Immigration Attorney Practice Business Plan, Marketing Plan, How To Guide, and Funding Directory
The Immigration Attorney Practice Business Plan and Business Development toolkit features 18 different documents that you can use for capital raising or general business planning purposes. Our product line also features comprehensive information regarding to how to start an Immigration Attorney Practice business. All business planning packages come with easy-to-use instructions so that you can reduce the time needed to create a professional business plan and presentation.
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Immigration attorneys are people that are central to the process of an individual coming to the United Statesand obtaining a visa to work or seeking citizenship. These businesses are able to generate significant per hour fees from the ongoing preparation of these applications, preparing people for citizenship tests, and representing clients in front of courts that are dealing with matters pertaining to immigration. The barriers to entry for this type of business are considered to be moderate given that an individual must possess a law license and have completed law school in order to own and operate this business. In most states, a law practice must be either completely owned by an attorney or majority-owned by an attorney. The startup cost associated with this type of business are considered below. Generally, these businesses can be started for as little as $10,000 to $20,000 or as much as $100,000 depending on the number of partners and associates that will be involved with the business from the onset of operation. A solo practitioner immigration attorney usually has started these ranging anywhere from $15,000 to $40,000 depending on the location of the business. The startup capital is usually used simply for the acquisition of a small office as well as marketing campaigns. The attorney must also have some capital on hand to pay themselves a salary while the company is developing its client base. Given the current political climate, the individuals within the United States that possess visas are in continual need of immigration attorneys given that statuses can frequently change. As such, the demand for quality legal advice as it relates to matters regarding immigration is substantial and the current number of attorneys that specialize in this field are struggling to meet this demand.
Given that this is a professional practice, most financial institutions are willing to extend a working capital line of credit that will allow the immigration attorney to finance their operating expenses while they seek to become profitable. An immigration attorney practice business plan is going to be required if an individual is seeking capital from a financial institution, bank, lender, or other private funding source. This business plan should feature a three year profit and loss statement, cash flow analysis, balance sheet, breakeven analysis, and business ratios page. As it relates to industry research, there are approximately 1.3 million practicing attorneys within the United States. Each year these businesses generate approximately $300 billion in revenue and employ a total number of people that exceeds 1.5 million. Outside attorneys, many of these firms retain paralegals and legal support staff that assist the owner operator with properly preparing documents and other matters that must be dealt with as relates to immigration.
Within the business plan a full demographic profile needs to be developed so that the business can properly target people that are either coming to the United States are currently here and need ongoing immigration focused legal advice. This demographic profile should focus on the countries from which people migrated, net worth, estimated annual income, and whether or not they are seeking to ultimately become citizens of the United States or if they are simply coming here to work for a highly specific purpose. This demographic profile should be used in conjunction with the marketing campaigns that will be developed and implemented by the company on an ongoing basis.
An immigration attorney marketing plan needs to be developed as well. This marketing plan should focus heavily on using online sales channels in order to draw a substantial number of people to the website on a daily basis. As many of the people seeking out immigration attorneys are not currently within the United States – it is imperative that the company’s online marketing strategies are foremost to the company’s operations. This includes having a very well-developed website that showcases the biographies of the key immigration attorneys, pricing information, contact information, types of immigration matters handled, and hours of operation. This website should be listed among all major search engines as well as third-party legal review sites. Many immigration attorneys also maintain profiles on platforms such as Yelp.com and Avvo.com so that positive reviews can further draw additional people to the website on an ongoing basis.
Beyond maintaining a proprietary website, a highly established presence on social media is also extremely important for an immigration attorney. Much like the way these people will search on search engines for these services, they will also take to social media to see if anyone has worked with a specific firm in the past. As such, maintaining a page on FaceBook, Twitter, Google+, LinkedIn, and related social media platforms can be extremely beneficial to these businesses. This is especially true once the business is established and is seeking referrals from people that have worked with the firm in the past.
Given that many attorneys are extremely busy on a day-to-day basis, a social media consultant and web development firm can be hired to manage this aspect of the company’s marketing operations. It is somewhat expensive if you have a social media consultant manage these pages on an ongoing basis, but the return on investment can be significant given that the trial and error of maintaining a social media page is removed. Additionally, the social media consultant can properly position the marketing messages of the immigration attorney law firm within specific forms and communities that are dealing with these issues on an ongoing basis. This will allow the owner-operator to focus much more on providing competent legal services to clients rather than having the focus on marketing on an ongoing basis.
As it relates to print advertisements, many immigration attorneys will publish advertisements that focus on the firm itself within legal journals. This is important given that many law firms operate on a referral basis, and as such – by maintaining a large network of third-party attorneys that can refer business to the firm’s can substantially boost revenues during the first three years of operation. This is been one of the mainstay ways that attorneys have developed their practices over the past few years. As it relates to print marketing to the general public, this is not really necessary given the highly focused nature of the specific type of legal work.
An immigration attorney practice SWOT analysis should be produced as well. As it relates to strengths, the demand for the services does not tend to wane during times of economic recession during volatile political climates given that there are going to continue to be legal complexities that need to be dealt with on an ongoing basis. The barriers to entry are considered to be moderate given the fact that a licensed attorney must operate this business and the gross margins are extremely high from legal services rendered. The startup costs are considered to be very low. Additionally, there are only a small number of attorneys that specialize in the field of immigration law.
For weaknesses, competition within this market is significant even though it is a relatively small part of the overall legal services offered within the United States. It should be noted that many people remedy this weakness by having a few different specialties within the practice so that during times when immigration demand is lower other types of legal work can be provided in order to ensure that the business remains profitable at all times. The ongoing operating expenses for an immigration law practice are also considered to be moderately high given that the attorney must pay themselves as well as specialized paralegals and legal assistants that are usually on staff.
For opportunities, this is quite simple given that most of these firms will usually hire associates that will complete work on behalf of the business on an ongoing basis. This can rapidly increase the profitability of these companies given that an associate is usually billed out for 40% more than what is actually being paid to them. As such, these businesses can rapidly expand once he developed an established client base through hiring associates and taking on potential partners.
As it relates to threats, political instability can cause some issues with the revenues of immigration attorneys given that new regulations can impact the and flow of people coming in to the United States. As such, an immigration attorney needs to be prepared to have revenues decline slightly when regulations changed and the number of immigrants seeking visas or citizenship declines.
Immigration with the United States is one of the most important aspects to political operations. As such, although demand may change slightly from time to time – the overall need for immigration attorneys will not wane. As such, these highly specialized practices can be highly lucrative in most economic and political climates.