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A Sample IT Consulting Firm Business Plan Template

Are you about starting an IT consulting business? If YES, here’s a complete sample IT consulting business plan template & feasibility report you can use for FREE to raise money.

Okay, so we have considered all the requirements for starting an IT consulting business. We also took it further by analyzing and drafting a sample IT consulting firm marketing plan template backed up by actionable guerrilla marketing ideas for IT consulting firms. So let’s proceed to the business planning section.

If you thinking starting an IT consulting business plan is uppermost on your mind, then you have got to be ready to take the necessary steps required in building a great business. There are various things that is required to be done; chief amongst them is the writing of business plan. Business plans are meant to help you chart a good course about your business.

If you do know how to write a business plan, then that is fine. However, if you do not, then you may want to consider using an existing template to tweak yours. But just before you delve into that, you will need to know the areas of technicality involved in your business so that you are able to fit in the right and appropriate information.

Here is a sample business plan below;

A Sample IT Consulting Firm Business Plan Template

  •  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 and expertise 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 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.

The IT Consulting industry comprises of businesses that offers IT related consulting services such as writing, testing and supporting custom software; planning and designing integrated hardware, software and communication infrastructure; and on-site management of computer systems and data processing facilities. Players in this industry may also go the extra mile to offer services such as packaging software and off-site data processing and hosting services.

The IT Consulting industry is a thriving sector of the economy of the United States of America and they generates a whooping sum of well over $383 billion annually from more than 459,808registered and licensed IT consulting firms scattered all around the United States of America.

The industry is responsible for the employment of well over 2,143,418 people. Experts project the IT consulting industry to grow at a 2.2 percent annual rate. It is important to state that IBM is the market leader in the IT consulting industry in the United States of America – that have the largest market share own by an establishment in the industry.

In the United States of America, the distribution of IT consulting firms generally reflects its population distribution with increased consulting density near technological centers and key demand markets, including financial service companies, large corporations and government clients. Most IT consulting companies are located in the Southeast, closely followed by the Mid-Atlantic and the West.

The Southeast contains the largest number of IT consulting firms, with 23.7 percent of industry establishments. Many IT consulting firms are in this region because 25.6 percent of the US population resides in this region. The State of Virginia accounts for the largest proportion of industry establishments in this region with 6.5 percent in 2015.

The IT consulting industry is a high-paying industry especially if you have been able to cut your teeth in the industry. It gives you the opportunity to work with high and low profile clients and if you are able to proffer IT 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, IT consultants are skilled at conducting research and of course analyzing the results they got from the research. IT 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 bottle – necks, the market trends and of course customers preference.

With that and other factors, they will be able to create standard operating processes and systems that can help the organization achieve its goals and objectives.

As an IT 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 an IT 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 IT consulting services and it another thing for you to deliver solutions as agreed.

Lastly, one good thing about the IT consulting industry is that there is readily available market 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.

IT Consulting Firm Business Plan – Executive Summary

Tech Solutions® Consulting, LLP is a standard and world – class IT consulting firm that will be located in New York City, New York. We have been able to secure a standard office facility in a busy business district in New York City.

Our services will cover areas such as; providing information technology expertise for consumers, writing, modifying, testing and supporting software to meet the specific needs of our client, Planning, design and integration of computer or network systems, on-site management and IT functions, computer systems design, development, and integration, computer application design and development, IT technical support services, IT infrastructure and network design services, IT technical consulting services and other related IT consulting and advisory services.

We are aware that businesses these days require diverse and sophisticated approaches. This is why we will position our IT consulting firm to offer a wide range of IT consulting services as requested by our clients.

Tech Solutions® Consulting, LLP is a client-focused and result driven IT 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 IT 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 Tech Solutions® Consulting, LLP our client’s best interest will always come first, and everything we do will be guided by our values and professional ethics. 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.

Tech Solutions® 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.

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.

Tech Solutions® Consulting, LLP is founded by Dr. Rendell Downey and his son Clement Downey. 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 IT consulting, and his IT consulting practice is concentrated in the areas of helping both big corporations and start – ups position their business for growth, sustainability and expansion by leveraging on workable IT solutions.

