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Business Plan Writing Service

Maximize your chances of getting funded

Our business plan writers develop plans that can help you win funding.

What you can expect working with our Team:

Business planning pros

You’ll work with a professional plan writer who will build a custom business plan for your unique industry

The #1 planning tool

Get free access to LivePlan software, which makes it easier to share and update your plan

A winning format

Our unique business plan format has helped over 1 million businesses

Expert business plan writers for any type of business

Business plans for startups

• Establish milestones to achieve success.
• Outline accurate startup costs.
• Fully establish the vision for your business.

Pitching to investors

• Plans are formatted to meet lenders' expectations.
• Ensures your projected financials are realistic.
• Be prepared with a strong plan to back up your pitch.

Retail, eCommerce, restaurants and other popular industries

• Plan writers with experience and expertise in your industry.
• Insights into what details are vital to succeed in your industry.
• Develop a strong value proposition to stand out from the competition.

What makes our business plan writing services different?

Our business plan format has helped companies raise millions.

Our writers use a business plan structure that has been tested and refined over the past 20 years. So when you hire a LivePlan business plan writer, you'll be maximizing your chances of securing a loan or investment.

Business plan writers trusted by top business schools across the U.S.

Since 1988, Palo Alto Software—the creator of LivePlan—has helped over a million entrepreneurs achieve success. Our business plan structure is even taught at top universities, such as Princeton and Rice.

Get matched with a business plan writer who knows your industry

Our business plan writers are experienced professionals who have written hundreds of business plans. That means there will most likely be someone on our team who has experience in your specific industry.

The best decision I could have made to launch my business in the right direction. I definitely recommend these services to entrepreneurs and future small business owners.

Melinda Holden

Elite Liason Consulting

Maximize your chances of securing funding

Hire a LivePlan business plan writer today

How the process works:

Research and discovery

We first gain an in-depth understanding of your business. Then, we begin market research and examine your growth drivers.

Plan Writing

Once our research is complete, we'll write the body of your business plan and provide you with a draft to review.

Financial modeling

We'll turn your financial assumptions into forecasts that include everything lenders and investors need to see.

Design and review

You'll get a polished business plan with a design that matches your brand from our business plan writers. You can then print the plan or share it online with a unique and private link.

Thanks for your interest in business plan writing services offered by LivePlan.

At this time, we are only accepting requests from the united states and canada..

My plan writer was responsive, and understood my vision from our first communication. I now have a living document that I can use and manipulate as needed going forward.

Marcus Flowers

TimeOut Sports Bar & Grill

Frequently Asked Questions

Business plan writing services and consulting for hire, will you review my plan and make changes.

Our review-only service just includes feedback, but if you decide you'd like to engage in our full professional business plan writing services after participating in a review, we'll give you a discount.

What if I already started writing my plan?

If you have a partially completed plan, we can work with that. In fact, it helps the plan writing process go faster because we'll have to ask fewer questions, but you'll want to choose the full business plan writing service.

Do you do market research? What does that include?

Yes, we do market research. We have access to industry reports for most industries and our business plan writers will use them to lend more credibility to your plan and validate the assumptions we are making in your financials.

What is included with the full business plan writing service?

When it's all said and done, you'll have a full, lender or investor ready business plan, a one page pitch, and a free year of LivePlan so you can make changes to your plan as well as use our cash flow and business management tools to stay on track.

Can you guarantee that my business will get funded?

There are a lot of factors that go into the decision making process for lending that are beyond our control, like your personal credit. What we can say is that it is very difficult to get funding without a solid business plan and we make solid plans with our professional business plan writing services.

Will you share my information?

We take your privacy very seriously and will not share your information.

How long will it take to finish my plan? / Do you offer an expedited service?

The average business plan completes in 3-6 weeks, depending on your responsiveness to your writer and our work load. We offer expedited business plan writing services if you are in a rush.

Yes, we can deliver an expedited plan in as little as two weeks for an additional $1,000.

Does my business plan include financials?

What formats do you deliver in.

We deliver in PDF format, Word and we also give you access to edit your plan in a free LivePlan account.

How many pages is the average business plan?

We subscribe to the lean business planning method so we try to keep your plan short and to the point. Depending on the complexity of your business, your finished plan can end up being anywhere from 25-50 pages.

Pricing and Options

How much does this business plan writing service cost.

The cost of our full professional business plan writing services can vary depending on your needs. Book a call with us to request a quote. We also offer a lower cost business plan review service and a forecasting service.

Do you offer a la carte services?

We offer a review service (feedback only, no edits), forecast only service or full business plan writing service. If you have a partially completed plan, we can work with that, but you'll want to choose the full professional business plan writing service.

Do you offer a review service?

Yes. One of our business planning experts can review your plan and financials line by line and give you critical and constructive feedback to help improve your plan and increase your confidence when it comes time to deliver.

Do you offer an expedited business plan writing service?

What if i don't like my plan.

You'll have the opportunity to review and leave feedback after each draft. We recommend taking the time to be thorough and thoughtful in your feedback as that is your chance to help mold your plan into something that really resonates with you.

Expert Business Plan Writers and Consultants

Who writes my business plan.

You will be paired with one dedicated individual from our small team of highly trained and experienced business planning professionals. Each one is a uniquely qualified business planning expert who can translate your ideas into a business plan that will appeal to your audience.

Is my business plan writer an expert in my industry?

Our business plan writers are experts specifically in business plan writing. We've worked with every industry imaginable so the likelihood that they have some familiarity with your industry is high, but if you are looking for a business consultant this may not be a good fit.

What kind of background will my business plan writer have? Are they outsourced from other countries? Have they been writing business plans for very long?

We are a small team of well educated business planning experts. Each writer's background varies but they all have financial or business education as well as years, small business management or consulting and business plan writing experience. They are all well vetted and really good at what they do, which is write plans that help you get funded.

Small Business Definitions

What is a business plan.

In its simplest form, a business plan is a guide —a roadmap for your business that outlines goals and details how you plan to achieve those goals. At its heart, a business plan is just a plan for how your business is going to work, and how you're going to make it succeed.

What is in a business plan?

To write a detailed business plan you need to include the following sections:

The executive summary is an overview of your business and your plans. It comes first in your plan and is ideally only one to two pages. Most people write it last, though.

The opportunity section answers these questions: What are you actually selling and how are you solving a problem (or "need") for your market? Who is your target market and competition?

In the execution chapter of your business plan, you'll answer the question: how are you going to take your opportunity and turn it into a business? This section will cover your marketing and sales plan, operations, and your milestones and metrics for success.

Investors look for great teams in addition to great ideas. Use the company and management chapter to describe your current team and who you need to hire. You will also provide a quick overview of your legal structure, location, and history if you're already up and running.

Your business plan isn't complete without a financial forecast . We'll tell you what to include in your financial plan, but you'll definitely want to start with a sales forecast, cash flow statement, income statement (also called profit and loss), and your balance sheet.

If you need more space for product images or additional information, use the appendix for those details.

Why is a business plan important?

There are many reasons why it is important to have a business plan . A business plan is essential if you're seeking a loan or investment, can help you make big spending decisions with confidence and is a solid foundation for ongoing strategic planning and prioritization.

What is a business plan writer/consultant?

A business plan writer/consultant is a business and financial expert who can help guide you through the process of creating a business plan and do much of the labor involved in creating it. They will work with you to understand your business model, do market research, create financial projections and offer guidance as all of those pieces are brought together in a full business plan document.

How to pick a business plan writer/consultant?

Picking a business plan writer or business plan consultant is an important decision — you'll want to find someone dedicated to your success, with experience in your industry or field and that is in it for the long haul.

Why should you pay someone to write your business plan?

You don't have time. Starting a business is time consuming. Oftentimes people have to juggle a regular 9-5 job while working on starting their business. That doesn't leave a lot of time for a big writing project. Hiring a professional business plan writer can help you give you time to focus on the tasks that are critical to getting your business off the ground.

You want to make sure it is done right, the first time. You only get one chance to make a first impression. Hiring a professional to write your business plan for you can give you the peace of mind that your plan is the best it can be when you present it to potential lenders or investors.

