Are you about starting a project management consulting company? If YES, here is a complete sample project management consulting business plan template & feasibility report you can use for FREE.
Okay, so we have considered all the requirements for starting a project management consulting company. We also took it further by analyzing and drafting a sample project management consulting marketing plan template backed up by actionable guerrilla marketing ideas for project management consulting companies. So let’s proceed to the business planning section.
Why Start a Project Management Consulting Business?
Project management consulting is one of many business niche ideas in the consulting industry which someone with certification in project management can successfully launch in the United States and still break even within record time, if indeed they know their worth.
Project management is a methodical approach to planning and guiding project processes from conception to completion; it is a temporary endeavor initiated with the sole aim of creating a unique product, service or result as the case maybe.
One good thing about project management is that it is not restricted to an industry. As a matter of fact, as a project management consulting firm, you can choose to work for businesses irrespective of the industry that they belong to. The bottom line is that you should be able to help them achieve results as it relates to the project that they want to undertake.
If you have decided to start a project management consulting business, then you must make sure that you carry out thorough feasibility studies and also market survey. Business plan is yet another very important business document that you should not take for granted when launching your project management consulting business.
Below is a sample project management consulting business plan template that will guide you towards writing your own business plan and ultimately launching your own business.
A Sample Project Management Consulting Business Plan Template
- Industry Overview
Project management consulting is a niche idea in the Management Consulting industry and management consultants advise businesses, nonprofits and public-sector agencies in the following areas: organizational design, human resources, corporate strategy, information technology strategy, marketing and sales, finances and logistics.
It is important to note that firms that are involved in providing day-to-day administrative services and establishments that are concentrated in recruitment, training, public relations, market research, engineering design, computer systems design and investment advice et al are not considered as part of the management consulting industry.
A close study of the management consulting industry shows that over the years, the industry has been experiencing success as stronger corporate profitability and increasing business expenditure resulted in higher demand for advisory services.
In recent years, the demand for this industry has come from a number of different sectors and services. Demand was strong from financial institutions and professional firms and healthcare companies have also been a boom to the industry.
So also, the ongoing transition toward digital technology has provided new opportunities for operators. Going forward, the industry is expected to grow with the general US economy. Information technology will continue to be a key growth area for firms, while other sectors such as healthcare also provide new business opportunities.
The Management Consulting industry is indeed a large industry that is very active in developed countries. Statistics has it that in the United States of America alone, there are about 723,001 registered and licensed management consulting firms (project management consulting firms inclusive) scattered all across the United States responsible for employing about 1,517,845 and the industry rakes in a whooping sum of $223 billion annually.
The industry is projected to grow at 3.1 percent annual growth within 2012 and 2017. It is important to state that Accenture, DTT and McKinsey have a lion market share in the industry.
A recent report published by IBISWORLD shows that the Management Consulting industry is in the mature stage of its life cycle. The report highlighted the fact that the industry is characterized by growth in line with the overall economy, an increasing number of industry players and technological change based on improving efficiency rather than developing entirely new services.
The report also stated that over the past five years, the industry has experienced strong growth as a result of surging corporate profit and new demand for advisory services as digital technologies change the way companies do business.
Furthermore, consultants continue to be a key component in helping firms navigate a constantly changing business landscape. The report further reveals that over the 10 years to 2022, industry value added (IVA) is projected to increase at an annualized 3.4 percent.
Lastly, one good thing about project management consulting business is that there are readily available markets for their services. This is so because in most cases, organizations that are looking towards achieving excellence and good results in any of their projects would naturally want some professional touches hence the need to hire project management consulting firms.
Project Management Consulting Business Plan – Executive Summary
GT Clarkson & Co® Project Management Consulting, LLP is a standard and licensed project management consulting firm that will be located in Los Angeles – California, United States. We have been able to secure a long term lease for a standard office facility in a good business district in the heart of Los Angeles.
We will handle all aspects of project management consulting service for players in various industries. We are aware that to run a standard project management consulting firm can be demanding which is why we are well trained, licensed and equipped to perform excellently well.
GT Clarkson & Co® Project Management Consulting, LLP is a client-focused and result driven project management 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 project management consulting services to our local, state, national, and multi-national clients and we will ensure that we work hard to provide the required consulting services and staffing solutions needed by our clients to accomplish their business goals and objectives.
At GT Clarkson & Co® Project Management Consulting, LLP, our client’s interest come first, and everything we do is guided by our values and professional ethics. We will ensure that we hire certified project management consultants who are well experienced in a wide variety of project management consulting services.