  • Our Product and Services

Tech Solutions® Consulting, LLP is going to offer varieties of services within the scope of the IT consulting industry in the United States of America. Our intention of starting our IT consulting firm is to make profits from the industry and we will do all that is permitted by the law in the United States of America to achieve our aim and ambition.

Our business offering are listed below;

  • Providing information technology expertise for consumers
  • Writing, modifying, testing and supporting software to meet the specific needs of one client
  • Planning, design and integration of computer or network systems
  • On-site management and IT functions
  • Computer systems design, development, and integration
  • Computer application design and development
  • IT technical support services
  • IT infrastructure and network design services
  • IT technical consulting services
  • Other related IT consulting and advisory services

Our Vision Statement

Our vision is to provide our clients with skilled IT consulting solutions in a timely and efficient manner.   We strive to handle each client with accountability and responsiveness, as if we were building our own business. We focus our attention on the providing workable IT business solutions for our clients so that our clients can focus their attention on the success of their business. Our vision reflects our values: integrity, service, excellence and teamwork.

  • Our Mission Statement

Our mission is to provide professional and trusted IT consulting services that assist businesses and non-profit organizations in operating sustainably. We provide workable IT business solutions in combination with our own business backgrounds, and deliver valuable services in a timely and cost-effective way.

  • Our Business Structure

Tech Solutions® Consulting, LLP, is an IT consulting firm that intend starting small in New York City, but hope to grow big in order to compete favorably with leading IT consulting firms in the industry both in the United States and on a global stage.

We are aware of the importance of building a solid business structure that can support the picture of the kind of world class business we want to own. This is why we are committed to only hire the best hands within our area of operations.

At Tech Solutions® Consulting, LLP, we will ensure that we hire people that are qualified, hardworking, creative, result driven, customer centric and are ready to work to help us build a prosperous business that will benefit all the stake holders (the owners, workforce, and customers).

As a matter of fact, profit-sharing arrangement will be made available to all our senior management staff and it will be based on their performance for a period of five years or more as agreed by the board of trustees of the company. In view of the above, we have decided to hire qualified and competent hands to occupy the following positions;

  • Chief Executive Officer / Lead Consultant
  • IT Consultants
  • Legal Secretary
  • Admin and HR Manager
  • Business Analyst
  • Business Developer
  • Accountant
  • Front Desk Officer

Roles and Responsibilities

Chief Executive Office / Lead Consultant:

  • Increases management’s effectiveness by recruiting, selecting, orienting, training, coaching, counseling, and disciplining managers; communicating values, strategies, and objectives; assigning accountabilities; planning, monitoring, and appraising job results; developing incentives; developing a climate for offering information and opinions; providing educational opportunities.
  • Responsible for providing direction for the business
  • Creates, communicates, and implements the organization’s vision, mission, and overall direction – i.e. leading the development and implementation of the overall organization’s strategy.
  • Responsible for signing checks and documents on behalf of the company
  • Evaluates the success of the organization

Human Resources and Admin Manager

  • Responsible for overseeing the smooth running of HR and administrative tasks for the organization
  • Updates job knowledge by participating in educational opportunities; reading professional publications; maintaining personal networks; participating in professional organizations.
  • Enhances department and organization reputation by accepting ownership for accomplishing new and different requests; exploring opportunities to add value to job accomplishments.
  • Defines job positions for recruitment and managing interviewing process
  • Carries out staff induction for new team members
  • Responsible for training, evaluation and assessment of employees
  • Oversees the smooth running of the daily office.

Legal Secretary

  • Responsible for drawing up contracts and other legal documents for the company
  • Welcomes guests and clients by greeting them in person or on the telephone; answering or directing inquiries.
  • Produces information by transcribing, formatting, inputting, editing, retrieving, copying, and transmitting text, data, and graphics; coordinating case preparation.
  • Provides historical reference by developing and utilizing filing and retrieval systems; recording meeting discussions; maintaining transcripts; documenting and maintaining evidence.
  • Maintains office supplies by checking stocks; placing and expediting orders; evaluating new products.
  • Ensures operation of equipment by completing preventive maintenance requirements; calling for repairs.
  • Updates job knowledge by participating in educational opportunities; reading professional publications; maintaining personal networks; participating in professional organizations.
  • Enhances department and organization reputation by accepting ownership for accomplishing new and different requests; exploring opportunities to add value to job accomplishments.