Business Plans, Executive Summaries, and Pitch Decks

Home » Services » Business Plan Consulting

Looking for a First-Class Business Plan Consultant?

The business plan is the foundation of your investor package. However, most entrepreneurs are too busy with other priorities – such as developing products, finding customers, and recruiting a team – to prepare a compelling business plan.

Since 2001, Cayenne Consulting has helped more than 2,400 entrepreneurs develop business plans that helped to raise over $4.3 billion in funding. You can view our business plan samples to see why entrepreneurs choose us.

Most of our consultants have hands-on experience starting and growing their own businesses.

Let us help you.

Look Inside Some of Our Business Plans!

Investors & Clients Praise Our Business Plans

I probably see five to ten business plans a week. Frankly, most aren’t ready for the big leagues. Cayenne’s work, on the other hand, is consistently excellent. They figured out the formula. They make it easier for investors to quickly see the value in a company. Now that startup activity is picking up, investors have more to choose from. It’s more important than ever for a business plan to make the right first impression. — Harry George , Solstice Capital (U.S. VC Firm)

Consultants almost never do a good job on this kind of work because they don’t take the time to really understand the business. Cayenne was exactly the opposite. They were like a member of the management team. When the plan was done, I circulated it among the other Partners here at Veritas as an example of what a business plan should look like. — Gideon Tolkowsky , Veritas Venture Partners (Israeli VC Firm)

What Do You Really Need… A business plan WRITER… Or a true business plan STRATEGIST?

You found us because you need help with your business plan. And you’re wondering what sets business plan consultants like us apart from an ordinary “business plan writing service.”

Here are the key differences:

A Business Plan Writer…

A business plan writer expects you to have all the answers.

They will ask you a series of questions and type your answers into some off-the-shelf business plan software.

This is how most business plan companies work – and this is how they keep their fees so low.

Hey, if you know how to type and you already know all the answers, you might as well buy a copy of Business Plan Pro and write it yourself.

A Business Plan Strategic Consultant…

A business plan consultant is someone who will help refine your ideas and strategies, and mold them into a viable business.

We challenge your assumptions, fill gaps in your thinking, do lots of independent research and analysis , and help formulate business models, tactics, and strategies.

We help crystalize your long-term competitive differentiation, identify target markets, and plan for business scalability.

And then we help you express it in a compelling package – whether it’s a business plan, pitch deck , PPM (working with your attorney), financial forecast , Business Model Canvas , elevator pitch, or executive summary – that is most appropriate for your specific situation and target audience.

Business Plan Consulting Within Your Budget

We don’t have pre-set prices for our work. Every project is different. We need to interview you to understand how well you have developed your vision, and see what existing materials and research are available. We also need to agree on who is going to be responsible for what.

Depending on your needs and budget, we will then develop a proposal somewhere along this spectrum:

Full Service Business Plan Consulting

We will do the “heavy lifting” so you can focus on other priorities: developing your product, finding customers, and building your team.

We can help you optimize your strategy; research and analyze your market and competition; and create a clear and compelling plan to articulate your vision.

We don’t use cookie-cutter templates – we develop your plans from scratch to ensure you tell your unique story in the most compelling way possible.

Guided Business Planning

If you are on a more limited budget and have the time to conduct a majority of the research and writing, we can:

• Guide and prioritize your efforts;
• Supply templates and other helpful materials;
• Help you avoid common business planning mistakes ; and
• Critique, edit, and format your drafts.

Note that this is not for the faint of heart. This is a lot of work and will require a full-time commitment for weeks or months. Many entrepreneurs feel it makes more sense to focus on building the business.

Cayenne Consulting also serves large enterprises considering new initiatives as well as rapidly scaling businesses seeking large, later-round VC capital raises.

Tailoring Your Business Plan to a Specific Purpose

A business plan is not a one-size-fits-all document: it should achieve a specific purpose. We have experience in preparing plans for:

• Family & Friends Seed Funding : You are pitching to people who already know and trust you, so you need a simple document that explains your business concept and explains the risks (namely, that your investors can lose their investment). A short, simple plan or pitch deck is often sufficient in this case.
• Angel Investor and Venture Capital Funding : You are pitching to wealthier, more sophisticated investors – either individuals, groups, or funds. They don’t know you, and there are many other entrepreneurs competing for their investment dollars. Your pitch deck and/or executive summary is often the first thing they look at. While they may not request a business plan until getting into due diligence, every detail of your business plan should be committed to memory whenever you have a conversation with these investors.
• Bank Funding : You are seeking a loan – typically one guaranteed by the SBA – from a local bank to finance asset purchases for a brick-and-mortar business. Most banks will ask for a basic plan and financial forecast if you haven’t been in business for at least a few years.
• Landlords : Many commercial landlords want to see a business plan so that they can see how a new tenant in a retail location plans to become a success. They don’t want to invest in a lot of tenant improvements, only to have the space vacant again in a year or two.
• Franchisee Business Plan : Many franchisors require prospective franchisees to submit a business plan to prove that they understand the business concept and the local market.
• Immigration Visa Business Plans : The U.S. Citizenship and Immigration Services (USCIS) department requires a business plan from applicants for the E-2 Treaty Investor Visa , the EB-5 Immigrant Investor Program Visa , the L-1 Intracompany Transferee Visa , the B-1 Business Visitor Visa, and the E-1 Treaty Trader Visa . In addition to the content found in a traditional plan, the plan must explain how the applicant intends to fulfill the requirements of the relevant visa program.
• Partnership Business Plan : When an early-stage venture seeks a partnership with a more established business, it will need to produce a business plan or partnership proposal explaining how the relationship will work: the objectives, the opportunity, the roles and responsibilities of the parties, the implementation plan, potential risks and rewards, and a general argument for why the more established company is better off partnering with you than not.
• Enterprise Level Plans : Large, established firms often develop business plans as they consider new initiatives.

What Are the Elements of a Business Plan?

Contrary to widespread belief, there is no “right” way to structure a business plan; in fact, they can take many different forms . The important thing is to cover the Ten Big Questions as part of a compelling story.

Having said that, here is a typical outline:

• Executive Summary : A brief (typically 1-2 page) overview of your plan. If your executive summary doesn’t captivate your audience, you won’t get very far.
• Opportunity : What need do you plan to address? It had better be a large opportunity that many customers will be willing to give you their money in exchange for your offering.
• Solution : A description of how your product or service will fulfill the need.
• Business Model : What is your customer value proposition? How do you intend to make money? How will you create customer value and how will you deliver it your customers?
• Market : Who is the customer, what are their characteristics, how many of them are there, and how many can you reach before your competitors do? What is your total available market ?
• Marketing : How will you get your product in front of your customer, and how do you persuade them to buy it?
• Competition : Who else is working to fulfill the need, either directly or indirectly?
• Competitive Advantages : What competitive advantages do you have that will allow you to get – and stay – ahead of them? Do you have some unique, protectable intellectual property?
• Team : What qualifies you and your team to pull this off?
• Traction : What milestones have you already achieved?
• Operating Plan : What are the nuts-and-bolts of your business?
• Risks : What can go wrong with your plan , and how can you mitigate these risks?
• Financial Plan : What financial resources do you require, and how do you intend to use the money? What are the key assumptions underlying your financial forecast? Is there a viable exit plan?

In practice, some of these sections may be omitted or combined for brevity – for example, Market and Marketing are often combined, as are Competition and Competitive Advantages.

Business plans for unique industries may require additional sections. For example, biotech and medical device plans require sections describing the regulatory pathway (clinical trials and FDA clearance), reimbursement issues, and other issues.

Our Business Planning Process

Our business plan consultants each have their unique approach to how they work with clients. They will describe their approach during your initial discussions with them so that you understand what to expect as we progress.