We will ensure that we hold ourselves accountable to the highest standards by meeting our client’s needs precisely and completely. We will at all times demonstrate our commitment to sustainability, both individually and as a firm, by actively participating in our communities and integrating sustainable business practices wherever possible.
GT Clarkson & Co® Project Management Consulting, LLP is founded by Gerald Thompson Clarkson. GT Clarkson graduated from University of California – Berkley (First Degree), and Brock School of Business at Stamford University (MBA). He is a Certified Project Management Professional with over 15 years of hands-on experience working as a senior project management consultant with one of the leaders in the management consulting industry.
- Our Services
GT Clarkson & Co® Project Management Consulting, LLP is going to offer varieties of related project management consulting services within the scope of the staffing, recruitment and workforce solutions industry in the United States of America. Our intention of starting our project management consulting business 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 offerings are listed below;
- Project planning and economic assessments
- Quality management assessment and accreditation
- Feasibility studies, including environmental impact assessment and community consultation
- Cost management
- Scheduling management
- Compliance management
- Contract administration
Our Vision Statement
Our vision is to become the number one project management consulting firm in the whole of Los Angeles – United States of America. Our vision reflects our values: integrity, service, excellence and teamwork.
- Our Mission Statement
Our mission is to provide professional, trusted and result oriented project management consulting services that assist businesses and non-profit organizations in operating sustainably and maximizing profits in the business.
- Our Business Structure
Starting a small scale project management consulting firm would require that you settle for two or three staff members, but as part of our plans to build a world class project management consulting business in Los Angeles – California, we have perfected plans to get it right from the beginning which is why we are going the extra mile to ensure that we get competent, qualified, honest and hardworking employees to occupy all the available positions in our firm.
The picture of the kind of project management consulting firm we intend building and the business goals we want to achieve is what informed the amount we are ready to pay for the best hands available in and around Los Angeles – California as long as they are willing and ready to work with us.
Below is the business structure that we will build GT Clarkson & Co® Project Management Consulting, LLP;
- Chief Executive Officer/Lead Consultant
- Project Management Consultant
- Legal Secretary
- Admin and HR Manager
- Business Developer (Marketing and Sales Executive
- Customer Service Executive
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.
- Makes, connects, and gears the organization’s vision, mission, and overall direction – i.e. leading the development and implementation of the overall organization’s strategy.
- Accountable for fixing prices and signing business deals
- In charge of providing direction for the business
- Responsible for signing checks and documents on behalf of the company
- Evaluates the success of the organization
- In control of 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.
Project Management Consultant
- Handles project planning and economic assessments
- Handles quality management assessment and accreditation
- Handles feasibility studies, including environmental impact assessment and community consultation
- Responsible for handling cost management, scheduling management, compliance management, and contract administration
- Handles any other responsibility as assigned by the Lead Consultant
Admin and HR Manager
- Responsible for overseeing the smooth running of HR and administrative tasks for the organization
- Design job descriptions with KPI to drive performance management for clients
- Regularly hold meetings with key stakeholders to review the effectiveness of HR Policies, Procedures and Processes
- 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.
- 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
- Responsible for arranging travel, meetings and appointments
- Updates job knowledge by participating in educational opportunities; reading professional publications; maintaining personal networks; participating in professional organizations
- Oversees the smooth running of the daily office activities
Business Developer (Marketing and Sales Executive)
- Identify, prioritize, and reach out to new partners, and business opportunities et al
- Identifies development opportunities; follows up on development leads and contacts; participates in the structuring and financing of projects; assures the completion of development projects.
- Responsible for supervising implementation, advocate for the customer’s needs, and communicate with clients
- Develop, execute and evaluate new plans for expanding increase sales
- Document all customer contact and information
- Help increase sales and growth for the company
- 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 the company
- Serves as internal auditor for the company
Client Service Executive
- Ensures that all contacts with clients provide 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
- Receives 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 by the line manager
Project Management Consulting Business Plan – SWOT Analysis
GT Clarkson & Co® Project Management Consulting, LLP engaged the services of a core professional in the area of business consulting and structuring to assist the firm in building a reputable and result oriented project management consulting firm that can favorably compete in the highly competitive management consulting industry.