IT Consultant

  • Responsible for providing information technology expertise for consumers
  • Responsible for writing, modifying, testing and supporting software to meet the specific needs of one client
  • Responsible for planning, design and integration of computer or network systems
  • Handles On-site management and IT functions
  • Responsible for computer systems design, development, and integration
  • Handles computer application design and development
  • Handles all IT technical support services
  • Handles all IT infrastructure and network design services
  • Handles IT technical consulting services
  • Handles other related IT consulting and advisory services

Business Analyst

  • Writes winning proposal documents, negotiate fees and rates in line with company policy
  • Responsible for handling business research, marker surveys and feasibility studies for clients
  • Works with the Business consultant in helping clients develop workable business plan documents
  • Handles any other duty as assigned by the Chief Executive Officer or Human Resource Manager

Business Developer

  • Manages external research and coordinate all the internal sources of information to retain the organizations’ best customers and attract new ones
  • Models demographic information and analyze the volumes of transactional data generated by customer
  • Identifies development opportunities; follows up on development leads and contacts; participates in the structuring and financing of projects; assures the completion of development projects.
  • Writes winning proposal documents, negotiate fees and rates in line with organizations’ policy
  • Responsible for handling business research, market surveys and feasibility studies for clients
  • Responsible for supervising implementation, advocate for the customer’s needs, and communicate with clients
  • Develop, execute and evaluate new plans for expanding increase sales
  • Create new markets cum businesses for the organization
  • Empower and motivates the sales team to meet and surpass agreed targets

Accountant

  • Responsible for preparing financial reports, budgets, and financial statements for the organization
  • Provides managements with financial analyses, development budgets, and accounting reports; analyzes financial feasibility for the most complex proposed projects; conducts market research to forecast trends and business conditions.
  • Responsible for financial forecasting and risks analysis.
  • Performs cash management, general ledger accounting, and financial reporting for one or more properties.
  • Responsible for developing and managing financial systems and policies
  • Responsible for administering payrolls
  • Ensuring compliance with taxation legislation
  • Handles all financial transactions for Tech Solutions® Consulting, LLP
  • Serves as internal auditor for Tech Solutions® Consulting, LLP.

Client Service Executive

  • Ensures that all contacts with clients (e-mail, walk-In centre, SMS or phone) provides the client with a personalized customer service experience of the highest level
  • Through interaction with clients on the phone, uses every opportunity to build client’s interest in the company’s products and services
  • Manages administrative duties assigned by the manager in an effective and timely manner
  • Consistently stays abreast of any new information on the company’s products, promotional campaigns etc. to ensure accurate and helpful information is supplied to clients when they make enquiries

Front Desk Officer

  • Receives Visitors / clients on behalf of the organization
  • Receives parcels / documents for the company
  • Handles enquiries via e-mail and phone calls for the organization
  • Distribute mails in the organization
  • Handles any other duties as assigned my the line manager

IT Consulting Firm Business Plan – SWOT Analysis

Tech Solutions® 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 IT consulting firm that can favorably compete in the highly competitive IT consulting industry.

Part of what the team of business consultant did was to work with the management our firm in conducting a SWOT analysis for Tech Solutions® Consulting, LLP. Here is a summary from the result of the SWOT analysis that was conducted on behalf of Tech Solutions® Consulting, LLP;

  • Strength:

Our core strength lies in the power of our team; our workforce. We have a team of creative, result driven and highly proficient IT expert, a team with excellent qualifications and experience various niche areas in the IT Consulting industry and other related industry. Aside from the synergy that exists in our carefully selected IT experts, our services will be measurable, result driven and guided by best practices in the industry.

  • Weakness:

As a new IT consulting firm in New York City – New York, it might take some time for our organization to break into the market and gain acceptance especially from top profile clients in the already saturated and highly competitive IT Consulting industry; that is perhaps our major weakness.

