In the past 3 months, we have spun up a website, and ran ads for the same. We received around ~10 leads, and converted 1 of them to a longer term association. Our initial hypothesis has been validated.
We have a choice of building a product or a service. Let us explore both of these approaches in detail:
The market that we are looking at is fragmented, with next to no huge products existing.
https://legaldesk.com/ https://lawrato.com/
A cursory glance at competitors shows that there are multiple companies, some which help in legal documents, some which are lawyer marketplaces.
A significant part of our time needs to be spent on competitor research so that we understand exactly where have previous companies failed.
In order to better this better, I think we should talk to the founder of Lawrato, a marketplace for lawyers. I already have his connect and shall try to set up a meeting with him.
Please add more ideas here.
Any business that needs to succeed needs to have a core insight in order to achieve greatness. We need to isolate a core insight, something that can help us win over the market. but what is our market?
There are over 1.4 million advocates in India. However, a majority of these do not have buying power and hence are irrelevant for our purposes. However, there are almost 1 lakh pending cases in Supreme Court of India itself. This means that a market is there, of streamlining processes in the legal domain. We can only discover our core insight by doing this process again and again.
This leads to our next steps. We need to solve for coherency and trust. In my opinion we should do 3 things for this to happen.
a) Rebuild our website to a more professional one.
b) Should we build a service or a product?
c) Take a call on whether we should support real estate (buying, selling, property management) or not
d) Run ads on a limited budget to generate a small number of leads, and try to identify what parts of the process we can automate. This shall take time, but since we are already stretched, we should aim for a small number and improve our lead conversion metric first, then throw money at the problem.
e) Should we do SEO now, or should we do it after some time say 3-6 months?