Part of what the team of business consultant did was to work with the management of the firm in conducting a SWOT analysis for GT Clarkson & Co® Project Management Consulting, LLP. Here is a summary from the result of the SWOT analysis that was conducted on behalf of GT Clarkson & Co® Project Management Consulting, LLP;
Our core strength lies in the power of our team. We have a team that are considered experts in the industry, a team with excellent qualifications and experience in project management consulting. Aside from the synergy that exist in our carefully selected workforce and our strong online presence, GT Clarkson & Co® Project Management Consulting, LLP is well positioned in a business district with the right demography and we know we will attract loads of corporate clients from the first day we open our doors for business.
As a new project management consulting firm, it might take some time for our organization to break into the market and work for some high profile and high paying clients; that is perhaps our major weakness.
Digital technology has provided new opportunities for project management consulting firms to assist multiple businesses per time. No doubt, the opportunities available to project management consulting firms are indeed 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 project management consulting firm operating in the United States are unfavorable government policies, the arrival of a competitor within our location of operation and global economic downturn which usually affects spending/purchasing power. There is hardly anything we can do as regards these threats other than to be optimistic that things will continue to work for our good.
Project Management Consulting Business Plan – MARKET ANALYSIS
- Market Trends
Notable trends have emerged in recent time in the management consulting industry which is why project management 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 project management 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.
As the cost of management consulting services continue to increase and as corporate spending falls, new consulting delivery methods will continue to emerge and gain momentum going forward. Fast adjustments made to changing regulations are also key to the growing trends in this industry.
Lastly, it is now becoming trendy in the management consulting industry for smaller project management consulting firms to merge with bigger management consulting firms and for bigger consulting firms to acquire smaller project management consulting firms. Smaller project management firms continue to enter the industry due to strong profit and also many project management consulting firms all over the United States are coming to the conclusion that the bigger the better for them.
- Our Target Market
Although GT Clarkson & Co® Project Management 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 project management consulting firms in the United States. We hope to someday merge or acquire other smaller project management consulting firms and expand our project management consulting services beyond the shores of the United States of America.
As a full service and standard project management consulting firm, GT Clarkson & Co® Project Management Consulting, LLP has a variety of practice areas to help startups grow especially as it relates to starting and completing projects.
While we work with a variety of organizations and industries, GT Clarkson & Co® Project Management Consulting, LLP will also specialize in working with startups, real estate investors, contractors, manufacturers, distributors, banks, lending and financial institutions.
Our target market cuts across people of different class, 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)
- Households and families
- Schools (High Schools, Colleges and Universities)
- Sport Organizations
- Entrepreneurs and Startups
Our Competitive Advantage
The level of competition in the management consulting industry depends largely on the location of the business and of course the niche of your project management consulting business. If you can successfully create a unique niche for your project management consultancy business, you are likely going to experience little or no competition. For instance; if you are the only project management consultancy firm that consult for player in the construction industry in your location, you are sure of monopolizing that aspect of staffing.
GT Clarkson & Co® Project Management Consulting, LLP might be a new entrant into the management consulting industry in the United States of America, but our management staff and board members are considered gurus. They are core professionals, licensed and highly qualified project management 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 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.
Project Management Consulting Business Plan – SALES AND MARKETING STRATEGY
We are mindful of the fact that there are stiffer competitions amongst players in the management consulting industry in the United States of America; hence we have been able to hire some of the best business developers 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 the target and overall goal of the organization. We will also ensure that our excellent job deliveries speak for us in the market place; we want to build a standard project management consulting business that will leverage on word of mouth advertisement from satisfied clients (both individuals and organizations).
Our goal is to grow our project management consulting business to become one of the top 10 project management 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.
GT Clarkson & Co® Project Management 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 stakeholders in Los Angeles – California
- Promptness in bidding for project management consulting contracts from the government and other cooperate organizations
- Advertise our business in relevant business magazines, newspapers, TV and radio stations
- 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 project management consulting services to them
- Leverage on the internet to promote our business
- Engage in direct marketing approach
- Encourage word of mouth marketing from loyal and satisfied clients
Project Management Consulting Business Plan – Publicity and Advertising Strategy
We have been able to work with our in-house consultants and other brand and publicity specialists to help us map out publicity and advertising strategies that will help us walk our way into the hearts of our target market. We are set to take the management consulting industry by storm which is why we have made provisions for effective publicity and advertisement of our project management consulting firm.