Having said that, here is an example of how a business planning engagement might proceed:

• Initial discussion(s) to understand your needs.
• Review your existing materials (draft business plans, financials, market research, competitor research, etc.).
• Follow-up discussion to agree on the scope and fees for the engagement.
• Preparation and execution of an engagement agreement.
• Several in-depth interviews to better understand the details, develop strategies, and agree on all major elements of the Business Plan and Financial Forecast.
• Conduct additional research and formulate additional strategy and tactics, as needed.
• Draft a Pitch Deck (Investor Presentation) and review it with you to ensure that all parties agree on the big picture. Note that the Pitch Deck will have many gaps at this point; we will use placeholders and incorporate facts, figures, and financial projections as they become available.
• Draft the Executive Summary and review it with you to ensure that we all agree on the next level of detail.
• Prepare an outline of the Business Plan.
• Fill in details of the Business Plan. Obtain and incorporate your feedback as we go.
• Customize our Financial Forecast for your business. Populate assumptions with rough, educated guesses. Work with you to refine the assumptions. Teach you how to use the model so that you can explain it to your audience with confidence.
• Finalize all deliverables, including editorial review and additional graphic design/layout work if needed.
• Coach you on the best way to deliver the Pitch Deck and on how to address questions.
• Provide ongoing support, including making minor updates to the deliverables at no additional charge for up to 90 days following the delivery of final documents.

Of course, we understand that every client has unique requirements and we will tailor our approach to meet your needs.

Related Articles

• Why Business Plans Don’t Get Funded by Akira Hirai
• Approaches to Writing a Business Plan by Akira Hirai
• Is the Business Plan Really Dead? by Akira Hirai
• Ten Questions Every Business Plan Must Answer by Akira Hirai
• Is Your Concept Feasible? by Akira Hirai
• The Elevator Pitch in Six Simple Sentences by Shyam Jha
• The Elevator Pitch: Your Ticket to the Top by Akira Hirai
• An Effective Business Plan is Essential for Startup Funding by Marty Zwilling & Akira Hirai
• The Four Cornerstones of Every Business Plan by Marty Zwilling
• Use Your Business Plan to Get on the Same Page by Jimmy Lewin
• Know Your Audience: Four Types of Business Plans by Akira Hirai
• Business Plans Must Cover 10 Essentials by Marty Zwilling
• The Business Plan is Your Recipe for Success by Marty Zwilling
• The Anatomy of a Business Plan Cover Page by Akira Hirai

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Consulting Business Plan: 5-Step Plan For A Successful Firm

If you want to start a consulting business , then you need to write your consulting business plan.

I’ve watched countless starry-eyed entrepreneurs “start” their business with a 50-100 page business plan.

They spend weeks — or even months — toiling away at their desk after their 9-5 detailing everything about their future business.

After they’ve written it, they beam with pride.

“This plan is the key to my success in consulting! With this plan, I can’t fail.”

Then, they take their plan out to the real world.

The real world isn’t as perfect and pretty when starting your business.

And that golden business plan? Well, it almost always doesn’t work the way they’d hoped.

All of the projections they made? Naw, not even close.

So they scurry back to their desk to revise the plan — and the cycle continues.

Here’s the truth about consulting business plans…

You don’t need a long, complex business plan.

If your business plan is more than 5 pages, every extra page you write is almost certainly wasting your time.

All you need is a 1-3 page document to cover the foundations of your business.

By the end of this post, you’ll write your 5-part entrepreneurial consulting business plan — and have everything you need to start a successful consulting business.

Let’s begin with the first part: your consulting business model.

1. Consulting Business Model

• “What kind of consulting business do you want to build?”

That’s the first question you want to answer for your consulting business plan.

Understand what type of business you want to build first before you start building it.

Six-Figure Blueprint

That way, you’re building a business to support your lifestyle and not the other way around.

At Consulting Success®, we believe that your business shouldn’t consume your life .

Your consulting business should enrich your life and create a fulfilling lifestyle for you and your family.

For your consulting business model, you have 4 options:

1. Solo Model : The classic independent consultant . Your business is just you (and maybe a few contractors). From delivering projects to marketing and sales, you are responsible for every part of the business.

(To see the pros and cons of each model, see our post on The 3 PROVEN Consulting Business Models .)

2. Firm Model : The typical large consulting firm. Your firm consists of consultants, associations, junior and senior people. Your role starts off as doing a bit of everything — but eventually, your role becomes hiring, training, and managing your team.

3. Productized Model : This model comes out of one of the above models. You identify a particular problem your clients have, and you build your business around solving that problem with a focus on efficiency. This model is all about systems, efficiency, and scale.

4. Hybrid Model : The hybrid model is a mix of the models above. For example, you might offer a productized consulting offer — but also do some solo custom consulting. Once you’ve mastered one of these models, the hybrid model helps you add new products and services to create more revenue.

Pick one of the models above. If you’re unsure about which one to use, start with the solo model. You can always change it in the future. Chances are, your business will evolve in the future anyways.

With your consulting business model selected, let’s move to the next part of your consulting business plan — clarity around your ideal client.

For every hour you spend on planning, you should spend 4 hours on putting your plan into action.

2. Ideal Client Clarity

• “Who is the ideal client my consulting business will serve?”

That’s the second question you’ll answer with your consulting business plan.

This is all about how you’re going to specialize .

As an entrepreneurial consultant, specialization is crucial.

You can’t offer everything to anybody.

You’ll have to begin by choosing a specific type of client to serve — your niche.

A niche is a certain subset of people whom you might potentially serve — SaaS companies, manufacturing, pharmaceuticals, etc.

To find your ideal client, you’ll have to test out different niches.

This is why we teach the Niche Scoring Method in our Clarity Coaching Program .

Using this scorecard, you score each potential niche from 1 to 5 based on the following factors:

• EXPERIENCE . How would you rate your experience with this niche?
• EXPERTISE . How would you rate your status as an expert within this niche?
• RESULTS . How would you rate your confidence that you can deliver results for this niche?
• POTENTIAL . How would you rate this niche’s growth and how willing they are to hire consultants?
• INTEREST . How would you rate your interest in this niche?
• ACCESS . How would you rate your ability to speak with ideal clients in this niche?

In the Clarity Coaching Program for Consultants , we also teach you about the different layers of specialization, how to find and validate your ideal client’s potential, how to do outreach to potential clients, and more.

By going through these exercises, you’ll figure out which niche is best for you to start with.

Picking a niche and defining your ideal client is the foundation on which you’ll build your business — and get clients.

You shouldn’t move on with your consulting business plan until you’ve defined your ideal client.

Once you’ve done that, you can move on to the next part: Magnetic Messaging.

3. Magnetic Messaging

• “What message will get my ideal client’s attention?”

That’s the third question you’ll answer on your consulting business plan.

You’ve picked your business model.

You’ve defined your ideal client.

Now, you’ll write a message designed to get your ideal client’s attention.

We’ve created a formula to make writing this message as simple as possible: Magnetic Messaging.

Here’s the formula:

I help [WHO] to [solve WHAT problem] so they can [see WHAT results]. My [WHY choose me]…

Let’s break each part of the formula down.

• WHO : Who you serve.
• WHAT (Problem): What problem you solve for them.
• WHAT (Result): What result you create for them.
• WHY : Why they should choose you.

Why does this message grab your ideal client’s attention?

• It speaks to who they are.
• It mentions what problem they have.
• It showcases what result they can get.
• It differentiates you from others who might provide a similar service.

When your message contains these 4 elements, it will draw interest from your ideal clients. They’ll want to learn more.

They’ll browse your marketing materials, read your articles, sign up for your email list, and reach out to you for conversations.

Effective messaging is the foundation of your marketing: what you communicate to the marketplace to get your ideal client’s attention.

You won’t write the perfect message on your first try.

But you do need to write a first draft — and actually put it to work in the marketplace.

Once you’ve written down your first magnetic message, it’s time to start planning your strategic offer.

4. Strategic Offers

• “What can I offer my ideal client — and at what price point?”

That’s the 4th question you’ll answer on your consulting business plan.

With clarity around your ideal client and a message that grabs their attention…

…you must create an offer — a service — that solves their problems and gets them the result that they want.

The classic custom consulting service is the “full engagement.”

After you engage in a meaningful sales conversation with your prospective client, you’ll send them a consulting proposal .

