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If you want to work as a consultant, you'll need a plan. Here's how to create one just for you.
If you’re a self-employed consultant your work isn't like other forms of business. Unlike retailers or manufacturers, you're not making and/or selling tangible products. And unlike service companies, you're not employing a team of people to provide solutions.
Remember you’re not not just selling your time. As a consultant, you will be paid for the skills, knowledge and abilities you've developed over your career.
We have some useful background reading about the benefits of becoming a consultant or contractor , which will help explain how such businesses work. But having decided to become a consultant, what's the next step?
Like all new small businesses, you'll need a plan. That plan will have to cover funding, growth, pay rates, expenses, marketing, equipment costs, training and qualifications. It will also have to cover your goals, and the strategy you'll use to reach them.
Consulting business plans are a little different to other business plans. Here's what you need to know to get your consulting career off the ground.
This is an important question to ask yourself before you start. For most conventional businesses the answer will be "For the bank and investors." That's because small businesses usually need startup funding to get off the ground.
But consultants setting up their own business might not need much funding – if any. It's still important to have a business plan though – not only to clarify the details in your own mind, but also to help you understand the potential risks and rewards.
A good business plan will combine elements of both finance and strategy, but the contents will vary depending on the target audience. We'll take a look at the options next.
You may not need funding for capital equipment expenses or office rent. But you might need a loan to tide you over for the first few months, until you have a regular cash flow. The initial period for any new business can be a tough time – money worries will just make it tougher.
You may also decide that you want to make more of an impression by hiring office space, perhaps in a shared office environment. Or you might want funds to spend on marketing and advertising, particularly if you're offering consulting services in a competitive market.
For all of this, you'll need money. You could apply for a bank loan, look for grants, or try other forms of capital-raising such as crowdfunding. Whichever method you choose, any potential investors will want to see the important numbers. That means you'll need to cover the following points in your business plan:
Some of this information will be difficult for you to estimate. It might be even harder for you to present clearly. Use your accounting software to help with figures and to produce professional tables and charts. Then, an accountant can help you include the right information in your plan.
Of course, you might not need any funding. Perhaps you have enough savings to keep you going for a few months and clients already lined up. Or you may be starting your consulting career after an inheritance or unexpected windfall.
If money isn't an immediate concern, you can afford to be less formal when drafting your plan. That means making sensible predictions and setting goals for yourself, not just financial targets – though you should include those too.
This isn't an exercise in creative writing. The purpose of creating a plan is to help you concentrate on what you want to achieve. Some points to consider include:
Why are you doing this? It's important to answer honestly. If the answer is “to make more money” or “because I'm good at what I do” then write that down. Write down all the reasons you can think of, then read them back. Do they sound convincing? Make sure you know your true motivation, as it will help you focus on your goals.
Consulting can mean you have an irregular income. Sometimes you might be busy, other times less so. It makes sense to keep some money in savings accounts, especially if you'll be paying tax at the end of the year instead of while you're earning.
Think about the impact of consulting on your family or friends. Consultants often work irregular hours, sometimes from home, and they might be working at weekends. That can put a strain on relationships. Be realistic about this and set boundaries around when and where you will work.
You will already have an idea of the types of client you don't want to work for, because you know the industry you work in. For example, known late-payers can damage your cash flow so it's sensible to avoid them where possible. Look for clients who are reliable, as they’ll help make your business a success. Know that you can let go of clients who are more trouble than they're worth.
In many industries, especially IT, it's important to keep your skills up to date. But your clients are unlikely to pay for you to go on training courses – that's an expense you'll have to cover yourself. How will you stay up to date? Think about industry magazines, websites, forums, news feeds, conferences, courses, distance learning, peer groups and self-teaching strategies.
Perhaps you're planning to be a consultant for the rest of your working life. Maybe you want to do it for a couple of years and then move back in-house as an employee. Or you might want to start employing other consultants at some stage and build up an agency – maybe even sell it. It doesn't matter what your personal goals are, as long as you have some. Write them down and bear them in mind when making big decisions.
This is a good opportunity to think about how much money you want to make . Consider how much you will charge and what you will do with your commission. For example you may decide to use 50% to cover costs, pay yourself with 30% and put 20% back into your business.
Some of this information would be inappropriate to include in a financial business plan for banks or investors. But it can be very helpful in guiding you through the early part of your consulting career.
Business plans can be difficult documents to write. If you've never done it before, thinking clearly and logically about your business strategy may not be easy. Here are some tips to help you succeed:
1. Write the first draft
Don't worry about grammar, structure or neatness. Just get the thoughts out of your head and onto the paper or screen. Some people find this easier to do in an informal setting, such as a library or café.
2. Do your research
Understand the market you're going to be working in. Get to know all the details, as it'll help you write a more effective consulting business plan.
3. Identify your USP
That's your unique selling proposition. Why should companies hire you and not one of your competitors? Think carefully about what you're particularly good at, then use that as a basis for marketing yourself.
4. Get feedback
Talk to your peers, friends, previous business associates and potential customers. Show them your plan and listen to their feedback.
5. Keep it simple
Don't write dozens of pages. You'll bore the investors and your plan will end up on a pile where nobody will ever look at it again – including you. Stick to the important points.
A business plan isn't a static document. It should change and evolve over time as your business grows. You will learn a great deal in your first few months working as a consultant, and that knowledge should be applied to your business plan. It's a good idea to review your plan every month.
You may find that some of what you initially wrote turns out to have been misguided, inaccurate or just plain wrong. That's normal. Nobody can predict every step a business will take. The important thing is to learn as you go along – and make use of that knowledge to improve your plan.
A consulting business plan is written as much for you, the consultant, as for anyone else. The point of writing it is to concentrate on what's important. That clarity is what will help you succeed.
So don't look at a business plan as just another box to be ticked. It's a fundamental process when starting any business, particularly a consulting business where you will need initiative and drive to succeed.
Take the time to write a proper business plan, and keep it regularly updated as your business grows. You can use our free business plan template . You'll find it an invaluable guide to becoming a successful consultant.
Xero does not provide accounting, tax, business or legal advice. This guide has been provided for information purposes only. You should consult your own professional advisors for advice directly relating to your business or before taking action in relation to any of the content provided.
Fill in the form to get a free business plan template as an editable PDF. We’ll send a one-pager and a multi-pager to choose from.
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Access Xero features for 30 days, then decide which plan best suits your business.
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Consultants need business plans too! Check out these sample business plans for consultants and consulting related businesses. They’ll help you format your plan, get the details right, and give your business the best possible chance for success.
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Creating a business plan is essential for any business, but it can be especially helpful for consultants who want to establish their credibility and get ahead in the industry.
A well-crafted business plan not only outlines your vision for the company but also provides a step-by-step process of how you are going to accomplish it. In order to create an effective business plan, you must first understand the components that are essential to its success.
This article will provide an overview of the key elements that every consultant should include in their business plan.
Download the Ultimate Consulting Business Plan Template
A consulting business plan is a formal written document that describes your company’s business strategy and its feasibility. It documents the reasons why you will be profitable, how you can succeed in your market, what will set your product or service apart from others, and includes information about your team members, if applicable, to convince investors and lenders (if needed) that you have what it takes to make your venture successful.
A consulting business plan is required for banks and loan companies, and it is often requested by investors. This document is a clear and concise guide of your business idea and the steps you will take to make it profitable.
Entrepreneurs can also use this as a roadmap when starting their new company or venture, especially if they are inexperienced in starting a business.
The following are the key components of a successful consulting business plan:
The executive summary of a consulting business plan is a one to two page overview of your entire business plan. It should summarize the main points, which will be presented in full in the rest of your business plan.
This section should include a brief history of your company. Include a short description of how it all started, and provide a timeline of milestones the company has achieved.
If you are just starting your consulting business, you may not have a long company history. Instead, you can include information about your professional experience in this industry and how and why you conceived your new venture. If you have worked for a similar company before or have been involved in an entrepreneurial venture before starting your consulting firm, mention this.
The industry or market analysis is an important component of a consulting business plan. Conduct thorough market research to determine industry trends, identify your potential customers, and the potential size of this market.
Questions to answer include:
You should also include information about your research methodology and sources of information, including company reports and expert opinions.
This section should include a list of your target audience(s) with demographic and psychographic profiles (e.g., age, gender, income level, profession, job titles, interests). You will need to provide a profile of each customer segment separately, including their needs and wants.
You can include information about how your customers make the decision to buy from you as well as what keeps them buying from you.
Develop a strategy for targeting those customers who are most likely to buy from you, as well as those that might be influenced to buy your products or consulting services with the right marketing.
The competitive analysis helps you determine how your product or service will be different from competitors, and what you are using as your unique selling proposition (USP) that will set you apart in this industry.
Complete a SWOT Analysis. Your SWOT analysis should include:
You will then use this information to develop your own competitive strategy. Determine your competitive advantage and how you will differentiate your business from these competitors.
Your consulting marketing plan is where you determine how you are going to reach your target customer(s). Your marketing strategy should be clearly laid out, including the following 4 Ps.
You should also include information about your paid advertising budget, including an estimate of expenses and sales projections.
