Chapter Five
Control your Career: Starting Your Own Paralegal Business
There is often nothing more rewarding than starting your own business. Of course, there’s also nothing more challenging either. Starting a business takes a special kind of person because it is such a time-consuming, often difficult, process, especially in the beginning.
If you’re considering starting your own paralegal business, you’ll want to take several things into consideration. First, will you continue working another job, while you start your business, on a full-time basis? If you decide to start your business on a full-time basis and forgo your day job, do you have enough money to keep you afloat for at least the next six months? If you have a family, does your family support your decision? After all, they’re going to see much less of you as you work on building and growing your business. Are you willing to spend the majority of your time devoted to your business? Are you wiling to give up your free time on the weekends and maybe even sacrifice holidays to work on building your business?
Starting a business is a huge commitment, so make sure it’s something you really want to do. If you decide starting a business is for you, get ready for the roller coaster ride. You’ll have good days; you’ll have bad days, but in the end, you’ll be working for yourself, making your business a success.
If you’re just entering the paralegal field and have no experience, you may want to hold off on starting your own business until you have, at the very least, a year or two of experience under your belt. Having experience working as a paralegal will help you in two ways. First, you’ll be able to market yourself as having had experience working in a law firm or another company as a paralegal. Second, by working at another business, you’ll be able to make valuable contacts that will likely come in handy when you start your own business.
Now that you’ve decided that starting a paralegal business is the right move for you, you must decide what services your business is going to offer. Services you may offer include:
Legal research
Draft correspondence and legal documents
File court documents
Write court petitions
File court petitions
Conduct interviews
Attend depositions
Summarize depositions
Obtain affidavits
One of the first things you’ll want to do once you’ve decided to start your own business is to visit the Small Business Administration’s website. You can do so now by clicking here. The SBA is a goldmine of information for entrepreneurs, and you’ll find yourself going there again and again.
Actually starting your business is going to take you some time, and among the first things you’ll need to do are:
Write a business plan. You’ve undoubtedly heard the old saying “If you fail to plan, you plan to fail.” That’s certainly true, especially in the business world. You must know what your goals are for your business, what services you’re going to offer, how you’re going to market your services, and how much you’re going to charge for your services. A business plan will help you do all of that.
You can learn how to write a business plan or view sample business plans at the Small Business Administration’s website by clicking here. Keep in mind that when you write your business plan, nothing is etched in stone. You can be flexible and make changes to your business plan as needed.
Determine what type of business entity you want to start. You may want to consult with your accountant or an attorney to decide what type of business entity is best for your needs. You have a choice of: sole proprietor, partnership, limited liability company (LLC), or a corporation. Each has different tax and legal implications, so it’s best to consult with a professional if you’re uncertain which entity best meets your needs. You can learn more about business entities by visiting the SBA or SCORE.
Decide on a business name. Your business name is going to define your business, so you’ll want to choose something professional. Many people opt to incorporate their own name into their business name: Jane Doe Paralegal Services, for example.
Register your business. You will have to register your business with your state, and you may also be required to get a business license from the city or town in which you will be conducting business.
Even if you’re starting on a shoestring budget, you can receive valuable advice about starting your own business from the SBA or by taking advantage of your local SCORE. SCORE is an organization comprised of retired business owners who help those considering starting their own businesses and those who are in the process of starting their own businesses. Their guidance can be invaluable in the process of beginning your business, and you can generally schedule an appointment with an individual small business counselor. To learn more about SCORE, simply click here.
Once you’ve completed the legal formalities of starting your business, you’ll have to determine what equipment you’ll need to properly run your business. You may already have some of the equipment while you may have to purchase some of what you need.
Next: Chapter Five: Required Equipment
Previous: Chapter Five: Make Your Work From Home Dreams Come True
Table of Contents for the Paralegal Career Guide:
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