In your proposal, instead of including one option, you’ll include three:

Option 1 – $

• Basic offer
• Minimum effort required
• Provides value
• Lowest investment

Option 2 – $$

• Help them reach results quicker than option 1
• Provides more value than option 1 (ideally, without having to spend more time)
• Higher investment

Option 3 – $$$

• If money isn’t an issue
• Best results
• Shortest time to result
• Highest investment

Map out the different options you’ll offer your prospects.

Take a look at the marketing consulting example below for an idea of how the 3 different options might look:

However, we recommend you start with a discovery offer .

A discovery offer is a smaller service (priced at $1.5K to $15K). You design it to get your client a quick, low-risk win.

Your discovery offer helps get your “foot in the door” with the client. Once you get them that quick, low-risk win, they’ll trust your expertise. This will open the door for larger projects with the same client.

Discovery offers are easier to sell, create, and deliver.

Here’s our discovery offer checklist:

• Align with what the buyer wants
• Is a logical first step
• Leads to the next steps
• Ranges between $1.5K to $15K
• Provides tangible benefits (growth, clarity, etc)

Of course, you’ll also have to set your consulting fees .

You can use the hourly method, the fixed-rate method, the value-based method , or the retainer method.

Pricing is an incredibly complex and deep topic. But you’ll have to pick a price to start with and adjust it based on the feedback you get.

Never sell yourself short. Remember: pricing is marketing. If you can deliver your clients results, then charge what you’d feel good about.

Once you’ve mapped out your 3 engagement options and a discovery offer, you’re ready to take your offers to the marketplace — and start winning consulting business.

5. Marketing Engine/Sales Pipeline

• “How am I going to create conversations with my ideal client?”

This is the final question you’ll answer on your consulting business plan.

And it’s where you start to see real results: winning clients, delivering projects, and earning revenue.

However, according to our How To Become A Consultant Study , marketing and sales are where consultants struggle the most.

Your Marketing Engine is what you’re doing every day to get in front of your ideal clients.

Your Sales Pipeline organizes all of the leads who come into contact with you.

Let’s start with your pipeline.

Your pipeline is organized into 6 columns:

• LEAD . You’ve identified the prospective client and have begun reaching out to them to set-up a conversation.
• CONVERSATION . You’ve had a sales conversation with the prospective client.
• PROPOSAL . You’ve sent a proposal to the prospective client.
• WIN . The prospective client has accepted your proposal and you won the business.
• LOSS . The prospective client has declined your proposal and you lost the business.
• NURTURE . Most people you reach out to won’t be ready to buy or make a decision right away. In fact, even people who say ‘No’ to a proposal now, may buy from you later as long as you stay top of mind through your nurture process.

All of your prospective clients fit into one of these 6 categories.

Using a CRM to create and organize this pipeline will help you organize your marketing and sales efforts.

Marketing is what fills up your “lead” column.

Without marketing, you won’t have any leads. And without leads, you won’t have the chance to win new business.

We organize marketing for consultants in 3 different categories:

• Outreach: Reaching out to your ideal clients to initiate conversations.
• Follow-Ups: Following up with your ideal clients to initiative conversations.
• Authority Building : Creating content for your ideal clients that demonstrates your expertise and adds value — and helps create conversations.

A basic Marketing Engine will have you doing a mix of these different methods every day.

Every day, you want to be reaching out to new clients, following up with your leads, and creating content that demonstrates your expertise and adds value.

The type of marketing you focus on also depends on the stage of your business .

If you’re a newer consultant, you’ll rely more on outreach. You don’t have as much of an audience for authority content to work yet.

But if you’re a later-stage consultant, you’ll rely more on content. Your content and consulting website has a farther reach, and can generate leads at scale.

For your business plan, focus on setting up a pipeline that is easy to track, and creating the right marketing habits to fill up your leads column.

At this stage, your plan is done.

It’s time to start taking action.

Imperfect Action: Write Your Entrepreneurial Consultant Business Plan

By answering these 5 questions…

…you’ll write a consulting business plan that enables you to take action.

We’ve included dozens of articles, case studies , and guides on how to answer these 5 questions.

However, in consulting, execution is more important than your plan.

So, use our resources to help answer these 5 questions — and go build your consulting business.

Ready to Take Your Consulting Business to the Next Level?

Apply to join our Clarity Coaching Program , the place where dedicated consultants go to get a personalized plan, strategy, coaching and support to grow a successful consulting business.

If you’re committed and serious about growing your consulting business, then this customized coaching program is for you.

We’ll work hands on with you to develop a strategic plan and then dive deep and work through your ideal client clarity, strategic messaging, consulting offers, fees, and pricing, business model optimization, and help you to set up your marketing engine and lead generation system to consistently attract ideal clients.

Schedule a FREE growth session today to apply for our limited-capacity Clarity Coaching Program by clicking here .

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Consulting Business Plan: Complete Consultant Template & PDF

This consulting business plan is a comprehensive copy/paste example that includes an operating and marketing plan for any kind of consulting business. You can download it and make edits to create a plan for your business, whether you’re a startup consultant business or an existing consulting firm that wants to grow faster.

(Estimated reading time: 19 minutes)

Table of Contents

Consulting Business Plan Template

This plan for consultants contains in-depth information to build your own version. Simply modify the examples in this consulting plan to fit your specific line of work and you can quickly create a plan for industries such as (but of course not limited to):

• management consulting business plan
• advertising and marketing agency business plan
• healthcare consulting business plan
• IT consulting business plan
• fintech consultant business plan
• environmental consulting business plan
• security consulting business plan
• software consultant business plan

This business plan for consultants covers the following topics that go into a plan: your service list and descriptions, target market, marketing strategies for consultants, competition, and financial projections. You can download this example plan as a Google Doc for easy editing in Google Docs, Microsoft Word, Apple Pages, or save it as a PDF:

How to Use This Consultant Business Plan to Attract Clients

• Consulting Business Plan Template – This section provides guidance on what to include in each part of your business plan.
• Sample Consulting Business Plan Text – This part includes actual text from a real consulting business plan example that you can use as-is or modify to fit your specific needs.

Since many consulting businesses are established by solo practitioners, this consulting business plan example will focus on one-person firms. However, if you have partners or are part of a larger company, you can easily adapt this plan by replacing singular pronouns (I) with plural forms (we).

To help you chart a revenue course to starting your consulting business, this business plan example also includes a brief overview of a marketing plan. I recommend taking a look at (even downloading) my detailed marketing plan example as a model for yours.

Sample Consulting Business Plan

Let’s begin with the sections that make up your consulting business plan. I include sample text below the description of what to focus on within each section.

The first section of your business plan introduction is critical for framing your consulting practice.

1. Consulting Business Plan Executive Summary

Here are the key topics to focus on in this section of your consultant business plan:

• An introduction to your consulting business and the services you offer
• A summary of your target market and their needs
• Your key differentiators and what sets your consulting business apart from competitors
• Your approach to delivering high-quality consulting services and achieving measurable results
• A summary of your marketing strategy and how you plan to reach your target market

Consultant Business Plan Executive Summary Example

I specialize in strategic planning, market research, and growth strategies for small and medium-sized technology businesses that cater to the financial sector (i.e., fintech). Additionally, I offer consulting resources such as training programs, workshops, and customized solutions tailored to each client’s unique needs.

My consulting business is built on the belief that every business has the potential for growth and success. To achieve this, I work closely with my clients to understand their goals and challenges, and develop customized solutions that help them achieve their objectives.

My target market consists of small and medium-sized businesses in the financial technology industry, a.k.a. fintech, who are looking to make their operations more efficient based on data and methodical research. My management consulting services are tailored to meet their unique needs, and my approach is focused on delivering measurable results that align with their business objectives.

What sets my consulting business apart from competitors is my focus on collaboration and transparency. I believe in working closely with my clients to develop solutions that are customized to their specific needs, and I keep them involved in the process every step of the way.

To reach my target market, I will establish a strong online presence through content marketing and search engine optimization (SEO for consultants). I will leverage social media platforms to engage with potential clients and showcase my expertise in the fintech industry as a top consultant.

My consulting business is committed to helping businesses solve challenging business management problems that require rigorous analysis and careful calculations. With a focus on delivering innovative solutions and building strong relationships with my clients, I am confident in my ability to help businesses succeed and thrive in today’s competitive market.

