How to Start a Business Consulting Firm in the Post-Pandemic Climate
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The COVID-19 pandemic has taken a toll on economies worldwide, forcing many businesses to close. Given the circumstances, you might assume this is a bad time to found a startup. In fact, this is the ideal moment to become your own boss. As The Business Standard explains, interest rates are low and expected to stay that way, meaning it's a great time to get a low-interest business loan.
Consulting is a wonderful option for would-be entrepreneurs, as it's relatively low-cost and low-risk to get started. ConsultX is dedicated to helping people from all walks of life become successful business consultants. Derek Goodman from Inbizability has used his specialist knowledge in guiding people to realize their business ability and potential to write this blog post.
Define your consultancy niche and target market.
As a consultant, you will be hired for the unique expertise you can bring to other businesses. Define your knowledge niche upfront. Entrepreneur offers a step-by-step guide to help you narrow your service offering. Start by making a wish list of the types of businesses you want to work with. Next, clarify what you are equipped to offer those businesses based on your skills, education, and experience. For example, if you used to work in social media marketing, you might help small businesses formulate their social strategies.
Get any required licenses or certifications.
In some instances, you may need additional licenses or certifications to get your consulting business off the ground. Boosting your credentials can make you more marketable and also provide the added knowledge you need to excel in your new career path. For example, as a consultant, you will manage many different clients at once. A project management certification can help you stay on top of your workload. As Forbes explains, furthering your education is easier than ever thanks to the uptick in remote learning.
Draft a business and financial plan.
Once your niche is defined and you have any credentials you may need, go ahead and draft your business plan. Bplans provides free templates you can use to guide the process. You can also use your business plan to approach external investors for funding. In addition to traditional private lenders like banks, look to local alternatives based on your location. For example, if you're in New Zealand, New Zealand Now has a list of business and innovation networks that help fund startups in the country.
Outsource non-core tasks to save time and energy.
As you write your business and financial plan, look for ways to keep overhead costs low. For example, you can save money on equipment by buying items second-hand from businesses that have shuttered due to the pandemic. While you want to keep costs low, that doesn't mean that you have to do it all yourself. Outsourcing niche jobs like branding, accounting, or IT can save you time and energy, so you can focus on core tasks. Work-for-hire platforms like Upwork let you find branding services and other pros based on criteria like cost.
Tap into your network to start building your client base.
Networking is essential for boosting your business brand, raising your profile among professional colleagues as well as potential clients. Inc. explains that professional networking is especially useful for entrepreneurs, who may otherwise find the startup lifestyle lonely. It's also a great way to find a mentor, discover new opportunities, and connect with a broader community of consultants. Look for networking opportunities in your area. For example, those in New Zealand can check out Business Networking NZ.
Launching your career as a business consultant is exciting. However, it can also be daunting at times. There's no cause for concern. The above guide explains how you can take a low-risk, low-cost approach to getting your consultancy off the ground.
For help starting your business consultancy, trust ConsultX.
Written by Derek Goodman from Inbizability.