The operations plan should include the following information:
The operations plan is where you also need to include your company’s business policies. You will want to establish policies related to everything from customer service to pricing, to the overall brand image you are trying to present.
Include a list of team members including names and titles, as well as their expertise and experience relevant to your specific consulting industry. Include brief biography sketches for each team member.
Now include a complete and detailed financial plan. This is where you will need to break down your expenses and revenue projections for the first 5 years of operation. This includes the following financial statements:
Your income statement should include:
Revenues | $ 336,090 | $ 450,940 | $ 605,000 | $ 811,730 | $ 1,089,100 |
$ 336,090 | $ 450,940 | $ 605,000 | $ 811,730 | $ 1,089,100 | |
Direct Cost | |||||
Direct Costs | $ 67,210 | $ 90,190 | $ 121,000 | $ 162,340 | $ 217,820 |
$ 67,210 | $ 90,190 | $ 121,000 | $ 162,340 | $ 217,820 | |
$ 268,880 | $ 360,750 | $ 484,000 | $ 649,390 | $ 871,280 | |
Salaries | $ 96,000 | $ 99,840 | $ 105,371 | $ 110,639 | $ 116,171 |
Marketing Expenses | $ 61,200 | $ 64,400 | $ 67,600 | $ 71,000 | $ 74,600 |
Rent/Utility Expenses | $ 36,400 | $ 37,500 | $ 38,700 | $ 39,800 | $ 41,000 |
Other Expenses | $ 9,200 | $ 9,200 | $ 9,200 | $ 9,400 | $ 9,500 |
$ 202,800 | $ 210,940 | $ 220,871 | $ 230,839 | $ 241,271 | |
EBITDA | $ 66,080 | $ 149,810 | $ 263,129 | $ 418,551 | $ 630,009 |
Depreciation | $ 5,200 | $ 5,200 | $ 5,200 | $ 5,200 | $ 4,200 |
EBIT | $ 60,880 | $ 144,610 | $ 257,929 | $ 413,351 | $ 625,809 |
Interest Expense | $ 7,600 | $ 7,600 | $ 7,600 | $ 7,600 | $ 7,600 |
$ 53,280 | $ 137,010 | $ 250,329 | $ 405,751 | $ 618,209 | |
Taxable Income | $ 53,280 | $ 137,010 | $ 250,329 | $ 405,751 | $ 618,209 |
Income Tax Expense | $ 18,700 | $ 47,900 | $ 87,600 | $ 142,000 | $ 216,400 |
$ 34,580 | $ 89,110 | $ 162,729 | $ 263,751 | $ 401,809 | |
10% | 20% | 27% | 32% | 37% |
Include a balance sheet that shows what you have in terms of assets, liabilities, and equity. Your balance sheet should include:
Cash | $ 105,342 | $ 188,252 | $ 340,881 | $ 597,431 | $ 869,278 |
Other Current Assets | $ 41,600 | $ 55,800 | $ 74,800 | $ 90,200 | $ 121,000 |
Total Current Assets | $ 146,942 | $ 244,052 | $ 415,681 | $ 687,631 | $ 990,278 |
Fixed Assets | $ 25,000 | $ 25,000 | $ 25,000 | $ 25,000 | $ 25,000 |
Accum Depreciation | $ 5,200 | $ 10,400 | $ 15,600 | $ 20,800 | $ 25,000 |
Net fixed assets | $ 19,800 | $ 14,600 | $ 9,400 | $ 4,200 | $ 0 |
$ 166,742 | $ 258,652 | $ 425,081 | $ 691,831 | $ 990,278 | |
Current Liabilities | $ 23,300 | $ 26,100 | $ 29,800 | $ 32,800 | $ 38,300 |
Debt outstanding | $ 108,862 | $ 108,862 | $ 108,862 | $ 108,862 | $ 0 |
$ 132,162 | $ 134,962 | $ 138,662 | $ 141,662 | $ 38,300 | |
Share Capital | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 |
Retained earnings | $ 34,580 | $ 123,690 | $ 286,419 | $ 550,170 | $ 951,978 |
$ 34,580 | $ 123,690 | $ 286,419 | $ 550,170 | $ 951,978 | |
$ 166,742 | $ 258,652 | $ 425,081 | $ 691,831 | $ 990,278 |
Include a cash flow statement showing how much cash comes in, how much cash goes out and a net cash flow for each year. The cash flow statement should include:
Using your total income and expenses, you can project an annual cash flow statement. Below is a sample of a projected cash flow statement for a startup consulting business.
Net Income (Loss) | $ 34,580 | $ 89,110 | $ 162,729 | $ 263,751 | $ 401,809 |
Change in Working Capital | $ (18,300) | $ (11,400) | $ (15,300) | $ (12,400) | $ (25,300) |
Plus Depreciation | $ 5,200 | $ 5,200 | $ 5,200 | $ 5,200 | $ 4,200 |
Net Cash Flow from Operations | $ 21,480 | $ 82,910 | $ 152,629 | $ 256,551 | $ 380,709 |
Fixed Assets | $ (25,000) | $ 0 | $ 0 | $ 0 | $ 0 |
Net Cash Flow from Investments | $ (25,000) | $ 0 | $ 0 | $ 0 | $ 0 |
Cash from Equity | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 |
Cash from Debt financing | $ 108,862 | $ 0 | $ 0 | $ 0 | $ (108,862) |
Net Cash Flow from Financing | $ 108,862 | $ 0 | $ 0 | $ 0 | $ (108,862) |
Net Cash Flow | $ 105,342 | $ 82,910 | $ 152,629 | $ 256,551 | $ 271,847 |
Cash at Beginning of Period | $ 0 | $ 105,342 | $ 188,252 | $ 340,881 | $ 597,431 |
Cash at End of Period | $ 105,342 | $ 188,252 | $ 340,881 | $ 597,431 | $ 869,278 |
You will also want to include an appendix section which may include:
Writing a good business plan gives you the advantage of being fully prepared to launch and grow your consulting company. It not only outlines your business vision but also provides a step by step process of how you are going to accomplish it. Sometimes it may be difficult to get started, but once you get the hang of it, writing a business plan becomes easier and will give you a sense of direction and clarity about your consulting company.
Wish there was a faster, easier way to finish your consulting business plan?
With our Ultimate Consulting Business Plan Template you can finish your plan in just 8 hours or less!
If you want to start a consulting firm or expand your current consulting business, you need a business plan. The following consulting business plan template gives you the key elements to include in a winning business plan. A consultant business plan template can be used to create a business plan for any type of consulting business including but not limited to: business consulting, management consulting, IT consulting, and Human Resources consulting.
You can download the consulting business plan template (including a full, customizable financial model) to your computer here.
Below are links to each of the key sections of a successful consulting business plan:
You can download the consulting business plan template in Word (including a full, customizable financial model) to your computer here.
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If you have a partially completed plan, we can work with that. In fact, it helps the plan writing process go faster because we'll have to ask fewer questions, but you'll want to choose the full business plan writing service.
Yes, we do market research. We have access to industry reports for most industries and our business plan writers will use them to lend more credibility to your plan and validate the assumptions we are making in your financials.
When it's all said and done, you'll have a full, lender or investor ready business plan, a one page pitch, and a free year of LivePlan so you can make changes to your plan as well as use our cash flow and business management tools to stay on track.
There are a lot of factors that go into the decision making process for lending that are beyond our control, like your personal credit. What we can say is that it is very difficult to get funding without a solid business plan and we make solid plans with our professional business plan writing services.
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We are a small team of well educated business planning experts. Each writer's background varies but they all have financial or business education as well as years, small business management or consulting and business plan writing experience. They are all well vetted and really good at what they do, which is write plans that help you get funded.
What is a business plan.
In its simplest form, a business plan is a guide —a roadmap for your business that outlines goals and details how you plan to achieve those goals. At its heart, a business plan is just a plan for how your business is going to work, and how you're going to make it succeed.
To write a detailed business plan you need to include the following sections:
The executive summary is an overview of your business and your plans. It comes first in your plan and is ideally only one to two pages. Most people write it last, though.
The opportunity section answers these questions: What are you actually selling and how are you solving a problem (or "need") for your market? Who is your target market and competition?
In the execution chapter of your business plan, you'll answer the question: how are you going to take your opportunity and turn it into a business? This section will cover your marketing and sales plan, operations, and your milestones and metrics for success.
Investors look for great teams in addition to great ideas. Use the company and management chapter to describe your current team and who you need to hire. You will also provide a quick overview of your legal structure, location, and history if you're already up and running.
Your business plan isn't complete without a financial forecast . We'll tell you what to include in your financial plan, but you'll definitely want to start with a sales forecast, cash flow statement, income statement (also called profit and loss), and your balance sheet.
If you need more space for product images or additional information, use the appendix for those details.
There are many reasons why it is important to have a business plan . A business plan is essential if you're seeking a loan or investment, can help you make big spending decisions with confidence and is a solid foundation for ongoing strategic planning and prioritization.
A business plan writer/consultant is a business and financial expert who can help guide you through the process of creating a business plan and do much of the labor involved in creating it. They will work with you to understand your business model, do market research, create financial projections and offer guidance as all of those pieces are brought together in a full business plan document.