2. Consulting Business Plan Service Description

Every consulting business description is slightly different. I’ve provided two variations in this section so that you can identify which one resonates best with your goals. Each version provides similar information, but is structured differently. I have also included consulting service description examples for each version.

Version 1: Service Description

Focus on these elements for this section of your business plan:

• The types of consulting services you offer and their value proposition
• A description of the types of clients you serve and the problems you solve for them
• A summary of your consulting methodologies and tools
• An explanation of the benefits your clients can expect to receive from your services

If you are an independent consultant or small group, even in serving in a consulting capacity at a different firm, you can introduce the fact that your years of experience enable you to offer the same caliber of services that larger more expensive firms provide at significantly higher rates.

Sample Consulting Service Description

• Achieving product-market fit
• Improving operational efficiency
• Enhancing strategic planning and decision-making processes
• Implementing change management initiatives
• Developing growth strategies and market expansion plans
• Optimizing financial performance and risk management

My consulting methodologies are based on a data-driven approach that combines qualitative and quantitative analysis to identify and solve business problems. I use a variety of tools and techniques, including process mapping, benchmarking, and SWOT analysis to develop customized solutions for each client.

Working closely with my clients, I help them develop actionable plans and implement them efficiently to achieve measurable results. By leveraging my expertise and experience, my clients can expect to:

• Improve profitability and reduce costs
• Increase efficiency and productivity
• Enhance customer satisfaction and loyalty
• Expand into new markets and drive growth
• Stay ahead of the competition and achieve sustainable success

I will share examples of past projects that provide a detailed framework along with results to show clients what they can achieve by hiring my consulting business.

With my 15 years of niche industry experience and wealth of successfully completed projects, I am able to offer exceptional high caliber service at lower overall rates than larger firms. My management consulting services are designed to help businesses achieve their full potential and thrive in today’s competitive marketplace.

Version2: List of Business Consulting Services

Before you start writing this section, ask yourself the following questions to help define and refine your consulting services. For this consultant business plan example, I’ve included the following prompts to focus on what a management consultant would focus on. Tweak these as needed for your line of consulting.

• Types of consulting services : Describe the different types of management consulting services you offer, such as strategy consulting, organizational design, change management, or project management.
• Delivery methods : Explain how you deliver your consulting services, such as through workshops, one-on-one consultations, or online platforms.
• Benefits : Highlight the benefits of your consulting services for clients, such as increased efficiency, optimized performance, improved profitability, or streamlined operations.
• Unique value proposition : Describe how your consulting services are unique and different from those of competitors. This could include your methodology, tools, experience, or industry knowledge.
• Website URL : Include the URL of your website where clients can learn more about your consulting services and contact you for more information.

Below is my example of a management consulting services write up, including descriptions of each service, the benefits they provide, and your unique approach to delivering them. You can modify this section of your consultant business plan to fit your exact services offered.

This version is a little shorter than the one above and also includes a case study example link, since content like that will help clients understand the value you bring to the table. You can add a link like this in version 1 above as well.

Example: Management Consulting Services Offered

• Strategy consulting : We work with businesses to develop effective strategic plans that align with their mission and vision and drive business growth.
• Organizational design and development : We help businesses optimize their organizational structure and processes to improve performance and efficiency.
• Change management : We assist businesses in managing organizational change effectively to minimize disruption and achieve desired outcomes.
• Project management : We provide project management services to help businesses plan, execute, and deliver projects on time and within budget.
• Performance management : We help businesses implement performance management frameworks that align employee goals with business objectives and drive results.

Our management consulting services are delivered through a combination of workshops, one-on-one consultations, and online platforms. We use a data-driven approach that combines qualitative and quantitative analysis to identify and solve business problems. Our unique value proposition is based on our extensive experience working with businesses in diverse industries, combined with our personalized approach and commitment to delivering results.

Clients can expect to achieve a range of benefits, including improved organizational performance, increased profitability, enhanced employee engagement, and optimized project outcomes. See our go-to-market strategy case study example for details on the types of results clients can expect from our team.

3. Consultancy Business Plan Target Market and Buyer Persona

It is important to focus on a niche rather than offering generic services.

Consulting as an industry is highly competitive, so prospects may not be able to determine who is the best consultant for them. When you focus, your marketing efforts can be customized to the niche you specialize in.

Think of it this way: if you were to implement Salesforce or Hubspot in your business, would you hire a general IT consultant or a specialist in the product? A general IT consultant may have experience with different systems but may not be as familiar with the intricacies of how to set up Salesforce or Hubspot in a way that makes the most sense for your company.  A specialist, however, will have in-depth knowledge and experience and most all will use best practices for your business.

You would pick the Salesforce or Hubspot specialist without question. In my prior companies, I went through this exact exercise and hired specialists for each of these products.

Similarly, your management consulting business plan should focus on a specific target group so that you become known as a specialist for your niche.

Additionally, create a buyer persona – or a few – to get a clear picture of who you plan to target.

What Goes Into a Buyer Persona for a Consultancy

• Sample Name, Job Title and Role : I always like to give each persona a name to make it more real. Then, include the specific job title and role of the individual who is most likely to hire a management consultant, such as a CEO, CFO, or HR Director.
• Industry and Company Size : Add the industry and size of the company that the individual works in, as the challenges and needs of a small startup may be different from those of a large corporation.
• Goals and Objectives : Be sure to list the most common goals and objectives that the individual is trying to achieve, such as improving operational efficiency, increasing revenue, or expanding into new markets. These should tie into your product or service offering.
• Pain Points and Challenges : Know the pain points and challenges that the individual is facing, such as difficulty retaining top talent, ineffective decision-making processes, or lack of innovation.
• Decision-Making Criteria : Identify the factors that the individual considers when making a decision to hire a management consultant, such as experience, reputation, price, or industry expertise. This can include the influences – or rather, influenc ers , that the buyer relies on to make final purchasing decisions.
• Communication Preferences : Add what you believe to be the preferred communication channels and styles of the individual, such as email, phone, text or in-person meetings.
• Personal Characteristics : You can include the personal characteristics of the buyer, such as their values, beliefs, and personality traits, which may impact their decision-making process.

I’ve created several samples that you can download and have also provided one for this consulting business plan below.

Download 5 Free Buyer Persona Examples →

Sample Management Consulting Target Market

Given my strong background in financial technology (fintech), I specialize in working with fintech startups and small to mid-sized financial institutions.

My clients are typically looking for help in implementing new technology solutions, improving their operational efficiency, or expanding into new markets. As a fintech consultant, I help them identify market expansion opportunities where they could increase their total addressable market ( TAM ) and clarify the marketing plan to penetrate deeper into existing accounts, also known as the land-and-expand strategy.

My consulting services are tailored to each client’s specific needs and can include everything from strategic planning to project management. By working with me, my clients gain access to my expertise in fintech, as well as my extensive network of contacts in the industry.

4. Marketing for Consulting Firms

As a consultant starting a new business or growing an existing one, it is crucial to have a well-planned marketing strategy to acquire clients. In the Marketing Strategy section of your consulting business plan, you should outline how you will promote your consulting firm and services to potential clients. This section should also include information on your consulting branding strategy and how you position yourself in the consulting market.

Here are ten marketing ideas to consider when developing your consulting marketing plan, written as tactics that you can copy/paste into a consulting business plan template or PDF. You can even use ChatGPT, Bard, or other AI-writing tools to create a starter outline, but be sure to include your own original content.

Sample Marketing Plan for a Consulting Firms

To acquire new customers and expand deeper within existing clients, I will deploy the following marketing ideas for consultants and leverage partners to expand my brand’s reach:

• Developing an educational website : My website will contain information on my services, but more importantly it will include case studies and thought leadership content. The key to success will be my educational content as part of my long-term content marketing strategy. I will add lead capture forms on each high-intent article to convert website visitors into leads that I can nurture through email marketing and social media.

