But Why Do You Need A Business Plan Before Setting Up a Personal Injury Law Practice? A business plan will help minimize the difficulty and hard work needed to establish a personal injury law practice. The reasons why a business plan is required when setting a practice is cited by Linda Pinson in her book “Anatomy of a Business Plan.”
1. A business plan acts as a guide on how to face the realities associated with setting up a personal injury law practice. In addition, a business plan provides a clear outline of your goals, potentials, strengths, weaknesses and prospects. A business plan also comes with tools for analyzing and implementing changes for boost the profitability of your personal injury law practice.
2. A business plan serves as documentation for financing. Through a business plan, you will be able to determine how much capital to put up in your law practice and to predict the amount of money needed to advance the practice’s objectives and boost its profits.
It will require a good deal of strategic thinking to come up with an effective business plan if you decide to put up a personal injury law practice on your own. Create a business plan with your particular needs and the needs of your practice in mind. It will help to sign up as an apprentice in a personal law firm to give you a general idea of business-related matters such as payroll, marketing, case management and billing.
Since a useful business plan is an organic document, it should be stored and kept in your computer and updated when necessary. You will find that your business plan becomes refined as your practice progresses. In case where you find that you are unable to continue with your business plan, find out whether the plan is unrealistic or you are not keen on doing what is needed to keep the practice going.
According to K. William Gibson, an effective business plan consists of a description of the services that the practice intends to offer; information on the site(s) where the practice is located; a description of the types of clients you want to target; a forecast of future revenues and operating costs; a record of the personal resources that you intend invest to fund your personal injury law practice; and a statement of your personal assets and liabilities.
You also need to seek the help of certain professional before writing your business plan. These professionals include a Certified Public Accountant (CPA), A Bar Association Practice Management Advisors and Established Personal Injury Lawyers.
A CPA will determine whether your business plan is sound and in correct form and is the person to go to for questions with regards to the rules and regulations of the International Revenue Service and other government agencies.
Practice advisers are commonly ex-active attorneys or law office administrators who had gone through everything you are about to experience.
Experienced personal injury lawyers will provide the mentoring you will need to predict the possible out-of-pocket expenses involved in personal injury lawsuits. You may also ask experienced lawyers for names of vendors and experts who can help you establish cases in the future.