The market for business consulting is enormous and it’s about to get bigger
There is no such thing as a perfect business. Every business can do something better. The majority of enterprises around the world can do many things better, if not everything. This presents consultants with an opportunity to work with businesses to identify, plan, and implement changes to create better businesses.
There are literally millions of potential business consulting clients around the world waiting for help. Many of them have little idea they need a business consultant, so they need to be approached and informed of what it could mean for them. If they don’t get the help they need, they’ll likely end up as just another statistical failure. The odds are against them, even more so with the current world crisis.
Potential business consulting clients
Although we’ve suggested every business in the world needs a business consultant, it’s unwise to look at every single business as a potential client. There are some businesses that are too small to afford a fee that is fair to the consultant. At the other end of the spectrum, there are some businesses that are too large, complex, or time-consuming to access the decision-maker, thus making them near impossible to acquire as a client. Between these two extremes is a wide chasm of opportunity.
In western countries, the data shows that around 50% of registered businesses fall into this category; they’re employing SME (small-medium enterprises) businesses.
The market for business consultants is huge
Some simple research brought forward astounding numbers. The following figures demonstrate how many potential clients are out there based on 50% of registered business being in the ‘chasm of opportunity’:
*Various information sources
In our own business consulting network, the average business consultant has 9 on-going clients, demonstrating just how large of an opportunity this is.
Business owners need convincing
Owning a business is usually a stressful and all-consuming occupation that creates busyness and overwhelm. A business consultant can help bring clarity to the situation and drive the business forward, offering a very positive proposition. The aforementioned overwhelm and stress often clouds the owner in realizing their actual position or the benefits they could reap if they teamed up with a consultant, which can cause resistance.
The business owner needs convincing that they should engage a business consultant. To do this, there are 3 criteria that must be established between the consultant and the business owner:
The business owner must trust the consultant
The business owner must know what the consultant does and how it will benefit them
The business owner must see the value in the consulting relationship
If the business consultant can help the business owner to understand these points, there will be little resistance in acquiring them as a client. At ConsultX, we know how important it is to convince clients, so we’ve spent 15 years researching and refining our own seamless client acquisition process.
Businesses are churning
Businesses are starting up and closing faster than babies are being born. Our global investigation has shown that around 60% of businesses fail in their first 5 years, and then another 20% fail in their next 5 years. That’s an 80% failure rate over 10 years.
The size of the market is so great you will never have to worry about running out of prospects thanks to their continuous churn.
Consulting is a growing market
The current pandemic will have a major impact on businesses worldwide. Whilst this is a once-in-a-lifetime event, there were already constant attacks on businesses and industries. These have been in the form of technological development, changes in consumer demand, altered government policy, and economic situation. No matter the catalyst, under-fire businesses are in dire need of help.
The widespread economic impact of COVID-19 will only serve to speed up the churn of businesses and put many more in a dire situation. The extreme stress and emotion this causes business owners will open them to accepting help from a business consultant. As at the time of writing, it appears that the worst for business owners is yet to come. Many governments have implemented financial assistance programs for businesses, however, the death toll is mounting and financial funds will soon run dry. The toll on businesses will only worsen in time.
As unfortunate and horrible as this world event is, it presents a massive opportunity for those wanting to become or grow as a business consultant. There is a need from business owners and an opportunity to help them.
Business Consulting Opportunity
This opportunity is yours. We believe that there haven’t been many times in history to take on an opportunity like this. Even the best businesses are being put to the test right now. We know no businesses are perfect, so the market was already huge. More businesses are entering turmoil, rapidly growing the market.
Business owners are stressed, scared, and in a state of limbo. They’re in the unknown and will be easy to convince that a business consultant can lead them down the right path to get through.
Business owners have never needed more help, nor have they been as ready to accept it.
Get into this expanding market and help business owners not only survive but thrive.