• Leveraging SEO : I will identify specific high-intent keywords related to my fintech consulting niche and optimize my website content accordingly. This will help my website rank higher on search engines and attract more potential clients through my educational content. Many of my articles and guides will include videos because research shows that content with videos and images enhances SEO. While many firms rely on paid advertising, using long-tail keywords can be an effective and cost-saving approach. By targeting “low keyword difficulty” and “high search volume” phrases, I can tap into organic search traffic that can continue to generate leads even after the initial investment. Therefore, as a consulting firm, I will prioritize SEO as part of my overall marketing strategy to increase my online visibility and attract potential clients. I will use MoreBusiness.com’s SEO Coaching services to accelerate my footprint online to drive sales from organic traffic.
• Podcasting with thought leadership content : I will share my knowledge and expertise by starting a podcast . This way, I can repurpose the content I create into multiple channels, including writing articles, blog posts, and white papers and using clips to sprinkle throughout my social media channels. I will also produce webinars and slide decks from these podcasts to educate my target market. Having experts as guests on the podcasts will allow me to expand my reach when the guests share posts on their social channels as well.
• Attending industry events : I will attend relevant industry events to network with potential clients and showcase my expertise. I will identify 10 unique events every quarter and inquire about speaking to build my reputation and attract new clients. My goal is to speak at least twice each quarter to new audiences.
• Partnering with complementary businesses : Partnering with complementary businesses can help me reach new clients and expand my services. These businesses would provide services such as IT managed services, accounting, legal and HR, which can lead to referral business.

• Building a referral network : I will leverage my existing network to generate referrals by first providing opportunities for others to get more business. This approach builds trust first, which can lead to getting referrals from others.
• Advertising on industry-specific platforms : I will advertise on industry-specific platforms such as trade publications, industry associations, and job boards and look at the cost-benefit of Google and LinkedIn advertising.
• Using email marketing : I will send regular email newsletters with business consulting topics to stay in touch with clients and prospects. I will send newsletters with trending topics, case studies, and other relevant content to keep them engaged and informed about the industry as a whole as well as projects related to my services.

5. Consulting Business Plan Financials

To calculate your projections, your business model needs to consider several factors such as your revenue streams, cost structure, market size, and growth potential. You’ll also need to look at any historical financial data you have to create realistic projections.

It’s important to keep in mind that financial projections are not a guarantee of your business’s future performance, but rather an estimate based on the information you have available. That’s why it’s essential to make sure the assumptions in your business plan are realistic and backed up by data.

Overall, the financial projections section of your consulting business plan is a critical component that helps you understand the financial feasibility of your business and attract investors or lenders. In the example below, I’ve included an outline of what an individual business plan consultant might put into their business plan. If you are operating with partners as part of a larger entity, modify this example to accommodate for your team’s output and productivity. This consulting plan example also includes various sources of revenue, not just billable time.

Sample Financial Projections for Consulting Business Plan

As a consulting firm, I have several sources of revenue aside from billable hours. These include:

• Retainer Fees : Some clients prefer to pay a fixed monthly fee in exchange for a set number of hours or a specific scope of work. This can provide a predictable revenue stream for the firm.
• Project-Based Fees : For larger projects with a defined scope, I may charge a fixed fee based on the work required. This allows clients to budget more effectively and can provide a higher profit margin for the firm.
• Commission Fees : For certain types of work, such as sales, I may earn a commission on the results achieved. This can be a win-win for both the client and the firm, as the client only pays for results achieved and the firm is incentivized to achieve those results.
• Product Sales : I will develop proprietary online courses to share my expertise in fintech consulting and grow advisory services with those who are not yet ready or unable to afford my consulting services. These will provide an additional revenue stream and can also be used as a freebie given to select clients to share with their staff.
• Referral Fees : By referring clients to other businesses or consultants, I may earn a referral fee. This not only provides an additional source of revenue, but can also help to build relationships and expand my firm’s network.

By diversifying revenue streams, my consulting firm can create a more stable and profitable business model. Our expected revenues for the first three years are as follows:

Year 1 Consulting Firm Financial Projections:

• Billable hours: 1,000 hours x $300/hour = $300,000
• Retainer clients: 3 clients x 10 hours/month x $300/hour x 12 months = $108,000
• Product sales: 5 sales x $197 = $985
• Commissions/referral fees: $10,000
• Total revenue: $419,985

Year 2 Consulting Firm Financial Projections:

• Billable hours: 1,400 hours x $300/hour = $420,000
• Retainer clients: 3 clients x 10 hours/month x $350/hour x 12 months = $126,000
• Product sales: 7 sales x $197 = $1,379
• Commissions/referral fees: $15,000
• Total revenue: $562,379

Year 3 Consulting Firm Financial Projections:

• Billable hours: 1,800 hours x $300/hour = $540,000
• Retainer clients: 3 clients x 10 hours/month x $400/hour x 12 months = $144,000
• Product sales: 10 sales x $197 = $1,970
• Commissions/referral fees: $20,000
• Total revenue: $705,970

6. Consultant Business Plan Conclusion

The conclusion section of a consulting business plan should summarize the key points of the plan and reiterate the main goals and objectives as you start your consulting firm. It is similar to your executive summary and should reinforce the value that your consulting firm brings to clients and how it will address their needs and solve their problems.

Your goal is to leave a positive and lasting impression on the reader, highlighting your consulting firm’s strengths and capabilities and conveying a sense of confidence in your ability to build a successful consulting business. Again, as in previous sections, I’ve written the example below for an individual consultant, which you can easily modify as you need.

Consulting Business Plan Conclusion Example

My consulting firm is well-positioned to provide exceptional services to our clients in the fintech industry. I have a highly experienced team through partnerships with individuals who have a track record of success in this fintech consulting, and we are committed to helping our clients achieve their business goals through innovative and effective solutions. I believe that by leveraging our expertise in operations management and technology, we can help our clients optimize their operations, increase efficiency, and ultimately, drive growth and profitability.

Through strategic partnerships, I’m able to offer a comprehensive suite of services to meet our clients’ needs, from project management and process improvement to software implementation and data analytics. My goal is to establish long-term relationships with our clients and become a trusted partner in their success.

I understand the challenges facing the fintech industry and are constantly adapting and evolving to stay ahead of the curve. I am committed to staying up-to-date with the latest trends, technologies, and best practices in my field, and we are excited to bring this knowledge to clients.

Overall, I am confident in my ability to deliver exceptional value to our clients and achieve the business goals outlined in this plan. I am excited to embark on this journey and look forward to the opportunities that lie ahead.

Start Your Consulting Business

Ready to get started? Download this consulting business plan template and save it as a PDF or doc file for future reference as you build out your business model and growth path.

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The blueprint for crafting your effective consulting business plan

Keith Rabkin Chief Revenue Officer for PandaDoc

• Copy Link Link copied

Ever tried to put up a tent blindfolded? Navigating the consulting world without a business plan can feel the same overcomplicated.

We created this guide to help you set a strategic, actionable plan on how to operate your early-stage consulting business.

We’ll help you define your services, set achievable and clear goals, and arrange strategies for growth.

So are you ready to pitch your tent with both eyes open?

Key takeaways

• A consulting business plan starts with defining your unique selling proposition (USP). Identify a niche and ideal client by conducting thorough market research and competitive analysis.
• Develop a 12-month marketing strategy with specific targets. Allocate 10-15% of projected revenue to marketing for optimal results.
• Realistically estimate your expenses and revenue based on billable hours/fees and retention rate assumptions.
• Use a proven template rather than starting from scratch to not overlook important elements of the plan.

What is a consulting business plan?

A business plan is a document covering all the aspects of your future consulting business in terms of achieving business goals.

In other words, this specific plan removes the guesswork from how one runs their consulting business.

In the upcoming sections, we’ll explain the key pieces needed to create your business plan.

Your consulting business plan should offer a detailed overview of your consulting firm.

Let’s briefly review the essential sections of the plan and what should be in each of them.

