Originally Posted by Mmt1011
Hey everyone. I want to start my own company and I am wondering if the idea I have would be profitable. I am an attorney and a licensed life and health insurance representative. I have co-owned a construction company with my husband and have helped a start up firm grow extremely quickly by serving as the HR, legal and accounting departments. I have practiced estates and trusts, corporate formation, and contract law.
I am very skilled at organization, compliance, research, and reading massive amounts of information and condensing it into a small amount of text. I've gained a lot of knowledge about businesses and would like to be a kind of consulting specialist for hire.
From what I've read, two of business owners biggest complaints are hiring employees and red tape/compliance issues. With my services they would have a compliance/contract/formation/research specialist on hand to draft a contract, readthrough one, handle compliance issues, organize and set up HR and accounting practices, etc.
Would really appreciate any thoughts on whether you think this would be profitable and how much you think I could charge per hour. Thank you!
As long as your skills/ knowledge can solve problems, I think it's a good business. Go ahead with it. One important thing you need to understand is it's a self-employed business, meaning you work for yourself. This is something like being a freelancer (I assume you start solo without any employees supporting you at the beginning), and some people don't even call it a business.
One of the common problems I found with people whose hard skills like you is they do not know how to market and sell their services. You need to pay attention to this marketing and salesmanship area. Learning and practicing online marketing, networking, prospecting, etc could help. Since you are an insurance representative, I assume you already know about salesmanship.
I don't know the exact rates in your industry, but the common rule is if you are new with few portfolio then you should charge lower than other well-established competitors.
Hope it helps