7 Steps to Start a Consulting Business

Nabanita Kundu By: Nabanita Kundu
On: 26 Jul , 2016,
In: Home Based Business Ideas
Start a consulting business

Are you tired of working for others? Do you have expertise in a particular field? Then you can start your own consulting business using your knowledge and professional skills that you have developed over the years. Consulting businesses have seen an increase in demand in recent years. Companies are starting to realize the numerous benefits they can gain by making use of consulting services, especially when compared to hiring full-time employees. This makes a consulting business a lucrative opportunity that will create an opportunity where you get paid for sharing your knowledge and skills. As the owner of a consulting business, you will be contacted by various companies to provide assistance by solving their problems, supplementing staff or teaching new skills to current employees. While this is a very profitable opportunity, it is also important to realize the risks and obstacles that come with such a business venture.

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Responsibilities of a Consultant

Consultants are usually required to perform an array of tasks in order to assist a company in various ways. They actually provide professional services and counsels to businesses. Being an expert in a specific field, you need to leverage your skills, knowledge and experience to provide the following services to the company that hires you.

Your responsibilities will include:

  • Identify specific problem areas that may hinder the growth of the business
  • Suggest solutions to overcome the difficulties
  • Give advices to re-establish the work culture of the organization.
  • Share your knowledge and skills with the employees and educate them on how to use modern gadgets and technology
  • Provide assistance by supplementing the staff.

Starting a Successful Consulting Business

A consulting business comes with challenges and obstacles that need to be overcome on a frequent basis. This ranges from stubborn clients to finding the perfect formula for charging your clients. If you are not scared of a challenge, then starting a consulting business could be the perfect opportunity for you.
Step 1: Analyze Your Expertise
The very first step to start a consulting business is to analyze your skills, knowledge and expertise. If you possess sound academic background or completed any training or certification program in a particular field, do consider them as it will add a special value to your expertise. Though it is not mandatory to start a consulting business, but there are some specialized fields that demand in-house training or special licensing to work as a consultant. To work as tax accounting consultant, it is required to get certified from the Accreditation Council for Accountancy and Taxation.

Step 2: Choose a Specialty

You should compile a list of skills you have, areas you have expertise in and any certificates or training that adds up to your knowledge. It would help you to choose a specialty that you are best at and start out by focusing on this field. Once you’ve built up some authority for yourself, you can start adding additional consulting services to your list.

Step 3: Refresh Your Skills

Technologies and methods used to perform certain tasks constantly change. New updates come out; the ways we deal with certain things have been changing continuously. So you need to stay up-to-date with the latest developments in the field you will be focusing on. Be sure to take a “fresher-upper” class or even an online course just to refresh your skills. This will also help you get acquainted with new technologies and any new laws, methods and techniques.

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Step 4: Determine Your Target Market

Once you have decided on a field to target and you’ve refreshed your skills, it is time to consider who your target audience will be. This will be affected by the industry you are focusing on, as well as the specific consulting services you will be offering.

You can choose to target corporate clients, small business, non-profits or even larger businesses. Do some research in order to determine who your target market will be and how you will approach them? If you want to work as a media consultant.

Step 5: Draw a Comprehensive Business Plan

You have already decided what services you are going to offer, so the next step is to prepare your business for launch. It is a good idea to always start out with a well thought-out business plan. This will direct you to achieve the success. Your plan should contain vital information about how you will run your business, who your target market is, what services you will be offering and how you plan on promoting your services to clients. It should also include the charges of your consulting services.

Include all of these important factors in your business plan. You should also include a name for your business, or if you want to brand yourself under your own name, note this down in the business plan. Another important factor is whether you will be running your consulting business from home or from commercial premises.

Step 6: Launch Your Consulting Business

The final step is to launch your consulting business. During this step, you should start to execute your business plan and get everything ready. If you need a website, create one. If you need special equipment, go out and purchase them. If you need special software, make sure you buy it before you launch. If you need a logo designed for your business, hire a graphic designer to create one for you.

When you have everything ready, all that is required to officially launch your business. This step can be followed several promotional methods that will help you gain your first clients.

Step 7: Make Promotions

Your consulting business will only be successful if you execute an effective marketing plan. It should include several promotional methods that will help you promote your business and gain new clients. Start by listing your business on directory websites and local business directories. Thereafter, you can implement some of the following techniques to expand your reach:

  • Print business cards and keep them on hand
  • Print flyers and distribute them throughout your local area
  • Print posters and place them on notice boards
  • Place a classified advert in your local newspaper
  • Place a classified advert on online classified directories

Final Words

Starting a consulting business is a lucrative venture that can be completed at a minimal budget. All that is needed is a creative mind and a skill set that will be useful to other businesses. Once you’ve identified skills that are worth of selling, you can start to promote your consulting services and get paid for providing your knowledge and expertise to businesses of various sectors.

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