How to start consulting service business

How to start consulting service businessHow to start consulting service business

If you want to draw your expertise and creativity, you can start consulting service business. It is a best way to become self-employed and earn handsome income. In US, Consulting business has crossed $ 100 bn per year.

How to start consulting service business

1) Establish your foot print/Brand image:

Before you start your consulting service business, you should be able to establish your foot print and brand image. For e.g. if you have expertise in taxation, you can start tax consulting service business. Your experience would show the way to start this business.

2) Partner with other firms before you begin your own consulting business

Even though you may have experience in a specific skill, if you partner with other firms, you would gain the expertise and brand image from them. You can add your colleagues experience and enhance your knowledge. While partnering with other firms, networking with people would help you in future to grow your consulting business.

3) Provide unique service or differentiate your services:

 If you are going to provide consulting service like any other consultant, you may not be successful. You should provide unique and differentiated consulting service for people to come to your business.

Questions you should ask yourself before starting a consulting business

  • Do you have required expertise to start such consulting business?
  • Do you mind working for longer hours? Consulting business would be successful if you go for longer hours so that you can deliver things on time.
  • Do you know basic accounting to bill on clients and collect the payments from them?
  • Do you mind owning marketing of your consulting business?

If any of the above answer is “Yes”, then you should re-think about starting your consulting business.

How do people fail in consulting business?

  • It involves lot of marketing effort. If you do not like this, there are higher chances that you would fail in this business.
  • Not meeting deliverables on time could be another aspect for failure of consulting business.

Simple steps which helps you to be successful in consulting business

  • List all current problems of clients and try to address them on time
  • Plan ahead of time, for any deliverables which are scheduled for next week.
  • Plan this week about all the marketing calls you need to make for next week.
  • Plan for all follow-up calls which needs to be done next week
  • Plan for follow-ups of collections which are due next week

What are the consulting businesses that can be started?

There are several consulting businesses that can be started by you. It includes Part-time accountant, Auditing, Career counseling, Training, Recruitment consultant, Insurance advisor, Investment/Financial advisor, Payroll management, Tax consultant, writing services etc.

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