The very first step is to identify a product or service that’s most likely to appeal to others and has a large enough market reach. Based on an entrepreneur who started a law firm directory, we’ll look at the decisions he made, and how he made them.
Firstly, lawyers are always in high demand, but as a consumer, picking the right firm can be a technical minefield. With this in mind, our entrepreneur knew that law firms are an established market with a constant stream of potential customers to monetise.
Secondly, online branding and online marketing is still in its relative infancy in the legal industry. The market is growing consistently with no signs of slowing. Our example entrepreneur created his directory with the intention of building brands and online marketing for law firms, with an emphasis on customer journey and satisfaction.
By starting in a growing market, you’re significantly increasing your chances of building something that will bring monetary profits for a longer time, as well as allowing you to establish yourself as the industry “go-to”. I have observed that a lot of people try to start their online business with only short-term gains in mind. To be a winner, you should focus on building a business with long-term sustainability.
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