There are several myths associated with virtual paralegal businesses. Most paralegals believe that all they need is their paralegal skills, a computer and a smart phone to operate a successful business. However, there are responsibilities, sacrifices, and disadvantages to owning and operating a virtual paralegal business.
- You will be responsible for hiring competent employees or independent contractors that reflect your business ethics and policies.
- You must deal with the different personalities of your clients and employees or independent contractors.
- When you assign a project to one of your employees or independent contractors your company as a whole is responsible for the completion and accuracy of the assignment.
- You must be able to anticipate problems before they arise and take pre-emptive steps to avoid them.
- You may have to work longer hours; owning a business is more than a 9-5 job.
- You may have to reduce your vacation, personal and sick days until your business is established.
- Your clients become your bosses. If your business does not do a great job; your clients can fire you.
- You are responsible for your benefits such as, healthcare, retirement, sick and vacation days.
- It can be a financial risk and you could lose everything you have invested.
- It may not be a steady income and the lack of job security.
- You are responsible for client development.
With all the responsibilities, sacrifices, and disadvantages that comes with launching and operating a virtual paralegal business; there are also many advantages:
- You get to create your own schedule.
- You get to decide what services you would like to offer.
- You get to decide which projects you would like to work on.
- You will have the chance to work and form relationships with your clients.
- You will be able to eliminate the middleman and make most of the money.
- Even though your clients can fire you if they are not satisfied with your services; you can also fire a problem client and still keep your business.