Below are the platforms we intend to leverage on to promote and advertise our project management consulting business;
- Place adverts on both print (community based newspapers and magazines) and electronic media platforms
- Sponsor relevant community programs
- Leverage on the internet and social media platforms like Instagram, Facebook, twitter, et al to promote our brand
- Install our billboards in strategic locations all around Los Angeles – California and major cities in the United States of America
- Engage in roadshows from time to time in targeted communities
- Distribute our fliers and handbills in target areas
- Position our Flexi Banners at strategic positions in the location where we intend getting clients to start patronizing our services
- Ensure that all our staff members wear our customized clothes, and all our official cars are customized and well branded
Sources of Income
GT Clarkson & Co® Project Management Consulting, LLP is established with the aim of maximizing profits in the management 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.
GT Clarkson & Co® Project Management Consulting, LLP will generate income by offering the following project management consulting services for individuals and for organizations;
- Project planning and economic assessments
- Quality management assessment and accreditation
- Feasibility studies, including environmental impact assessment and community consultation
- Cost management
- Scheduling management
- Compliance management
- Contract administration
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 months of operation and grow the business and our clientele base beyond Los Angeles – California to other states in the U.S.
We have been able to critically examine the project management consultancy 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 Los Angeles – California.
- First Year: $200,000
- Second Year-: $500,000
- Third Year-: $1,000,000
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 additional 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 consulting services is a long – time tradition in the industry. However, for some types of consultancy services especially project management services, flat fees make more sense because they allow clients to better predict consultancy costs. As a result of this, GT Clarkson & Co® Project Management Consulting, LLP will charge our clients a flat fee or per head for many basic services such as one-off project consultancy services et al.
At GT Clarkson & Co® Project Management Consulting, LLP we will keep our fees below the average market rate by keeping our overhead low. In addition, we will also offer special discounted rates to startups, nonprofits, cooperatives, and small social enterprises.
- Payment Options
The payment policy adopted by GT Clarkson & Co® Project Management Consulting, LLP is all inclusive because we are quite aware that different customers prefer different payment options but at the same time, we will ensure that we abide by the financial rules and regulation of the United States of America.
Here are the payment options that GT Clarkson & Co® Project Management Consulting, LLP will make available to her clients;
- Payment via bank transfer
- Payment with cash
- Payment via credit cards
- Payment via online bank transfer
- Payment via check
- Payment via mobile money transfer
- Payment via bank draft
In view of the above, we have chosen banking platforms that will enable our clients make payment for our services without any stress on their part. Our bank account numbers will be made available on our website and promotional materials.
Project Management Consulting Business Plan – Financial Projections and Costing
Starting a project management consulting firm can be cost effective because on the average, you are not expected to acquire expensive machines and equipment. 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 furnish and equip the office, the amount needed to pay bills, purchase relevant software apps, promote the business and obtain the appropriate business license and certifications.
These are the area we are looking towards spending our startup capital;
- The total fee for incorporating the business in the United States of America – $750
- The budget for basic insurance policy covers, permits and business license – $2,500
- The amount needed to acquire a suitable Office facility in a business district for 6 months (Re – Construction of the facility inclusive) – $40,000
- The cost for equipping the office (computers, software applications, printers, fax machines, furniture, telephones, filing cabins, safety gadgets and electronics et al) – $5,000
- The cost for purchase of the required software applications (CRM software, recruitment software and Payroll software et al) – $10,500
- The cost of launching our official Website – $600
- Budget for paying at least three employees for 3 months plus utility bills – $10,000
- 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 $150,000 to set up a small scale but standard project management consulting business in the United States of America.
Generating Startup Capital for GT Clarkson & Co® Project Management Consulting, LLP
GT Clarkson & Co® Project Management Consulting, LLP is a business that will be owned and managed by Gerald T Clarkson and other business partners. They are the financier of the firm, but may likely welcome partners later which is why they decided to restrict the sourcing of the startup capital for the business to just three major sources.
- Generate part of the startup capital from personal savings
- Source for soft loans from family members and friends
- Apply for loan from the bank
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 documents have been duly signed and submitted, the loan has been approved and any moment from now our account will be credited.
PROJECT MANAGEMENT CONSULTING BUSINESS GROWTH: Sustainability and Expansion Strategy
The future of a business lies in the number 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, then it won’t be too long before the business closes shop.
One of our major goals of starting GT Clarkson & Co® Project Management 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 nothing short of excellent and result oriented services.
GT Clarkson & Co® Project Management 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.
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 ten years or more. 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.
- 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 forms of Insurance for the Business: Completed
- Conducting Feasibility Studies: Completed
- Generating part of the startup 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 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