Another weakness is that we may not have the required cash to pump into promoting our business especially via main stream media (TV, Radio and Newspapers et al) the way we would want to.

  • Opportunities:

No doubt, the opportunities available in the IT consulting industry is massive considering the number of corporate organizations and non – profits organizations who cannot successfully run their businesses without the professional assistance of IT firms. As a standard and world class IT firm, we are ready to take advantage of any opportunity that is available in the industry.

  • Threat:

Some of the threats that we are likely going to face as an IT 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 / spending 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.

IT Consulting Firm Business Plan – MARKET ANALYSIS

  • Market Trends

Quite a number of distinct trends have emerged in recent time in the IT consulting industry which is why IT 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 IT consulting firms and organizations to become more creative, competitive, efficient, and productive in a global market.  Some other trends in the IT consulting industry could be attributed to changing demographics, attitudes and work styles.

No doubt, as the cost of IT consulting services continues to increase and as corporate spending falls, new IT consulting delivery methods will continue to emerge and gain momentum going forward. In addition, the market for IT consulting services has shifted from a sellers’ market to a buyers’ market. A market where IT consultants provide software solutions that will make it easier for their clients to run their businesses.

Lastly, it is now becoming trendy in the IT consulting industry for smaller IT consulting firms to merge with bigger IT consulting firms and for bigger IT consulting firms to acquire smaller IT consulting firms; mergers and acquisitions. Many IT consulting firms all over the United States are coming to the conclusion that the bigger the better for them.

  • Our Target Market

Although Tech Solutions® 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 IT consulting firms in the United States. We hope to someday merge or acquire other smaller IT consulting firms and expand our IT consulting services beyond the shores of the United States of America.

As a full service business IT consulting firm, Tech Solutions® Consulting, LLP have a variety of practice areas to help startups grow. While we works with a variety of organizations and industries, Tech Solutions® 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;

  • Banks, Insurance Companies and other related Financial Institutions
  • Businesses and Entrepreneurs
  • Blue Chips Companies
  • Corporate Organizations
  • Manufacturers and Distributors
  • Real Estate Owners, Developers, and Contractors
  • Research and Development Companies
  • The Government (Public Sector)
  • Schools (High Schools, Colleges and Universities)
  • Hotels
  • Sport Organizations
  • Entrepreneurs and Start – Ups

Our Competitive Advantage

Surviving in the business world as an IT consulting firm requires more than, your expertise, knowing how to conduct your business but also how to network with key people that matters; decision makers that can decide who will get a contract or a business deal.

We are quite aware that to be highly competitive in the IT consulting industry means that you are not only expected to be able to deliver consistent and excellent services, but you must be result driven and able to meet set targets. No one would want to continue to hire your services if don’t always meet up with the target sales the organization intends to generate when they hired you.

Our competitive advantage lies in the power of our team; our workforce. We have a team of creative, result driven and highly proficient IT experts, a team with excellent qualifications and experience various niche areas in the IT Consulting industry and other related industry. Aside from the synergy that exists in our carefully selected IT experts, our services will be measurable, result driven and guided by best practices in the industry.

Lastly, all our employees will be well taken care of, and their welfare package will be among the best within our category (startups IT consulting firms in the United States) in the industry. It will enable them to be more than willing to build the business with us and help deliver our set goals and achieve all our business aims and objectives.

IT Consulting Firm Business Plan – SALES AND MARKETING STRATEGY

We mindful of the fact that there are stiffer competition amongst IT 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 speaks for us in the market place; we want to build a standard IT consulting business that will leverage on word of mouth advertisement from satisfied clients (both individuals and organizations).

Our goal is to grow our IT consulting firm to become one of the top 20 IT 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 United States but in the world stage as well.

