Business Idea #97 – The “Contract Between Friends” Maker

by Byron on May 17, 2012

The Problem:

People think making a contract is extremely difficult.  For this reason and others, contracts among friends are not often executed.  Many loans go without documentation.

The Business

A website designed to make an informal record of an agreement.  Despite informal, it would need to be made legally enforceable.  Other sites, such as Rocket Lawyer and LegalZoom do have contract makers.  No one, however, has a contract maker that take under three minutes and provides a record of an agreement.

I think the most common uses would include a loan contract between friends.  (It is important to note, of course, there is no difference between a contract between friends and a contract between strangers.)  There could, however, be a difference between these two from a branding standpoint.  RocketLawyer and LegalZoom essentially brand themselves to the small business market.

In many ways, this is simply an exercise in branding.  The best and easiest way to do it might be to create a content site based around the idea of a contract between friends and monetize by affiliate links to LegalZoom and RocketLawyer.

Doableness

Creating the affiliate site would be no problem whatsoever.  The affiliate site would just be a matter of time, knowledge, and SEO.  It’s still probably best as a project for a lawyer.

Creating a full site with legally enforceable contracts would be a large project requiring a team and (probably) outside money.  Creating a site with legally unenforceable contracts would be much easier.  The contract seeker is not always seeking a legally enforceable agreement.  Sometimes he just wants a quasi-formal record of what was said.  The important point is to make sure the visitor knows whether he is getting enforceable or mere evidence of an agreement.

My Thoughts

I think commoditizing legal services has room to run.

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