• Executive summary is a short overview of the main points of the document.
• Business overview highlights the mission, vision, history, and services offered by the consulting firm.
• Management team provides bios and expertise of key team members.
• Customer analysis defines target clients, their needs, and how the consulting service solves their problems.
• Industry analysis evaluates the landscape including growth, trends, regulations, and competition.
• Competitive analysis compares the consulting firm’s positioning and offerings versus competitors.
• Marketing plan outlines promotional strategies, lead generation, and metrics.
• Operations plan details the logistics of service delivery, staffing, resources, and customer service principles.
• Financial plan projects costs, revenue, cash flow, and profitability timelines.

Key steps for developing your consulting business plan

Building a thriving consulting business requires thorough planning and a keen eye for detail. Let’s walk through this journey step-by-step.

Step 1. Identify your niche and ideal clients

Kick off your business plan by diving deep into industry research. Look for sectors and trends where there’s a gap that your expertise can fill.

To validate the demand, consider surveying potential clients.

Once you’ve got a handle on that, create a detailed profile of your ideal client , considering factors like their company size, revenue streams, challenges, and objectives.

By the way, focusing on ideal buying personas in B2B (with all these fictitious names, bios, etc.) is one of the greatest sales mistakes, according to Corporate Visions’ findings and Gartner B2B sales research results.

Step 2. Analyze the competition

Understanding your competition is crucial. Examine competitor services offered, how they are marketed, and what they charge.

This is your chance to find your unique selling proposition.

Step 3. Set your rates and service packages

Following the actual industry norms to appoint your consulting fees. However, the price that you use should mirror both your expenses as well as the premium value that your expertise brings to your clients.

Let’s say you work out your overhead costs (utilities, office rental, equipment, etc.) to be roughly $50 per hour, while your hourly work value, which includes your experience and knowledge in this field, is $100.

So, your primary costs in total for an hour of consultation would be $150.

A standard practice in the consulting industry is to have a 100% markup rate on your primary costs.

Applying that rule to your scenario would mean doubling your total cost of $150, which brings your final hourly rate to $300.

Create bundled service packages that combine different services, such as business strategy consultation, market analysis report, and a follow-up action plan. You can offer these at a discounted rate compared to purchasing each service individually.

For example, Bronze is an entry-level package with initial consultation and some basic professional business advice.

Silver is a mid-tier package covering everything from the Bronze plus a detailed action plan for improving business operations.

Finally, the Gold package is a top-tier one complementing what’s in Silver with extended support and follow-ups.

Step 4. Create a marketing and client acquisition strategy

Outline a 12-month marketing strategy that includes a mix of content marketing, events, referrals, and lead-generation campaigns .

Set achievable targets for each quarter, focusing on metrics like leads generated, sales appointments set, and deals closed.

When it comes to budgeting, aim to allocate 10%-15% of your projected revenue or even more to marketing.

According to Gartner, the average startup spends 11.2% of its revenue on marketing.

Step 5. Calculate potential project expenses and revenue

You’ll need to account for various expenses, including staffing, office space, equipment, software, and marketing.

Don’t forget about professional services, travel, and other overhead costs.

On the revenue side, forecast your monthly earnings based on projected billable hours or fixed fees, and assume a client retention rate between 80%-90% .

Extend these projections to create 3 to 5-year profit and loss statements and cash flow forecasts.

Step 6. Plan for sustainability and growth

Your business plan shouldn’t just be a launchpad; it should be a roadmap for long-term growth.

Given that self-funding for growth beyond 20% annually is often unrealistic for most consulting firms, you’ll need a plan B.

One smart move is to establish strategic financial partnerships with investors, banks, or other financial institutions.

These partnerships can offer the capital injection you need to scale your services, break into new markets, or even acquire other businesses. 

More than just a financial lifeline, these partnerships can also provide invaluable business insights and open doors to new opportunities.

Step 7. Use an appropriate consulting business plan template

Having a consulting business plan template is like having a roadmap for your contractual relationships.

It ensures you don’t overlook key elements such as scope, payment terms, and legal considerations.

Consultant Business Plan Template

Used 4999 times

An example of a document outlining your strategy for launching or expanding your consulting firm is a Consultant Business Plan Template. The essential elements include a summary of the company, team, sector, rivals, target audience, and an operations and marketing strategy.

Customize it and review it with a legal advisor to ensure compliance.

Why developing a consulting business plan is so important

Let’s talk about the positive outcomes of planning. A well-defined consulting business plan…

…directs your business operations

A business plan defines your strategy and major goals, simplifying day-to-day decision-making and helping you focus on long-term objectives.

In other words, you know what to do next at any given moment of operating your early-stage consulting business.

…mitigates your risks

With a comprehensive business plan in place, you can anticipate and prepare for potential challenges, turning risks into opportunities.

…attracts investors

If you want to secure investments, the first thing venture investors or business angels will ask you for is (surprise, surprise) a business plan.

Not just any plan, but a detailed, convincing blueprint of your consulting business that highlights growth and potential returns.

Wrapping up

A well-crafted consulting business plan is essential for guiding your strategy, operations, marketing, finances, and growth.

Carefully working through each component will ensure you launch your firm following a clear plan on how to achieve success.

Using business planning platforms like PandaDoc that offer templates and tools can help streamline creating a professional plan.

The software also enables real-time collaboration so you can work seamlessly with colleagues and advisors.

PandaDoc is not a law firm, or a substitute for an attorney or law firm. This page is not intended to and does not provide legal advice. Should you have legal questions on the validity of e-signatures or digital signatures and the enforceability thereof, please consult with an attorney or law firm. Use of PandaDocs’ services are governed by our Terms of Use and Privacy Policy.

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BUSINESS STRATEGIES

How to create a consultant business plan

• Nirit Braun
• Oct 30, 2023
• 13 min read

When launching your consulting business, one of the essential first steps is crafting a well-structured and detailed business plan. Your consulting business plan is like a strategic playbook that lays out your goals, tactics and financial projections. It not only steers you toward success but also equips you to adapt and thrive in the dynamic world of consulting.

Keep reading for tips on how to build a strong business plan for your business. Use the template provided at the end to get started on your own plan.

Looking to kick off your consultancy business? Create a business website today with Wix.

Why create a consultant business plan? Top benefits to consider

A business plan forces entrepreneurs to thoroughly evaluate their business idea, target audience and competitive landscape. This process clarifies their vision and mission, ensuring that they have a clear understanding of how their consultancy will provide value to clients. A business plan helps you in the following ways:

Create a business blueprint : With a business plan in place, entrepreneurs looking to start a business can make informed decisions based on a solid foundation of research and analysis. They can choose the most effective strategies for marketing, pricing and service delivery, enhancing their chances of success. Your business plan can also be used to explain what type of business you'll start - whether that's an LLC, Corporation or something else. Learn more about how to start an LLC .

Secure funding : The cost to start a consultancy business can range from around $60 to several thousand dollars . For those seeking external funding, a well-developed business plan demonstrates credibility and professionalism. Investors and lenders are more likely to support a venture with a thought-out plan that showcases its potential for growth and profitability.

Set measurable goals : A business plan sets measurable goals and performance metrics, which is vital with this type of business . This allows entrepreneurs to track their progress, adapt strategies as needed and celebrate milestones along the way.

Want to remind yourself of the basics? Learn more about how to start a service business .

How to create a successful consultant business plan in 6 steps

In this section, we'll break down the key components involved in crafting a successful consultant business plan in six steps.

Executive summary

Business and domain names

Market analysis and research

Operations plan

Marketing and advertising plan

Financial plan

01. Executive summary

An executive summary serves as a concise overview of the consultant's business plan, providing a snapshot of the key components and the business' essence. It's usually the first section investors, lenders and stakeholders read, so it must encapsulate the business' value proposition, objectives, strategies and projected growth. To write a clear executive summary for a consultant business make sure to keep it succinct yet informative. Clearly state the purpose of the business, the services offered, the target market and the unique value proposition. Avoid technical jargon that may confuse readers.

Then you can mention the business' strengths, such as the expertise of the consultants, unique methodologies or specialized services. Emphasize factors that set your consultancy apart from competitors.

Briefly discuss the market need for your services and how your consultancy plans to fulfill it. It’s worth noting that strategy and management consulting, as well as technology consulting, financial consulting and HR consulting are in high demand . Highlight any trends or changes in the industry that your business can capitalize on.

