How to start a consulting business in 6 steps

Are you a driven entrepreneur interested in the world of consulting? If you have decided that a career in consulting is right for you, here are some steps to help you get your new business venture off the ground.

1. Get certified

Certifications aid in attracting clients as they prove you are knowledgeable. You may consider the Certified Management Consultant (CMC) designation or a bachelor’s degree in a related field.

2. Refine your budget

Starting a business is an expensive undertaking, so it’s critical to prepare a budget that details all of your expenses. You may find that you need more money to get up and running than you first expected and decide to take out a business loan. Make sure to separate your business expenditures from your personal ones by having a business bank account.

3. Decide on your consultancy rates

What prices are your clients prepared to pay for your services? Conduct some market research to see what your competitors are offering. You should ultimately base your rate on the services you provide, and the time it takes to complete a proposal.

4. Establish a business strategy

It’s now time to draft a company strategy. The foundation of your strategy is your value proposition and target market. What are your business goals? How will you stand out from the competition?

When long-term goals change and new possibilities appear, don’t hesitate to change your company plan.

5. Make a marketing strategy

Because the consulting industry is so competitive, having a marketing strategy is essential. To establish yourself as a credible source whose opinion is respected in the business, consider starting an industry blog.

Your proposition for gaining a customer should be based on your prior achievements. Ensure to include positive customer testimonials on your website and social media.

6. Get your consultancy business insurance sorted

Setting up your consultancy business necessarily involves getting lots of things sorted to make your dream come to life. One less thing you need to worry about is your business insurance*.

At BizCover, we offer a drama-free experience for arranging your business insurance in minutes. Compare quotes online, select the coverage that is right for you, and get back to business! Visit our website today and start protecting your business.