Most people are still in doubt about the possibility of starting a business without money, so in this article, i will take my time to explain in detail how to start a business without money. Do you have a specific knowledge about a subject? Are you interested in learning how to start a consulting business online? Then read on?
Most people are unaware that they can start rendering small business consulting services based on their specific skill or knowledge and starting such a venture does not require any capital. The most important startup requirement are knowledge, good communication skills, marketing skills and networking skills.
When it comes to starting a business development consulting business, knowledge is not only power but also money. In fact, consultants are highly in demand and as long as you know your onions, you will hit it big. So without wasting your time, below is the exact steps on how to do consulting business.
Starting a Consulting Business Online – Sample Business Plan Template
1. Get in the right mindset
Running a consulting business is highly profitable but tough and demanding. This is because clients are paying for your expertise and they want the best from you. Your reputation in this business is highly dependent on the end result of your advice offered and your service delivery. In this business, you are trading time and knowledge for money, so you must know how to prioritize and schedule your time for maximum efficiency.
2. Define your consulting discipline
There are many issues an entrepreneur will seek advice on from a consultant. Issues like accounting, taxes, talent management, auditing, marketing, sales, communications, increasing revenue, general counseling and mentor-ship.
When starting a consulting business, you have to be aware of the area amongst all this areas listed where you can do very well. But i want you to know that starting a consulting business is not only limited to the business sector, as consultants are needed in any facet of life.
Top Consulting Business Ideas
- Bridal consulting
- Chemical consultancy
- Security consulting
- Engineering consulting
- Restaurant and fast food consultancy
- Healthcare consulting
- Safety consultancy
- Nutrition consulting
- Real estate consultancy
- SEO consultancy
- I.T consulting
- Business finance consultancy
- Management consulting
- Web development consultancy
- Computer consulting
- HR consultancy
- Accounting consulting
- Educational consulting
- Franchise consulting, etc.
3. Obtain the needed licenses
To be fully recognized as a certified consultant in your field, you must obtain all the necessary tax and business licenses locally and state-wide before you commence your consulting business.
A business plan is a guide line for everything that is done in a consulting business. Your consulting business plan must include the specific services that will be offered, a marketing strategy, a financial plan, a management plan and a financial plan. It is a comprehensive planning document, and an operating tool that will help you elaborate your ideas and business direction.
5. Print your business cards
Don’t worry if you don’t have business name, a business identity or an office. For now, get some basic business cards inexpensively printed with “Your Name, Consultant” and your contact information. You have to be able to hand them out at meetings with potential clients.
6. Connect with those that matter
Just having the raw skills is not enough to start up any type of business. You need to go all out and connect with new people on daily basis. Go to networking events and programs, meetings, conferences, and make use your social network channels to create interest in your new business. The more you go out there, the more prospective clients you will have and the more people can spread positive and interesting word-of-mouth about you.
7. Do some free work
The difficult part of starting a consulting business is that every new lead will always ask you about your previous clients and if you don’t have any, it will not send a good massage to your clients because they will assume you are incompetent. The best piece of advice for you is do some free consulting for a family member, friend or someone else.
By so doing, you can wrap up your client engagement into a case study, promote it on your website, add it in your sales sheet, and they can refer you new business if they love what you’ve done for them. Don’t look at it as if you are doing unpaid work. Instead, think of it as an investment that will help your business in years to come
8. Identify your competitors
Describe and identify all of the competition you will be facing, where they are situated, how many they are, what their expertise are, and what they charge their clients for job. These will help you in fixing your own fees.
9. Partner with other businesses and consultant groups
If you come across successful businesses that are relevant to your consulting business, it might be a wonderful idea to partner with them. This is a great way to learn from other business consultants around you. By so doing, you earn more experience in consulting.
10. Promote your business on free websites
There are many websites that are available where you can promote your services for free. These websites are called freelance websites. Websites like freelancer.com can be of help to you. You can also start a blog and publish information related to your consulting expertise. This will help reinforce your expertise and also get more clients.
In conclusion, you must be fully aware of the challenges involved in consulting business. Though consulting is a lucrative business and definitely a way to become self-employed and make a nice income, but it has its own pitfalls and it is your duty as an entrepreneur to identify such pitfalls, so as to avoid it.