Picking a business plan writer or business plan consultant is an important decision — you'll want to find someone dedicated to your success, with experience in your industry or field and that is in it for the long haul.
You don't have time. Starting a business is time consuming. Oftentimes people have to juggle a regular 9-5 job while working on starting their business. That doesn't leave a lot of time for a big writing project. Hiring a professional business plan writer can help you give you time to focus on the tasks that are critical to getting your business off the ground.
You want to make sure it is done right, the first time. You only get one chance to make a first impression. Hiring a professional to write your business plan for you can give you the peace of mind that your plan is the best it can be when you present it to potential lenders or investors.
By: Author Tony Martins Ajaero
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Are you about starting a consulting business online ? If YES, here is a complete sample business consulting firm business plan template & feasibility report you can use for FREE .
One of the reasons why the consulting business wouldn’t be too saturated no matter how much people delve into it is the fact that the sky is too large for two birds to collide. This means that there are a myriad of people who want to venture into businesses and other unknown fields, and will require the services of a consultant.
If you are looking to start a consulting business, it is very expedient that you master the areas in which you would want to be known as a veteran. There are several fields which one can look to start out from. From the sports angle, to events management, and to other areas.
It is however no doubt that you will need to first of all have a rich knowledge of the area that you are looking to commence business from. After that has been done, then you have got to make it mandatory to draw up a business plan that you will follow. Below is a sample consulting business plan template.
1. industry overview.
When we talk about consulting services, we are perhaps talking about getting practical advice from expects. The consulting industry is indeed a broad industry that covers a wide range of services such as management consulting, strategy consulting technological consulting, marketing consulting, human resource consulting, training consulting, tax consulting, and any other business activities that involves giving advice et al.
In essence, consulting firms are hired to proffer solutions to the challenges that organizations faces. Organizations don’t just hire consultants for the sake of hiring consultants, but they do so simply because they expect them to help tackle their business challenges and deliver solutions as required.
As a consulting firm, if you are good at developing coaching skills, process analysis, technology implementation, strategy development, or operational improvement services, then with little push, you will have more jobs than you can handle.
From a recently released statistics, the united states market for management consulting grew 8.5% last year; it translates to about $39.3 billion. Management consulting is growing at a steady rate and the growth rate of the industry far exceeds previous years’ growth.
Although the consulting industry struggled during the 2001–2003 period, but of course it is evident that the industry grew steadily after then except for the period (2009) when we experienced economic downturn. Of course the industry is stable and enjoying steady growth.
The United States companies are spending much less on strategy consulting but the sector is expected to grow just 3.7 percent in the coming year.
The consulting industry is a high-paying industry especially if you have been able to cut your teeth in a particular area of specialization. It gives you the opportunity to work with high and low profile clients and if you are able to proffer solutions to business challenges you will be greatly rewarded.
In most cases, if you are lucky to be among the few experts in the industry, you will have the privilege of choosing who to work for and the amount you want to charge.
Generally, consultants are skilled at conducting research and of course analyzing the results they got from the research. Consultants go as far as gathering any related data that will help them come up with workable solutions for the organization they are working for; they ensure that they identify behavioral patterns, production bottlenecks, the market trends and of course customers preference.
With that and other factors, they will be able to create standard operating processes that can help the organization achieve its goals and objectives.
As a consulting firm, your core responsibility is to improve your client’s business by effecting changes in response to your analysis; you should be able to change the fortune of the business within an agreed time – line. Corporations are willing to pay expensive fees as long as they are going to get results.
No business person will be willing to pay you for a consulting service if you don’t have a track record that shows that you know what you are doing. It is one thing to convince a client to patronize your consulting services and it another thing for you to deliver solutions as agreed.
Lastly, one good thing about the consulting industry is that there are readily available markets for their services simply because organizations naturally would want to improve their performance annually; corporations always seem to want more success. So, if you are well positioned and you know how to deliver results, you will always smile to the bank.
Denzel and McPherson Consulting, LLP is a Human Resource and Capital Development Consulting firm that will be located in New York City, New York. The company will be operated as a standard consulting firm with bias in business consulting and also handle other related aspect of human resources and capital development aspect of consulting as requested by our clients.
We are aware that businesses these days require diverse and sophisticated approaches. This is why we will position our consulting firm to offer a wide range of consulting services as requested by our clients. Denzel and McPherson Consulting, LLP is a client-focused and result driven business consulting firm that provides broad-based experience at an affordable fee that won’t in any way put a hole in the pocket of our clients.
We will offer a complete range of business consulting services to our local, state, national, and multi-national clients and we will ensure that we work hard to provide the required services and business solutions needed by our clients to accomplish their business goals and objectives.
At Denzel and McPherson Consulting, LLP, our client’s best interest come first, and everything we do is guided by our values and professional ethics. We will ensure that we hire consultants who are well experienced in a wide variety of business consulting and trainings et al.
We will ensure that we hold ourselves accountable to the highest standards by meeting our client’s needs precisely and completely. We will cultivate a working environment that provides a human, sustainable approach to earning a living, and living in our world, for our partners, employees and for our clients.
Denzel and McPherson Consulting, LLP will at all times demonstrate her commitment to sustainability, both individually and as a firm, by actively participating in our communities and integrating sustainable business practices wherever possible.
Denzel and McPherson Consulting, LLP is founded by Dr. Denzel Graham – Douglas and his son McPherson Graham – Douglas. The organization will be managed by Dr. Denzel Graham – Douglas, he graduated from University of California – Berkley (First Degree), Brock School of Business at Stamford University (MBA), and University of Harvard (PhD.).
He has extensive experience in a diverse range of business consulting, and his consulting practice is concentrated in the areas of helping both big corporations and start – ups position their business for growth, sustainability and expansion.
Denzel and McPherson Consulting, LLP is going to offer varieties of services within the scope of the consulting industry in the United States of America. Our intention of starting our consulting firm is to make profits from the industry and we will do all that is permitted by the law in the US to achieve our aim and ambition.
Our business offering are listed below;
Our Business Structure
Denzel and McPherson Consulting, LLP will build a solid business structure that can support the growth of our business. We will ensure that we hire competent hands to help us build the business of our dream. Below is the business structure that we will build Denzel and McPherson Consulting, LLP;
Legal Secretary
Admin and HR Manager
Business Developer
Front Desk Officer
Chief Executive Office / Lead Consultant:
Business Consultant
Training and Development Consultant
Business Analyst
Client Service Executive
Denzel and McPherson Consulting, LLP engaged the services of a core professional in the area of business consulting and structuring to assist the firm in building a solid consulting firm that can favorably compete in the highly competitive consulting industry.
Part of what our team of business consultant did was to work with the management of the firm in conducting a SWOT analysis for Denzel and McPherson Consulting, LLP. Here is a summary from the result of the SWOT analysis that was conducted on behalf of Denzel and McPherson Consulting, LLP;
Our core strength lies in the power of our team; our workforce. We have a team that can go all the way to give our clients value for their money. We are well positioned and we know we will attract loads of clients from the first day we open our doors for business.
As a new business consulting firm, it might take some time for our organization to break into the market; that is perhaps our major weakness.
The opportunities in the consulting industry are massive and we are ready to take advantage of any opportunity that comes our way.
Some of the threats that we are likely going to face as a consulting firm operating in the United States are unfavorable government policies, the arrival of a competitor within our location of operations and global economic downturn which usually affects purchasing power.
There is hardly anything we could do as regards these threats other than to be optimistic that things will continue to work for our good.
Quite a number of distinct trends have emerged in recent times in the consulting industry which is why consulting firms are positioning their organizations to survive the peaks and troughs of an ailing economy.
As a matter of fact, most of these trends aid consulting firms and organizations to become more creative, competitive, efficient, and productive in a global market. Some other trends in the consulting industry could be attributed to changing demographics, attitudes and work styles.
No doubt, as the cost of consulting services continues to increase and as corporate spending falls, new consulting delivery methods will continue to emerge and gain momentum going forward. In addition, the market for consulting services has shifted from a sellers’ market to a buyers’ market. A market where consultants provide software solutions that will make it easier for their clients to run their businesses.
Lastly, it is now becoming trendy in the consulting industry for smaller consulting firms to merge with bigger consulting firms and for bigger consulting firms to acquire smaller consulting firms; mergers and acquisitions. Many consulting firms all over the United States are coming to the conclusion that the bigger the better for them.
Although Denzel and McPherson Consulting, LLP will initially serve small to medium sized business, from new ventures to well established businesses, but that does not in any way stop us from growing to be able to compete with the leading consulting firms in the United States.
We hope to someday merge or acquire other smaller consulting firms and expand our consulting services beyond the shores of the United States of America. As a full service business consulting firm, Denzel and McPherson Consulting, LLP have a variety of practice areas to help startups grow.
While we works with a variety of organizations and industries, Denzel and McPherson Consulting, LLP will also specialize in working with startups, real estate investors, and contractors, manufacturers and distributors, banks, lending and financial institutions.
Our target market cuts across people of different class and people from all walks of life, local and international organizations as well. We are coming into the industry with a business concept that will enable us work with the highly placed people and companies in the country and at the same with the lowly placed people and smaller businesses.
