Pros Description
Flexibility You can put as much time into the business as you'd like. If you like the work and have some initial experience, you can start small and manage all aspects of the business on your own.
Ability to start your business from home It's not necessary to have a physical storefront or office space to get your business started. You can do everything from the comfort of your own home, at least in the beginning!
Scalable With businesses and processes changing daily, there will always be demand for new features, products and services for your business. Additionally, there are several different business models and pricing tiers you can implement that will allow you to reach all types of customers.
Meaningful business connections You never know who you will meet as a business law consultant. This could be the start of an incredible business opportunity!
High customer retention rates Once a customer invests in your product, they've invested their time and energy to utilize your product/service which is highly valuable to them. Typically, your product or service becomes indispensable to your customer.
High margins The gross margins for your business law consultant are typically around 65%, which is considerably high and allows you to grow your business and manage costs easily.
Cons Description
Churn In this business, customers can cancel their membership or subscription for your services - which can make revenue forecasting challenging and unpredictable. It's important to focus on your churn rates and trends so that you can prevent this as much as possible.
Time commitment With becoming a business law consultant, all responsibilities and decisions are in your hands. Although this is not necessarily a negative thing, work life can take over at times. This can place a strain on friends and family and add to the pressure of launching a new business.
Difficult to build trust with your customer With becoming a business law consultant, there can be minimal face-to-face interaction, which means it can be a lot more difficult to establish trust with your customers. You'll need to go the extra mile with your customer to grab their attention and business.
Strict regulations With any business law consultant, there are strict rules and regulations as it relates to processing your product. You must follow these regulations specifically, or significant legal issues could occur.
Impatient customers You may offer an engaging user experience for your customer, but customers expect a lot and may be impatient if they aren't pleased with your product or service.
Learning Curve When you start your own business, you no longer have upper management to provide you with a playbook for your roles and responsibilities. You should know the ins and outs of every aspect of your business, as every decision will come down to you.

Marketing Ideas

  • 1

    Affiliate program

    Affiliate marketing is a great way to bring in a new revenue stream, especially when you don't sell products or services.

    Simply put, an affiliate program is an agreement where a business pays another business or influencer ("the affiliate") a commission for sending traffic and/or sales their way.

    The affiliate typically gets a unique link where clicks and conversions can be tracked.

  • 2

    Direct sales

    You may find yourself in a spot where you're ready to hire a few (or many) salespeople to support the sales conversion process.

    Regardless if you have one or thirty salespeople, it's critical that you assign them specific roles and responsibilities to nurture the client and provide excellent support.

  • 3

    Word of mouth

    Word of mouth is when a consumers reflects their interest in a company’s product or service in their daily dialogues.

    Therefore, word of mouth advertising is essentially a free advertising triggered by the customers experience.

    According to Nielsen, 92% of people trust recommendations from friends and family.

    Therefore, in today’s hyper-connected world, a single recommendation through a word of mouth can have a huge impact to your business.