LegalTech is the use of technology to provide legal services. This industry is growing at a dizzying pace with hundreds of start-ups in the field. Only the United States is trying to carry out revolutions in the legal field – from effective document copying, trial management, and even artificial intelligence to be judged in the future.
The field is relatively in its infancy, but before starting to implement the concept, it is important to investigate the market and understand the business environment.
In the LegalTech business plan it is important to emphasize the following issues:
The world today is conducted in a certain way without your solution. What is the problem you are trying to solve? What are the damages that are currently caused by not using your solution? For example, a product designed to streamline the process of hearings and shorten waiting times. It is important to provide statistics on the duration of the average discussion and waiting times, etc., which will help illustrate the problem.
How you solve the problem
After defining the problem, explain how you solve it. First, you must conceptualize the way you solve the problem and then go into detail.
Once the reader has clarity on how you are solving the problem, it should be emphasized what benefits the system or the consumer of the product. For example, shortening discussion times by X%, preventing human errors, etc. It is important to emphasize what the X is and how you arrived to it. In the end, if the X is low, the product customers will probably not find it interesting.
It is important to emphasize who the target audience of the product is – who we are addressing, and how we will turn to them. An committed investor will want to understand how their dollars will be invested wisely in recruiting customers efficiently and expediently.
It is necessary to define how the company generates revenue. Whether through a monthly subscription or a one-time purchase and why? Depending on the business model, it is possible to quantify the economic potential of the enterprise according to the potential number of potential customers of the product and to understand whether the investment is worthwhile.
What are the development time and stages? How long will it take to develop a version that can be sold to prime customers? How much does it require? Is there a need to recruit personnel? These questions and many others need to be answered in the business plan to give a sense of confidence to the investor and understanding that you know what you are doing.
We answer all these questions as part of our business plan. An entrepreneur who wants to set up a start-up in the field of TravelTech must know all the answers to these questions before they starts developing. All the more so before turning to potential investors.
How TARGO can help
Our team has extensive experience in LegalTech, some with legal training. In order to maximize the chances of success of the project, we will prepare a research-based business plan and experience that will include all the elements relevant to the industry.