Tech Solutions® Consulting, LLP is set to make use of the following marketing and sales strategies to attract clients;

  • Introduce our business by sending introductory letters alongside our brochure to organizations and key stake holders in New York and other parts of the U.S.
  • Promptness in bidding for IT consulting contracts from the government and other cooperate organizations
  • Advertise our business in relevant business magazines, newspapers, TV stations, and radio station.
  • List our business on yellow pages ads (local directories)
  • Attend relevant international and local expos, seminars, and business fairs et al
  • Create different packages for different category of clients in order to work with their budgets and still deliver quality IT consulting services to them
  • Leverage on the internet to promote our business
  • Engage direct marketing approach
  • Encourage word of mouth marketing from loyal and satisfied clients

Sources of Income

Tech Solutions® Consulting, LLP is established with the aim of maximizing profits in the IT 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.

Tech Solutions® Consulting, LLP will generate income by offering the following IT consulting services to corporate organizations and non – profits organization;

  • Providing information technology expertise for consumers
  • Writing, modifying, testing and supporting software to meet the specific needs of one client
  • Planning, design and integration of computer or network systems
  • On-site management and IT functions
  • Computer systems design, development, and integration
  • Computer application design and development
  • IT technical support services
  • IT infrastructure and network design services
  • IT technical consulting services
  • Other related IT consulting and advisory services

Sales Forecast

One thing is certain; there would always be corporate organizations, government agencies, non – profits and individuals who would need the services of IT consulting firms to help them improve their business system and processes.

We are well positioned to take on the available market in IT consulting industry 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 our IT consulting firm to enviable heights.

We have been able to critically examine the IT consulting market space 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 similar startups in New York City – New York.

Below is the sales projection for Tech Solutions® Consulting, LLP, it is based on the location of our business and of course the wide range of our services and target market;

  • First Fiscal Year-: $200,000
  • Second Fiscal Year-: $500,000
  • Third Fiscal Year-: $750,000

N.B: This projection is done based on what is obtainable in the industry and with the assumption that there won’t be any major economic meltdown and there won’t be any major competitor offering same IT consulting services as we do within same location. Please note that the above projection might be lower and at the same time it might be higher.

  • Our Pricing Strategy

Hourly billing for IT consulting services is a long – time tradition in the industry.  However, for some types of IT consultancy services, flat fees make more sense because they allow clients to better predict consultancy costs.  As a result of this, Tech Solutions® Consulting, LLP will charge our clients a flat fee for many basic services such as IT consulting and advisory service et al.

At Tech Solutions® 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 IT 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. So also, there are some one – off jobs or government contracts which are always lucrative, we will ensure that we abide by the pricing model that is expected from contractors or organizations that bid for such contracts.

  • Payment Options

Tech Solutions® 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;

  • Payment by via bank transfer
  • Payment via online bank transfer
  • Payment via check
  • Payment via bank draft
  • Payment via mobile money
  • Payment with cash

In view of the above, we have chosen banking platforms that will help us achieve our plans with little or no itches.

IT Consulting Firm Business Plan – Publicity and Advertising Strategy

We have been able to work with our in house brand and publicity consultants 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 become the number one choice for both corporate clients and individual clients in the whole of the United States and beyond which is why we have made provisions for effective publicity and advertisement of our IT consulting firm.

Below are the platforms we intend to leverage on to promote and advertise Tech Solutions® Consulting, LLP;

  • Place adverts on both print (newspapers and magazines) and electronic media platforms
  • Sponsor relevant community based events / programs
  • Leverage on the internet and social media platforms like; Instagram, Facebook , twitter, YouTube, Google + et al to promote our services
  • Install our Bill Boards on strategic locations all around New York City – New York
  • Engage in road show from time to time in targeted neighborhoods
  • Distribute our fliers and handbills in target areas
  • Contact corporate organizations, non – profits and government agencies by calling them up and informing them of Tech Solutions® Consulting, LLP and the services we offer
  • List our IT consulting firm in local directories / yellow pages
  • Advertise our IT consulting firm in our official website and employ strategies that will help us pull traffic to the site.
  • Ensure that all our staff members wear our branded shirts and all our vehicles are well branded with our company logo et al.

IT Consulting Firm Business Plan – Financial Projections and Costing

In setting up any business, the amount or cost will depend on the approach and scale you want to undertake. If you intend to go big by renting a place, then you would need a good amount of capital as you would need to ensure that your employees are well taken care of, and that your facility is conducive enough for workers to be creative and productive.