In other words, our target market is the whole of the United States of America and subsequently other parts of the world. Below is a list of the people and organizations that we have specifically design our products and services for;
Our competitive advantage
A close study of the business consulting and advisory industry reveals that the market has become much more intensely competitive over the last decade. As a matter of fact, the supply of business consultancy and advisory services has significantly exceeded demand.
In other to position to take on the market, most consulting firms have begun to diversify their services as against restricting their services to just a niche in the industry
Denzel and McPherson Consulting, LLP might be a new entrant into the business consulting industry in the United States of America, but the management staffs and board members are considered gurus. They are people who are core professionals and licensed and highly qualified consultants in the United States. These are part of what will count as a competitive advantage for us.
Lastly, our employees will be well taken care of, and their welfare package will be among the best within our category (startups consulting firm) in the industry meaning that they will be more than willing to build the business with us and help deliver our set goals and achieve all our aims and objectives.
Denzel and McPherson Consulting, LLP is established with the aim of maximizing profits in the consulting industry and we are going to go all the way to ensure that we do all it takes to attract clients on a regular basis and sign retainer – ship with most of our clients.
Denzel and McPherson Consulting, LLP will generate income by offering the following consulting services for individuals and for organizations;
As long as there are people living in the United States of America and business starting and growing in the U.S., the services of consulting firms will always be needed.
We are well positioned to take on the available market in the U.S. and we are quite optimistic that we will meet our set target of generating enough income / profits from the first six month of operations and grow the business and our clientele base beyond New York City, New York to other states in the U.S. and even the global market.
We have been able to critically examine the business consulting market and we have analyzed our chances in the industry and we have been able to come up with the following sales forecast. The sales projection is based on information gathered on the field and some assumptions that are peculiar to startups in New York.
Below is the sales projection for Denzel and McPherson Consulting, LLP, it is based on the location of our business consulting firm and the wide range of consulting services that we will be offering;
N.B : This projection is done based on what is obtainable in the industry.
We mindful of the fact that there are stiffer competition amongst consulting firms in the United States of America, hence we have been able to hire some of the best business developer to handle our sales and marketing. Our sales and marketing team will be recruited base on their vast experience in the industry and they will be trained on a regular basis so as to be well equipped to meet their targets and the overall goal of the organization.
We will also ensure that our excellent job deliveries speak for us in the marketplace; we want to build a standard consulting business that will leverage on word of mouth advertisement from satisfied clients (both individuals and organizations).
Our goal is to grow our consulting firm to become one of the top 20 consulting firms in the United States of America which is why we have mapped out strategy that will help us take advantage of the available market and grow to become a major force to reckon with not only in the U.S but in the world stage as well.
Denzel and McPherson Consulting, LLP is set to make use of the following marketing and sales strategies to attract clients;
We have been able to work with our in house consultants and other brand and publicity specialist to help us map out publicity and advertising strategies that will help us walk our way into the heart of our target market. We are set to take the consulting industry by storm which is why we have made provisions for effective publicity and advertisement of our consulting firm.
Below are the platforms we intend to leverage on to promote and advertise our consulting business;
Hourly billing for consulting services is a long – time tradition in the industry. However, for some types of consultancy services, flat fees make more sense because they allow clients to better predict consultancy costs. As a result of this, Denzel and McPherson Consulting, LLP will charge our clients a flat fee for many basic services such as business advisory services and tax consulting et al.
At Denzel and McPherson Consulting, LLP we will keep our fees below the average market rate for all of our clients by keeping our overhead low and by collecting payment in advance. In addition, we will also offer special discounted rates to start – ups, nonprofits, cooperatives, and small social enterprises.
We are aware that there are some clients that would need regular access to consultancy and advisory services and assistance, we will offer flat rate for such services that will be tailored to take care of such clients’ needs.
Denzel and McPherson Consulting, LLP, our payment policy will be all inclusive because we are quite aware that different people prefer different payment options as it suits them. Here are the payment options that we will make available to our clients;
In view of the above, we have chosen banking platforms that will help us achieve our plans with little or no itches.
Starting a consulting firm can be cost effective; this is so because on the average, you are not expected to acquire expensive machines and equipment.
Basically what you should be concerned about is the amount needed to secure a standard office facility in a good and busy business district, the amount needed to furniture and equip the office, the amount needed to pay bills, promote the business and obtain the appropriate business license and certifications. Basically, this is the area we are looking towards spending our start – up capital on;
Going by the report from the research and feasibility studies, we will need about $150,000 to set up a small scale but standard consulting firm in the United States of America.
Generating Funding / Startup Capital for Denzel and McPherson Consulting, LLP
Denzel and McPherson Consulting, LLP is going to start as a private business that will be solely owned by Dr. Denzel Sander and family. He will be the sole financial of the firm, but may likely welcome partners later which is why he has decided to restrict the sourcing of his start – up capital to 3 major sources.
These are the areas we intend generating our start – up capital;
N.B: We have been able to generate about $50,000 (Personal savings $40,000 and soft loan from family members $10,000) and we are at the final stages of obtaining a loan facility of $100,000 from our bank. All the papers and document has been duly signed and submitted, the loan has been approved and any moment from now our account will be credited.
It is easier for businesses to survive when they have steady flow of business deals / customers patronizing their products and services. We are aware of this which is why we have decided to offer a wide range of consulting and advisory services to both big and small clients.
We know that if we continue to deliver excellent consulting and advisory services, there will be steady flow of income for the organization. Our key sustainability and expansion strategy is to ensure that we only hire competent employees, create a conducive working environment and employee benefits for our staff members.
In the nearest future, we will explore the options of either merging with other consulting firms or acquire one or more consulting firms in order for us to increase our market share. We know that if we implement our business strategies, we will grow our consulting and advisory business beyond New York City, New York to other states in the U.S in record time.
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In the world of entrepreneurship, a well-crafted business plan serves as a roadmap for success. It outlines the vision, goals, strategies, and financial projections of a business, providing a blueprint for growth and sustainability. However, creating a comprehensive business plan can be a daunting task, especially for first-time entrepreneurs or those lacking experience in business planning. This is where hiring a business plan consultant can be invaluable. In this article, we’ll explore the importance of hiring a business plan consultant, what to look for when selecting a consultant, and how to maximize the value of their services.
Learn more: Being a Business Plan Writer Provides Invaluable Experience, Paving the Way for a Variety of Opportunities
A business plan consultant is a professional who specializes in assisting entrepreneurs and businesses in developing, refining, and implementing business plans. Their role is to provide expertise, guidance, and support throughout the business planning process, helping clients articulate their vision, define their goals, and create a roadmap for success. Business plan consultants may offer a range of services, including:
There are several benefits to hiring a business plan consultant to assist with your business planning efforts:
When selecting a business plan consultant, it’s essential to consider the following factors:
To maximize the value of business plan consulting services, follow these tips:
Learn more: Plan the Launch & Growth of Your Business with Expert Business Plan Writers
Conclusion:
Hiring a business plan consultant can be a smart investment for entrepreneurs seeking to develop a comprehensive business plan that aligns with their vision, goals, and aspirations. By leveraging the expertise, experience, and resources of a consultant, entrepreneurs can navigate the business planning process more effectively, save time and resources, and increase their chances of success. By understanding the role of a business plan consultant, selecting the right consultant, and maximizing the value of their services, entrepreneurs can embark on their entrepreneurial journey with confidence and clarity.
Learn more: Top Rated Business Plan Writers & Consultants – Go Business Plans
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Are you looking to start a consulting business but aren’t sure what to specialize in?
If so, you’re in the right place.
In this post, you’ll learn:
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Quick insights:
The consulting world is vast , and it’s expanding rapidly .
These days, you find consultants in pretty much any field.
That said, their responsibilities vary widely, and some consulting businesses are more profitable than others.
So, let’s take a look at the best consulting business ideas – that way, you can choose the one that most fits your skills and goals.
As a management consultant, you provide expert advice to organizations and businesses to help them identify and solve various issues.
The most common areas include:
Management consulting is a BIG industry. In fact, it’s valued at around $1 trillion dollars globally.
In many cases, management consultants are expected to have at least a bachelor’s degree and several years of industry experience .
However, this depends on what types of clients you work with.
And if you want to get certified (which isn’t always necessary – but might be required by some clients), the internationally recognized Certified Management Consultant (CMC) certification might be a good option.
📚Read more here .
Strategy consultants work with senior management to improve a company’s strategic direction .
As a strategy consultant, you might offer guidance on things like:
So, what’s required for this consulting business idea?
Typically, strategy consultants should have an in-depth understanding of financial concepts and business dynamics .
You might need a degree in business administration, finance, or a related field. Again, this depends on who you choose to work with.
Learn much more about the job here .
As a marketing consultant, you work with businesses to assess and improve their marketing strategies.
You’ll focus on one or several types of marketing, such as:
Now, as a marketing consultant, you can help big companies with large marketing budgets or smaller businesses that can’t afford their own marketing teams (or both!).
👉For example, one of my first online businesses was working with small businesses to develop their digital advertising strategies. Because of that, I was able to build that business to six figures in just four months.
