Before launching your virtual paralegal business, you must conduct market research to find out if there is a demand in the market for your services. Some practice areas are primarily offered by large law firms and are rarely provided by sole practitioners, small law firms and in-house legal departments.
Doing your due diligence can mean the difference between success and failure, and it doesn't have to cost a penny.
There are two main types of market research that businesses conduct to collect the most actionable information on their services: primary research and secondary research.
Primary research is the pursuit of information on your target markets and their clients. You can use online surveys, LinkedIn groups, legal associations and more to gather details on the challenges that attorneys and law firms face when growing their legal practice.
Secondary research is all the data and public records you have at your disposal to draw conclusions from. This includes trend reports, market statistics, legal content, you already have on your business. Secondary research is particularly useful for analyzing your competitors.
To begin your market research and how to implement the results checkout the following blog posts:
Is there a demand for Virtual Paralegal Services?
Information Virtual Paralegals need about Solo Practitioners & Small Law Firms Survey Results