This means that the start-up can either be low or high depending on your goals, vision and aspirations for your business.

The materials and equipment that will be used are nearly the same cost everywhere, and any difference in prices would be minimal and can be overlooked. As for the detailed cost analysis for starting an IT consulting firm; it might differ in other countries due to the value of their money.

Starting an IT 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;

  • The Total Fee for incorporating the Business in New York – $750.
  • Legal expenses for obtaining licenses and permits as well as relevant software applications – $5,000
  • Marketing promotion expenses for the grand opening of the business in the amount of $3,500 and as well as flyer printing (2,000 flyers at $0.04 per copy) for the total amount of $3,580.
  • The Amount needed to acquire a suitable Office facility in a business district 6 months (Re – Construction of the facility inclusive) – $120,000.
  • The Cost for equipping the office (computers, printers, fax machines, furniture, telephones, filing cabins, safety gadgets and electronics et al) – $2,000
  • The Cost of Launching your official Website – $600
  • Budget for paying  at least two employees for 3 months and utility bills – $30,000
  • 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 $250,000 to set up a medium scale but standard IT consulting firm in the United States of America.

Generating Funding / Startup Capital for Tech Solutions® Consulting, LLP

Tech Solutions® Consulting, LLP is going to start as a private business that will be solely owned by Dr. Rendell Downey 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;

  • Generate part of the start – up capital from personal savings
  • Source for soft loans from family members and friends
  • Apply for loan from my Bank

N.B: We have been able to generate about $100,000 (Personal savings $80,000 and soft loan from family members $20,000) and we are at the final stages of obtaining a loan facility of $150,000 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 CONSULTING BUSINESS GROWTH: Sustainability and Expansion Strategy

The future of a business lies in the numbers of loyal customers that they have the capacity and competence of the employees, their investment strategy and the business structure. If all of these factors are missing from a business (company), then it won’t be too long before the business close shop.

One of our major goals of starting Tech Solutions® Consulting, LLP is to build a business that will survive off its own cash flow without the need for injecting finance from external sources once the business is officially running. We know that one of the ways of gaining approval and winning customers over is to offer our IT consulting services and other related IT advisory and consulting services a little bit cheaper than what is obtainable in the market and we are well prepared to survive on lower profit margin for a while.

Tech Solutions® Consulting, LLP will make sure that the right foundation, structures and processes are put in place to ensure that our staff welfare are well taken of. Our company’s corporate culture is designed to drive our business to greater heights and training and re – training of our workforce is at the top burner of our business strategy.

As a matter of fact, profit-sharing arrangement will be made available to all our management staff and it will be based on their performance for a period of three years or more as determined by the board of the organization. We know that if that is put in place, we will be able to successfully hire and retain the best hands we can get in the industry; they will be more committed to help us build the business of our dreams.

Check List / Milestone

  • Business Name Availability Check: Completed
  • Business Incorporation: Completed
  • Opening of Corporate Bank Accounts various banks in the United States: Completed
  • Opening Online Payment Platforms: Completed
  • Application and Obtaining Tax Payer’s ID: In Progress
  • Application for business license and permit: Completed
  • Purchase of All form of Insurance and software apps for the Business: Completed
  • Securing and renovated a standard office facility: In Progress
  • Conducting Feasibility Studies: Completed
  • Generating part of the start – up capital from the founder: Completed
  • Applications for Loan from our Bankers: In Progress
  • Writing of Business Plan: Completed
  • Drafting of Employee’s Handbook: Completed
  • Drafting of Contract Documents: In Progress
  • Design of The Company’s Logo: Completed
  • Graphic Designs and Printing of Packaging Marketing / Promotional Materials: Completed
  • Recruitment of employees: In Progress
  • Purchase of the Needed furniture, office equipment, electronic appliances and facility facelift: In Progress
  • Creating Official Website for the Company: In Progress
  • Creating Awareness for the business (Business PR): In Progress
  • Health and Safety and Fire Safety Arrangement: In Progress
  • Establishing business relationship with key players in the industry: In Progress
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