Here’s how:
But keep in mind that to become a marketing consultant, you need real-world experience with communication, marketing, and media.
Take the next steps here .
Financial consultants help their clients manage personal or organizational finances .
They work with individuals, businesses, or both on things like:
For example, my former student Paridhi helps her clients manage, invest, and grow their money.
Typically, financial consultants have experience with financial analysis and risk management, as well as a degree in economics, accounting, or finance .
Many also hold MBAs and certifications like Certified Financial Planner (CFP) or Chartered Financial Consultant (ChFC) .
But remember: Certifications often aren’t worth the price. I discuss why right here .
Human resources (HR) consultants oversee HR programs, identify workplace issues, and help teams optimize.
As an HR consultant, you could work on aspects of HR like:
For example, my former student Carol Parker Walsh offers services to corporations that want to improve their culture. While she isn’t an HR consultant, she helps with the same types of problems.
As a HR consultant, you should first and foremost have experience in what you’re coaching on. Some skills you might need include communication, problem-solving, and business planning .
Learn more in this post .
Cybersecurity consultants fulfill an extremely important role for their clients: Protecting networks and digital assets .
Their tasks typically include:
And demand for cybersecurity consultants has skyrocketed in recent years. The unemployment rate for the sector is 0%.
That said, this role requires a range of technical skills like programming, cryptography, and familiarity with IT infrastructures. Some cybersecurity consultants have bachelor’s or master’s degrees in cybersecurity. But those aren’t necessary if you have the experience and have participated in e cybersecurity bootcamps .
Discover more about cybersecurity consulting here .
Legal consulting is another role that’s always in demand.
Think about it: All sorts of individuals and companies need legal support, analysis, and guidance .
As a legal consultant, you fulfill similar duties to a lawyer, but exclusively outside of the courtroom.
You could specialize in almost any field :
For example, my friend Lisa Fraley is a legal coach who primarily works with online entrepreneurs, coaches, and business owners.
However, for this role, you need a law degree and experience in your field of specialization. Many legal consultants also need to pass the bar exam ( or should even if not required ) .
📚Read more in this guide .
Healthcare consultants typically work with healthcare-related organizations to optimize their processes and profitability while maintaining a high level of patient care.
Most healthcare consultants work for hospitals and other medical facilities.
The most common tasks for healthcare consultants include:
Of course, healthcare is another very stable industry , and employment in healthcare-related jobs is expected to keep growing. In fact, 1 in 4 jobs created in 2023 were in healthcare.
More good news?
You don’t need a certification or license to be a healthcare consultant. Even so, many consultants do have a degree in healthcare administration or something similar.
Ready to become a healthcare consultant? Check out this guide .
If you’ve got a knack for all things business, business consulting could be an ideal job for you.
Business consultants help business owners with all sorts of things, like:
In most cases, the business consulting process follows three stages:
You don’t need a degree – what matters is your experience.
When I started my private business coaching company , I was able to apply about 10 years of experience building successful businesses – everything from a tutoring business to a tech startup.
And today, I help people start and grow their own online businesses.
I discuss how you can do the same in this post .
Social media consultants help businesses grow their online presence through effective social media strategies .
Responsibilities may include:
And luckily, you don’t need a degree to be a social media consultant. Nonetheless, you’ll probably need experience with content creation, design, and copywriting (depending on what you specialize in).
Internet entrepreneur Ippei Kanehara describes the 11-step process to become a social media consultant in this post .
Making sure an event goes off without a hitch can be TOUGH, right?
That’s where event consultants come in and take charge.
But event consulting can be stressful . In fact, it’s often listed as one of the most stressful jobs .
That said, if you’ve got the right skills, it’s also highly fulfilling, lucrative, and scalable . Those skills include:
Furthermore, an event planning business is one of the best remote business ideas .
An SEO consultant is a digital marketing specialist whose focus is search engine optimization (SEO) .
Basically, SEO consultants help clients develop an SEO strategy that’ll improve their search rankings, increase organic traffic to their websites, and ultimately help them grow their business.
For example, the marketing agency I co-own, Zalstrom , offers SEO consulting services.
Typically, our work involves these phases:
In terms of qualifications for SEO consulting, no degree is necessary, b ut experience is key . While I personally don’t have experience in SEO, Zalstrom’s co-founder has years of experience.
Ideally, you can show case studies of businesses you’ve helped.
It’s also important that you can explain the value of the work you do .
To learn more about SEO consulting, check out this post .
Environmental consultants work with companies to find a balance between reducing negative environmental impacts and remaining profitable and efficient .
Environmental consultants use:
To become an environmental consultant, you’ll likely need a bachelor’s degree in a science-related field.
Furthermore, an advanced degree or certification can help you stand out from the competition.
Read on here .
As a PR consultant, you help clients communicate effectively with target audiences, stakeholders, and the media.
Your clients might be nonprofits, government agencies, businesses, or individuals.
And your tasks might include:
To be successful in this position, you should be an excellent communicator with experience in:
A formal education isn’t necessary for this role, but a bachelor’s degree in a relevant field and practical experience will give you an advantage over others.
Learn more about getting started as a PR consultant here .
Sales consultants are responsible for helping businesses or individuals increase sales .
As a sales consultant, you build trusting, transparent relationships with clients.
You also take on tasks like:
To become a sales consultant, you don’t need a specific degree. But you will need plenty of experience and a can-do attitude.
Those who thrive in this field are typically outgoing, ambitious, and goal-oriented — just like my student Sanae Floyd , who worked as a sales consultant before she successfully switched to sales coaching.
Listen to her incredible story in this video:
Interested in learning more about sales consulting? Head over here .
IT consultants help their clients with technology-related projects – anything from cybersecurity to software performance or data analytics.
A major plus for IT consultants is that almost every business uses technology — and they often need help with it.
So, if you’ve got technical expertise, attention to detail, and critical thinking skills , this could be a great money maker for you.
You don’t need a degree, but I recommend looking into these certifications:
Find more info about IT consulting on this page .
As a career consultant, you help others achieve their career goals .
You work with job seekers or professionals on things like:
Career consultants often target their services to a group of people or an industry.
For example, another student of mine, Anna Cosic , coaches women looking to land leadership positions.
If you’d like to pursue a similar path, check out this guide on how to become a career coach.
If you’re big on the link between efficiency and profitability , think about becoming an operations consultant.
Operations consultants analyze their clients’ business goals and propose strategies to maximize the value of their supply chains .
Specific tasks could include:
Clients generally look for consultants who have at least a bachelor’s degree in a field like business administration, management science, or information technology.
👉Want to stand out against the competition?
Consider taking the Certified Manager of Quality/Organizational Excellence exam.
Read more about operations consulting here .
Getting into college can be a real challenge, and SO many applicants are eager for help.
In fact, according to Forbes , about 50% to 70% of all students seek out professional help with college admissions.
That’s where college consultants come in. They work with students to:
If you’ve got a proven method and experience in the field, you don’t need a specific degree.
Nonetheless, I recommend targeting a particular group, as my student Mara Freilich did.
Mara’s a lawyer who quit her corporate job . Now, she coaches prospective law students on how to get into their dream schools.
Learn more about college consulting here .
To put it simply, a travel consultant helps people travel .
Tasks might include:
For this position, you need sales, communication, and planning skills . A degree in tourism or hospitality is a plus, but it’s not necessary. However, personal experience with travel is.
Learn more here .
As a real estate consultant, you offer advice to clients looking to purchase, sell, or invest in real estate.
You research markets, meet with experts, and assess the viability of potential real estate developments.
Some of the top skills needed for this job include:
Those are all skills my student Ryan Chaw brings to the company he founded, Newbie Real Estate Investing . As a real estate investment coach, Ryan has helped plenty of people become property owners.
If you’re interested in pursuing something similar, check out this post I made about real estate coaching .
Paid advertising consultants execute effective paid ad campaigns that take advantage of the latest advertising practices.
Typically, they analyze a client’s existing ad campaigns and engagement metrics. Then, they propose strategies to improve the campaigns or launch new ones.
Additional tasks might include:
Paid advertising was part of my first business I mentioned earlier, so I know a lot about starting out in this field. And I can tell you that experience is essential .
I personally had learned paid advertising at my 9-5. We worked with big clients like Volkswagen – I took that experience and applied it to small businesses.
Want to learn more about advertising consulting? Head to this post .
Risk management consultants help various organizations identify, assess, and mitigate potential threats .
You can specialize in a certain type of risk , such as:
And your clients might include small businesses, large companies, individuals, or even government agencies.
But keep in mind that clients usually prefer a consultant with a degree in risk management or something similar.
That said, a certification – like RIMS-Certified Risk Management Professional – might suffice for some consultants with extensive real-world experience .
Ready for the next steps? This guide will help.
Brand consultants work with individuals or businesses to develop or improve their brand .
Typically, tasks for brand consultants include:
Check out this video for some tips you can use for your brand or to help others with theirs:
There are no set requirements for this job, but you should have extensive knowledge of design, marketing, and data analysis .
Take my own designer, Laura. She helps small business owners stand out with their brands online.
For more, check out my guide to brand coaching here .
Fitness consultants use their expertise to help individuals improve their health and overall fitness.
Fitness consultants can specialize in an area like:
But their overall goal is usually the same: Helping clients establish positive, healthy life habits .
And although many fitness consultants work in person , online fitness coaching can be just as effective .
I look at all the reasons why in this post .
If you’re an expert at…
…consider becoming a productivity consultant.
In this role, you help clients make efficient use of their time and resources .
For example, my friends at Lifehack Method, Carey and Demir, help executives and entrepreneurs improve their productivity so that they can build truly meaningful and fulfilling lives:
Learn more about productivity consulting here .
As a style consultant, you use your fashion expertise to help clients develop their personal or professional image .
Style consultants often work with celebrities, influencers, and entrepreneurs.
Some of the day-to-day tasks might include:
A strong sense of style is certainly a requirement for this job. A degree in fashion design or merchandising is an added bonus.
Ready to launch your style consulting career? Read this post .
New parents tend to need LOTS of help, whether it’s with…
So, if you’ve got the experience of raising a child yourself , you’re already well on your way toward becoming a parenting consultant.
You could also gain experience by helping friends or family with their kids.
💡Interested in learning more?
Check out this post I made about parenting coaching.
What type of consulting is most profitable .
Now that we’ve discussed so many great consulting business ideas, you’re probably wondering how much consultants can make.
Here’s the thing: The most profitable consulting business is different for everyone .
You’ve got to find a profitable niche that works for you. So, focus on your skillset, and make sure there’s demand for your offer.
That said, I’ve found most profitable consulting niches include:
Consultants in these fields tend to make at least six figures .
Starting a consulting business can be daunting, especially if you’re still working a 9-5 at the same time. But don’t let that stop you!
If you focus on the steps that matter , you’ll be helping your first clients in no time.
Here’s the game plan:
For a full breakdown of each step, check out this guide I made.
There you have it!
Now you’ve got dozens of consulting business ideas to choose from. And once you’ve made up your mind, it’s time to grow your business.
However, building a business can be overwhelming…and lonely.
That’s why I put together a roadmap to help you start yours faster.
I cover everything you need to know in my FREE step-by-step guide.
How to Become a Successful Consultant
Coaching vs Consulting: Key Differences & Similarities
How to Turn Your Passion Into a Profitable Business
About Luisa Zhou
Luisa Zhou has helped thousands of students build and scale their own profitable online Freedom Business. Fun Fact: She used to work as an engineer for the Space Station and holds a B.S.E. from Princeton. Click here to learn more about Luisa.
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How to get consulting clients: 21 successful strategies, consulting fees: how much to charge (hourly and project), top 12 essential consulting skills you need to succeed.
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Published: Aug 22, 2024, 5:34pm
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1. outline your plan, 2. register your consulting business, 3. determine services and pricing, 4. build your website, 5. market your consulting business.
Those with a high degree of expertise in a particular field can leverage their knowledge to build a profitable consulting business. Whether you’re in between jobs or looking to make a change, learning how to start a consulting business is the first step to making great use of your skills. In return, you can create a lucrative business and can charge upwards of around INR 25,000 per hour–all for sharing your expertise with others. Here’s everything you need to know.
To get started, you’ll want to put together a strong business plan . While you don’t have to stick to every single thing, it’s a good idea to have guidance for your business.
The first choice to make is your business name. Since you’re starting an individual consulting business, your business name can be your personal name as a trade name or a business name. If you have a name that you want to use that feels more recognizable and eye-catching, make sure you factor the registration costs into your original budget.
If you need to design a logo, you can do that yourself or reach out to designers. The logo will help you start marketing to your target audience, whether that’s business owners or companies or individuals. If you want to consult in a certain industry, you should start building a list of contacts to reach out to when you’re ready to launch and take on new clients.
With all of this information ready to go, you can start on the administrative side of your business.
Before you start doing official business, you’ll need to register with the Ministry of Corporate Affairs as a sole proprietorship or as an LLC. You should also check to see if there are other legal requirements for small businesses in your state. If you are planning to grow the business, registering as an LLC will make it easier to track your business expenses for taxes. It can cost about INR 3,000 to INR 10,000 to register your business online, depending on the state.
If you’re starting a consulting business as a side hustle, it might be worth it to invest in a business to register your LLC for you.
Determining your rates also means determining what kind of services you want to offer. Consultants offer a variety of services. You can offer a wide range of support for a business, but do less of a deep dive. Alternatively, you can be hyper-specific in your expertise and go deep on a certain aspect of a company’s business. For example, if you’re an HR consultant, you can take a larger view of a company’s HR operations, or focus on their hiring practices for a specific department.
You should also consider if you want to take on short-term or long-term clients. Doing one-off consulting sessions is still a lot of work, even compared to long-term consulting. Your pricing strategy should reflect the amount of preparation you have to do. It also may depend on your industry to decide how you want to price your services: either a one-time payment, hourly rate or monthly retainer.
A consulting business needs a website so clients can find you easily. If a business is doing research into finding a consultant in your industry, you want your website to pop up for them. If you are familiar with SEO best practices , you can do this yourself, or hire someone to optimize your website.
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Building a website can seem intimidating, but many of the best website builders make it easy for beginners to create a site without any experience or coding knowledge. However, keep in mind that websites do require ongoing maintenance, so you might want to hire a virtual assistant or work some time into your calendar to do regular website maintenance and updating.
Marketing a new business can be difficult, but being diligent about finding new marketing channels and leveraging connections will make it a lot easier. Try these simple and low-cost solutions to start marketing.
Working on this yourself, in the beginning, will require a fair amount of time, but when your business grows, you might be able to hire a social media strategist or partner to work on finding business leads.
How can a consulting business get clients using fiverr.
Fiverr allows anyone to sign up and sell their services as a freelancer. A lot of companies looking for freelance writing, design or marketing work use Fiverr, so it would be a good place to do consulting for content strategy.
If you are comfortable with working with a smaller number of clients and are realistic about your time, you can easily run a consulting business on the side. It’s important to be open with your clients about your time constraints to build trust.
The consulting business you start is going to be based on your strengths and skills, but some of the potential fields where you might enjoy some of the most success include public relations, publishing, human resources (HR) marketing, computer programming, career consulting, advertising and accounting .
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Kelly is an SMB Editor specializing in starting and marketing new ventures. Before joining the team, she was a Content Producer at Fit Small Business where she served as an editor and strategist covering small business marketing content. She is a former Google Tech Entrepreneur and she holds an MSc in International Marketing from Edinburgh Napier University. Additionally, she manages a column at Inc. Magazine.
Rob is an SMB writer and editor based in New Jersey. Before joining Forbes Advisor, he was a content producer at Fit Small Business. In that role, he was responsible for writing, editing, and strategizing content geared toward small business owners. Before that, he worked at PCMag as a business analyst.
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Sudarshan Somanathan
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August 17, 2024
Large and small organizations face many problems in completing projects on time: work scattered across teams, delays and bottlenecks in executing tasks, messed-up communication, scope creep, and so much more.
It’s no wonder that project management consultants, trained professionals with a knack for planning and executing projects, are in high demand. They drive efficiency and help projects achieve their destined ends.
As you guessed it, this comes from experience and an extensive skill set.
If you want to start a project management consulting business, here’s an actionable guide to help you begin your consulting journey. Let’s get started.
How to become a project management consultant , step 1: embrace the entrepreneurship path, step 2: establish a legal structure and obtain insurance, step 3: secure necessary permits and licenses, step 4: plan your transition from employment to consulting, step 5: conduct market research and manage demand , step 6: develop an effective direct marketing strategy, step 7: use analytics for business strategy, step 8: set competitive but reasonable consulting rates, scaling your project management consulting business , pros and cons of becoming a project management consultant , should you start a consulting business .
Project management consulting is a professional service in which experienced consultants provide expertise and guidance to organizations on managing their projects effectively.
These consultants help organizations plan, execute, and complete projects on time, within scope, and budget.
Companies hire a project management consulting firm because they bring:
As a project management consultant, you help with issues related to leadership training, operational efficiency, employee performance, and more.
Here’s what a day in the life of a project management consultant looks like :
Initiate projects and plan them: Define the project scope, goals, and deliverables; create detailed project plans; assemble project teams; and secure necessary resources
Talk to clients: Manage client-facing projects and set realistic expectations with clients about timelines, budget, and quality
Communicate with the internal team: Interact with the team members, assign tasks, provide guidance, and monitor team performance
Quality assurance: Implement quality control measures, conduct reviews and audits, and ensure project deliverables meet client requirements
Identify and deal with problems: Quickly identify and resolve issues like resource constraints, schedule delays, budget overruns, team conflicts, etc., while considering the impact on project timelines and budgets
The career opportunities in the project management industry are endless.
However, there’s a low barrier to entry when setting yourself up as an independent project management consultant. Here’s how you can start your journey to becoming one.
Project management consultants should have a bachelor’s degree in a relevant field, such as business management, project management, or business administration, and a valid consulting certification .
In the U.S., the Project Management Professional (PMP)® from the Project Management Institute (PMI) is the most popular and recognized certification.
Project management consultants are required to be experts in multiple areas of learning.
For instance, understanding Agile and Lean software development methods gives you a strong foundation for numerous project management methods, such as Kanban, Scrum, and XP.
Depending on your niche, you may also want to upskill in using project management tools and consultancy software like ClickUp , as well as in areas like product development, portfolio management, financing, and more.
Before becoming an independent consultant or starting a business, you must have relevant on-field experience leading a project.
You can take up a job as a project manager that helps you gain this experience or volunteer as a project manager for non-profit or charitable organizations.
To manage complex projects, you must cultivate innate skills that don’t simply come from certifications. Some of these are:
Becoming a fully established management consultant takes almost five to ten years from the start of one’s career. A bachelor’s degree is required; advanced degrees like an MBA are a plus.
Gaining relevant work experience in project management, business analysis, or a related field can do wonders for your career. This can take anywhere from three to five years.
Certifications like Project Management Professional (PMP) or Certified Management Consultant (CMC) also enhance your career prospects.
Whether you’re transitioning from a full-time project management role or starting as an independent consultant, the competition can be fierce.
People who enter the profession begin at the entry level and work their way up.
However, even entry-level roles require exceptional consulting skills . Here’s a step-by-step procedure for starting as a project management consultant.
Starting a project management consulting business requires a strong entrepreneurial mindset.
Evaluate your skills, experience, and passion for project management and create a plan that outlines your business model, target market, services offered, and financial projections.
From now on, you’ll need the proper legal structure for your business to protect personal assets and optimize tax benefits.
Consider forming a Limited Liability Company (LLC) or an S corporation . Both offer liability protection but diverge in tax treatment and administrative requirements. Always consult a legal advisor to find the best option for your business.
Professional liability insurance is a no-brainer for protecting your business from potential lawsuits and claims. It will cover your legal fees and damages if a client sues you for errors, negligence, or any other reason.
To establish a project management consulting business in the U.S., you must obtain a general business license from your city or county. Check with your state’s licensing board to see if a professional license is required.
Verify zoning laws for your business location and apply for an Employer Identification Number (EIN) with the IRS for tax purposes.
Register for any state and local taxes, like sales tax permits, if applicable. Depending on your operations, you might also need health and safety permits or a sign permit for advertising.
Seasoned self-employed consultants will tell you that building a steady income from a new business takes time.
Do the necessary financial prep ; save enough to cover your living expenses for at least six months to a year. Start building relationships with potential clients while still employed.
You could also secure an initial consulting contract or freelance work for a better transition; this will depend on whether your employment contract allows you to do this.
You’ll also need to sharpen your marketing, sales, and business management skills to run your own consulting business.
Success in consulting comes from understanding market demand and finding a way to serve it. Knowing where there is a market gap helps you pick a niche.
Conduct thorough research to understand your target market’s needs, challenges, and pain points. Then, determine which gaps your services can fill.
In other words, being skilled at demand management and market research is an excellent skill for a project manager and a business owner.
You’ll need a marketing strategy to attract and retain clients. It starts with creating a brand identity that conveys your expertise and value proposition.
A professional logo, business cards, and marketing materials should create a great first impression, while a search-optimized website can boost your online presence. You should also experiment with social media platforms to promote your services and meet clients.
You will also want to invest in direct marketing. Outreach email campaigns, networking events, and community projects will help spread your word and reach your target audience directly.
Making rational, informed business decisions is nearly impossible without the data to back them up. That is why you must leverage data analytics.
Track key performance indicators (KPIs) like client acquisition cost, project completion rate, and client satisfaction, and use the gathered data to paint a picture of your business performance. It will also highlight your weak areas where you need to work harder.
Financial analysis is also critical in this process—monitor your cash flow, profitability, and ROI to manage your finances effectively and make better investments.
To determine your consulting rates, you must balance having a sustainable income and not pricing yourself out of the market.
Here are some of the pricing strategies you can choose from.
Hourly-based pricing: The simplest pricing method, hourly-based pricing, is helpful when starting or when project timelines are uncertain, avoiding potential underestimation of costs. Clients are familiar with this model, commonly used by professionals like lawyers and accountants
Retainer agreements: Involving a fixed monthly fee, this pricing model offers predictable income but requires clear service boundaries to prevent client overreliance
Value-based pricing: By discussing potential benefits and outcomes with the client, you determine a fee aligned with their expected value. This approach often clarifies client goals and justifies higher rates
The ideal pricing strategy often depends on various factors.
For instance, hourly rates might be suitable for initial projects, while retainer agreements can foster long-term client relationships. Value-based pricing can effectively align fees with the expected impact when working on large-scale initiatives.
If you’ve just started as a project management consultant, congratulations! Now, prepare for your next challenge, i.e., scaling your consulting business .
Let’s explore strategies to take your firm to the next level.
As a project management consulting business, you can work with startups or enterprise clients.
You can also diversify your client base at different stages to mitigate risks, provide a steady stream of revenue, and allow you to leverage your expertise across various industries and project types.
Each type of client brings unique opportunities and challenges. Here’s a breakdown of working with startup clients vs. enterprise clients.
Startups, being in the early stages of development, require project management consulting to establish processes, develop business plans, and implement efficient workflows.
The nature of work with startups may include:
Opportunity to shape the company’s project management processes from the ground up | Limited resources and budget constraints |
Opportunity to shape the company’s project management processes from the ground up | Lack of established processes and procedures |
Ability to work closely with founders and key decision-makers | Higher risk of failure or pivots in the early stages |
Flexible and adaptable work environment | Potentially longer sales cycles to prove value |
Enterprises
Enterprises are established organizations with complex structures and processes. They seek project management consulting to optimize existing processes, manage large-scale projects, or implement new systems.
Your business as a consultant for enterprises may likely be involved in:
Established processes and procedures in place | Longer sales cycles and more bureaucratic decision-making processes |
Larger budgets and resources to invest in project management | Potential for resistance to change and adoption of new processes |
Potential for long-term, recurring engagements | Navigating multiple stakeholders and competing priorities |
Opportunity to work on complex, high-impact projects | Larger projects with higher risks and consequences of failure |
Mentorship provides the support you need to build valuable connections and manage your clients better.
Mentors boost project success and build the team’s project management skills. Working closely with project management consultants ensures projects adhere to standards and smoothly adopt new processes.
This hands-on approach accelerates learning and fosters a strong project management culture.
Mentors also serve as a listening ear for mentees to discuss their concerns, assist them in working through issues, and offer an impartial perspective.
Effective networking goes beyond collecting business cards. You can build meaningful connections by attending industry events with a clear purpose.
Prepare thoughtful questions to initiate conversations, such as “What brought you here?” or “Who inspired you today?”
To expand your reach, identify businesses that complement your services. By collaborating with these partners , you can offer clients a broader range of solutions.
Remember, successful partnerships are built on mutual benefits, not just self-interest. Focus on shared goals to foster lasting relationships.
When the workload becomes overwhelming, consider building a team. Hire individuals who align with your vision and possess complementary skills.
Recruit based on specific roles and utilize professional networks, job boards, and recruitment agencies. Provide your team with thorough training and ongoing development opportunities. Also, foster a collaborative work environment that reflects your business values.
Project management consulting can be complicated. You must constantly juggle multiple things—access different project files, communicate with your team and clients, monitor progress, update reports, make decisions, and more.
Being on top of all this is impossible without the right tools.
Any project you undertake will inevitably generate endless Excel spreadsheets, cluttered email chains, and siloed to-do lists.
Project management software removes all these hassles, saving project teams an average of 11.4% of their monetary resources .
Project management software keeps your projects, tasks, and schedules organized. It helps you bring structure to complex projects. While each platform has unique features, they aim to give you a clear view of project progress, tracking tasks, procuring reports, and tools for managing time and resources.
Moreover, much of this software is enriched with AI for better consulting features and automation capabilities.
ClickUp is an all-in-one knowledge and work management platform connecting teams and clients with workflows, documents, and real-time dashboards.
Project managers constantly work with cross-functional projects. To manage these easily, ClickUp brings efficiency with automation, reporting, and standardized project management practices.
ClickUp also brings the revolutionary A.I. assistant ClickUp Brain , which can automatically generate subtasks based on task descriptions, summarize comment threads, write updates, and accelerate project plans and execution.
Project management professionals also often handle complicated projects that are difficult to manage without breaking them down easily.
ClickUp Tasks is perfect for breaking down complex work into simple tasks. ClickUp enables customized task management for every need and at every level.
ClickUp Docs makes it easy to outline business cases, define project scope, and document requirements for consultants. ClickUp Whiteboards lets you map process flows and make your ideas actionable with a real-time visual canvas.
ClickUp also comes with several purpose-built templates that condense hours of work into one simplified interface.
ClickUp’s Consulting Project Plan Template helps you organize, track, and predict your business growth. It includes Gantt charts to set deadlines and calculate estimates.
Using this template, you can:
ClickUp’s Consulting Report Template helps you make data-driven decisions with easy reporting and analytics. It gathers data from across teams and projects and visualizes insights in an organized and easy-to-read format.
It’s great for professionals starting with a project management consultancy business to help generate a comprehensive and professional report for your clients.
The template enhances your experience by incorporating automation, AI, collaborative editing, screen recording, and more.
ClickUp’s Consulting Services Template integrates internal communication and partner coordination. It has nine different views, 16 statuses, and 14 custom fields.
It also includes workflows for presale scoping and post-sale engagements, provides a template to automate a large project, and can host a portfolio of client projects.
This template comes with a Kanban Board, a Mind Map, a List, a Doc, a Workload, and a Box view, making it instantly usable the way you prefer.
The custom fields accelerate your workflow with relevant, built-in choices for generic and niche project management tasks. Use them to increase project visibility, foster collaboration, and make project information accessible to all stakeholders.
Owning a project management consultancy involves several advantages and disadvantages that can significantly impact the business’s success. Here’s a detailed exploration of the pros and cons.
You’ll need a strong foundation of experience and knowledge to build a successful consulting business. However, having the right mindset is equally important.
Consulting isn’t like a traditional job. It requires a specific mentality that not everyone possesses. But if you’re passionate and have the right mindset, it could be your perfect career path.
ClickUp’s suite of project management features makes for the perfect set of tools for any project management consultant.
Using ClickUp, you’ll not just save time but also:
If you’re looking to start a profitable project management consulting business, ClickUp could be your single most profitable investment. It will become all the more valuable as you scale and your clientele grows.
Don’t take our word for it. Signup for a free ClickUp account , experiment with its features, and see the difference it makes for yourself.
How much should i charge for project management consulting.
Consulting fees can vary widely, depending on your experience and qualifications. You could start with an hourly rate, and once you have predictability, move to a retainer or value-based pricing.
To be a management consultant, you need a relevant bachelor’s degree in business management or project management and certifications like PMP® from the Project Management Institute (PMI).
Experience in leading projects and strong technical, analytical, and leadership skills are also essential.
The time it takes to become a management consultant varies, but typically, it involves completing a bachelor’s degree (4 years), gaining relevant work experience (3 to 5 years), and obtaining certifications. It may take around 7-10 years to become fully established in the field.
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Alliant Insurance Services Inc. acquired Connecticut retirement plan advisor and third-party administrator FJC & Associates, expanding its retirement consulting division, Planadvisor reports. Founded in 2003, FJC offers retirement planning, testing, 5500 preparation, vesting tracking, profit-sharing advice, and IRS guidance. The deal provides FJC added scale and resources while allowing Alliant to augment its Northeast capabilities.
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Picking a niche and defining your ideal client is the foundation on which you'll build your business — and get clients. You shouldn't move on with your consulting business plan until you've defined your ideal client. Once you've done that, you can move on to the next part: Magnetic Messaging. 3. Magnetic Messaging.
Step 4: Integrate your ideal schedule into the one-page consulting business plan. With step number 3, you've mapped out what you want to include in your business plan in terms of client type and nature of consulting work. In step number 4, we will build your ideal schedule into the business plan for the next 12 months.
The Services section of your consulting business plan is where you will list the specific services you provide to clients, how you deliver them, and the value that you bring to your clients. Before you start writing this section, ask yourself the following questions to help define and refine your consulting services.
However, in general, you can expect to spend between $10,000 and $50,000 to start a consulting business. Here is a breakdown of some of the typical start-up costs for a consulting business: Business formation: $100 to $1,000. Website and domain name: $100 to $2,500. Marketing and advertising: $500 to $5,000.
Step-by-step guide on writing a lean business plan with templates. Step 3. Set your rates and service packages. Following the actual industry norms to appoint your consulting fees. However, the price that you use should mirror both your expenses as well as the premium value that your expertise brings to your clients.
Starting a consulting business can be an exciting endeavor. Having a clear roadmap of the steps to start a business will help you stay focused on your goals and get started faster.. 1. Develop A Consulting Business Plan - The first step in starting a business is to create a detailed consulting business plan that outlines all aspects of the venture. This should include potential market size and ...
Hiring plan. Mention the number of project managers, analysts, BD, administrative, and support workers needed for your business. Briefly describe the qualifications, skill sets, and experience for these roles and lay your hiring plan to hire employees. Refer to this example of a hiring plan for a consultancy by Upmetrics.
Consultant Business Plan Template. Prepared for: [Client.FirstName] [Client.LastName] . A consulting business plan is a document illustrating how you plan to start or grow your consulting agency. The key components include an overview of the business, team, industry, competitors, target customers, and a plan for the operations and marketing.
The Company. Business Solutions Consulting is a team of six business consultants. Each consultant specializes in a particular discipline, including finance, sales and marketing, technology, management, operations, and human resources. BSC offers a list of services for business owners to choose from, depending on their particular business needs.
Talk to your peers, friends, previous business associates and potential customers. Show them your plan and listen to their feedback. 5. Keep it simple. Don't write dozens of pages. You'll bore the investors and your plan will end up on a pile where nobody will ever look at it again - including you.
2. Register Your Consulting Business. Before you start doing official business, you'll need to register with your state's Secretary of State as a sole proprietorship or as an LLC. You should ...
Defining your mission and vision will help guide your decision-making and set the tone for your business plan. Use a Doc in ClickUp to outline your mission and vision statements and ensure they align with your consulting firm's goals. 2. Identify your target market. To develop an effective business plan, you need to identify your target market.
The objectives for Growth Management and Strategies are: Gain access to an SBA loan upon start up. Grow the company from 2 employees in Year 1, to over 10 by Year 5. Increase revenue to over $3 million by Year 3. Increase client base by 450% in three years. Maintain job costing that keeps margins above 70%.
Consultants need business plans too! Check out these sample business plans for consultants and consulting related businesses. They'll help you format your plan, get the details right, and give your business the best possible chance for success. Explore our library of Consulting Business Plan Templates and find inspiration for your own business.
Start with a one-line description of your consulting firm. Provide a short summary of the key points of each section of your business plan. Organize your thoughts in a logical sequence that is easy for the reader to follow. Include information about your company's management team, industry analysis, competitive analysis, and financial forecast.
The following consulting business plan template gives you the key elements to include in a winning business plan. A consultant business plan template can be used to create a business plan for any type of consulting business including but not limited to: business consulting, management consulting, IT consulting, and Human Resources consulting.
Our business plan writers can handle all aspects of your business plan, from research and writing to business model consulting and operations planning. Let us help put your best foot forward with a comprehensive, well-researched, and expertly written business plan. Watch Video.
The keys to building a solid value proposition are to give decision makers solace that they made the right decision, he says, which can be done in three ways: 1. Offer a service guarantee, 2 ...
A business plan is a written document defining how a start-up or another business will be created or how it will operate. Entrepreneurs and small-business owners usually develop a business plan to create a roadmap pertaining to the financial, operational, and marketing elements of their operations. These components are important to business ...
Business plan writers trusted by top business schools across the U.S. Since 1988, Palo Alto Software—the creator of LivePlan—has helped over a million entrepreneurs achieve success. Our business plan structure is even taught at top universities, such as Princeton and Rice.
Additional Expenditure (Business cards, Signage, Adverts and Promotions et al) - $2,500. Miscellaneous - $1,000. Going by the report from the research and feasibility studies, we will need about $150,000 to set up a small scale but standard consulting firm in the United States of America.
A business plan consultant is a professional who specializes in assisting entrepreneurs and businesses in developing, refining, and implementing business plans. Their role is to provide expertise, guidance, and support throughout the business planning process, helping clients articulate their vision, define their goals, and create a roadmap for ...
This service helps businesses save time and ensures business plans are written in the best possible quality. Business plan consultants may utilize corporate performance management (CPM) software to aid in the business planning process. To qualify for inclusion in the Business Plan Consulting Services category, a service provider must:
Quick insights: Consultants are in high demand, and the consulting industry is growing ; To succeed as a consultant, choose a profitable niche that suits your existing skills; If you don't have a degree, that's OK — in many cases, experience and/or a certification is more than enough Top 28 profitable consulting business ideas you can start
Kelly is an SMB Editor specializing in starting and marketing new ventures. Before joining the team, she was a Content Producer at Fit Small Business where she served as an editor and strategist ...
Starting a project management consulting business requires a strong entrepreneurial mindset. Evaluate your skills, experience, and passion for project management and create a plan that outlines your business model, target market, services offered, and financial projections. Step 2: Establish a legal structure and obtain insurance
The consultant may specialize in one or more business areas, such as marketing, finance, or human resources. As a freelance consultant, you can work with multiple entrepreneurs at any given time, allowing you to maximize your income. In fact, the median hourly rate for business consultants ranges between $28 and $98, depending on your skill ...
CONCORD — Leadership New Hampshire, a statewide program whose mission is "building a community of informed and engaged leaders," announces its Class of 2025.
Customer notifications regarding the Secretary of State online services. Skip to Main Content; Skip to Footer; California Secretary of State ... beginning Friday, August 23, 2024, at 5:00 PM until Saturday, August 24, 2024, at 3:00 PM. Online functions including Business Entities and Uniform Commercial Code filings, orders, search, and access ...
Alliant Insurance Services Inc. acquired Connecticut retirement plan advisor and third-party administrator FJC & Associates, expanding its retirement consulting division, Planadvisor reports.