Remember to include a snapshot of your financial projections, indicating expected revenue, costs and profitability. This provides a glimpse into the business' potential financial success.

Example of an executive summary for a consultant business

"XYZ Consulting is a boutique consultancy firm specializing in digital transformation for small and medium-sized enterprises (SMEs). With a team of seasoned professionals, we offer tailored solutions to help businesses harness the power of technology for growth. Our unique approach blends strategic consulting with hands-on implementation, ensuring tangible results. In a rapidly evolving tech landscape, XYZ Consulting is poised to be the partner SMEs need to thrive. Our financial projections forecast a steady growth trajectory, with a focus on achieving profitability within the first two years. With a proven track record and a finger on the pulse of industry trends, XYZ Consulting is well-equipped to guide businesses toward digital success."

02. Business and domain names

Knowing how to name a business is crucial for a consultancy venture and a key step before you register your business . It's the foundation of your brand and influences how clients perceive your services. With Wix , you can use a free business name generator or consulting company name generator as helpful tools for brainstorming unique and memorable names. Ensure the name reflects your expertise and the services you offer.

Similarly, the domain name for your business website is vital. It should be easy to remember, relevant to your services and ideally, match your company name. Check the domain's availability using domain registration platforms. Ensure the domain name aligns with your consultancy's focus and services. Generally, this means keeping it short and easy to spell and pronounce.

Learn more: How to make a consulting website

03. Market analysis and research

Incorporating a thorough market analysis within your consultant business plan is essential. Understand the competitive landscape, target audience and market trends. Research your competitors' strengths and weaknesses, pricing strategies and client base. This information will shape your business strategies and help you identify gaps in the market that your consultancy can fill.

04. Operations plan

The operations plan outlines the logistical aspects of your consultancy. It covers location, premises, equipment and staffing requirements. Determine whether your consultancy will be home-based, have a physical office or operate virtually. Define the equipment and software needed to deliver services effectively. Outline your staffing needs, including the roles and expertise required.

05. Marketing and advertising plan

Your marketing and advertising plan outlines how you will promote your consultant business. Identify the most effective strategies to reach your target audience. Consider content marketing, social media campaigns, networking events and speaking engagements to showcase your expertise. Emphasize how your marketing efforts will build brand awareness and attract clients.

You’ll need to develop a suite of brand assets to use in your marketing as well, starting with a company logo. You can use a free logo maker to get a professional logo in minutes.

06. Financial plan

The financial plan is a critical component of any business plan. It outlines how you will raise money for your business initially and provides a timeline for reaching profitability. Detail your startup costs, including equipment, marketing expenses and personnel. Present your revenue projections, taking into account different pricing models and growth scenarios. Highlight your break-even point and the strategies you'll employ to achieve profitability.

By addressing each part of their plan, entrepreneurs can create a robust business plan that guides them toward achieving their business goals and building a reputable consulting brand.

Consultant business plan examples

These templates illustrate two hypothetical consultant business plans, each tailored to a specific niche. These are just templates and should be adapted to your specific business goals and industry dynamics.

Consultant business plan template 1: XYZ Digital Consultants

XYZ Digital Consultants is a pioneering consultancy firm focused on digital transformation for businesses seeking to thrive in the digital age. Our team of experienced professionals offers strategic guidance and hands-on implementation to drive growth through technology adoption. With projected profitability within two years and a commitment to excellence, XYZ Digital Consultants is poised to lead businesses into a successful digital future.

Company and domain name

Company name: XYZ Digital Consultants

Domain name: xyzdigitalconsultants.com

Market opportunity: The rapid shift toward digital operations has created a substantial demand for expert guidance. Our analysis reveals a gap in the market for holistic digital transformation solutions tailored to the needs of SMEs.

Competitor research: We've identified key competitors and their strengths, which informs our strategy to emphasize personalized service and comprehensive implementation.

Location: Primarily virtual, with occasional in-person consultations as needed.

Premises: Home-based setup with access to modern communication tools.

Equipment: High-speed internet, latest software tools and virtual meeting platforms.

Staffing: Founder and lead consultant, supported by contract specialists as projects demand.

Content marketing: Regular blog posts on digital transformation trends, case studies and client success stories.

Social media campaigns: Active presence on LinkedIn and X to engage with potential clients and share valuable insights.

Networking events: Participation in industry webinars, seminars and local business events to showcase expertise.

Speaking engagements: Leveraging speaking opportunities at conferences and workshops to establish authority in the field.

Startup costs (equipment, website development, marketing materials): $15,000

Revenue projections (year one): $150,000

Revenue projections (year two) : $300,000

Break-even point: Achieved by the end of year one

Funding: Initial investment and savings from the founder

Consultant business plan template 2: LeadersEdge Consultants

LeadersEdge Consultants is a dynamic consultancy dedicated to leadership development and organizational excellence. Our experienced team offers customized programs that empower leaders to drive positive change. With a projected growth trajectory and a commitment to fostering impactful leadership, LeadersEdge Consultants is poised to transform organizations and elevate their success.

Company name: LeadersEdge Consultants

Domain name: leadersedgeconsultants.com

Market opportunity: Our analysis reveals a growing need for leadership development programs in diverse industries.

Competitor research: We've identified competitors' offerings and recognized an opportunity to provide a unique blend of coaching, training and strategy implementation.

Location: Virtual consultations, with the option for on-site workshops

Premises: Virtual office setup with video conferencing capabilities

Equipment: High-quality audiovisual tools, assessment software and learning platforms

Staffing : Founder will serve as the lead consultant, supported by certified leadership coaches

Customized workshops: Designing tailored leadership development programs for individual organizations.

Webinars: Hosting webinars on leadership best practices to showcase expertise and engage potential clients.

Thought leadership content: Publishing whitepapers, eBooks and video content on leadership topics.

Collaborations: Partnering with HR and talent development professionals to expand reach.

Startup costs ( making a website , training materials) : $10,000

Revenue projections (year one): $120,000

Revenue projections (year two): $250,000

Break-even point: Achieved within the first six months

Funding: Initial investment from the founder.

How much should you be charging as a consultant?

The amount you charge as a consultant will depend on a number of factors, including:

Your experience and expertise

The type of consulting services you offer

The value you provide to your clients

The market rate for consulting services in your field

In general, consultants charge between $100 and $500 per hour. However, some experienced and highly specialized consultants can charge upwards of $1,000 per hour.

To determine your consulting rate, you can use the following formula:

Consulting rate = Hourly rate * Value multiplier

Your hourly rate should reflect your experience and expertise, as well as the type of consulting services you offer. For example, if you have 10 years of experience and you offer specialized consulting services, you can charge a higher hourly rate than a consultant with less experience and who offers more general consulting services.

Your value multiplier should reflect the value you provide to your clients. For example, if you can help your clients to achieve significant results, you can charge a higher value multiplier.

Here is an example of how to use the formula:

Consultant: Experienced consultant with 10 years of experience offering specialized consulting services

Hourly rate: $200 per hour

Value multiplier: 2

Consulting rate: $200 per hour * 2 = $400 per hour

Can a consulting business be profitable?

Yes, a consulting business can be profitable. In fact, consulting is one of the most profitable industries in the world. According to a report by IBISWorld, the average profit margin for consulting businesses is 20%. This means that for every $100 in revenue, consulting businesses generate $20 in profit.

There are a number of factors that contribute to the profitability of consulting businesses. First, consultants are able to charge high fees for their services. Second, consulting businesses have relatively low overhead costs. Third, the demand for consulting services is high, and it's only expected to grow in the coming years.

Of course, not all consulting businesses are successful. Some consultants struggle to find clients or to charge high enough fees. Others may not be able to deliver the results that their clients expect. However, for consultants who are able to overcome these challenges, the potential rewards are great.

Here are some tips for increasing your chances of success as a consultant:

Specialize in a high-demand area of consulting. This will allow you to charge higher fees and attract more clients.

Build a strong reputation and network of clients. This will help you to generate word-of-mouth referrals and land new clients.

Market your services effectively. Make sure that potential clients know about your services and how you can help them.

Deliver high-quality results. This is the most important thing you can do to ensure that your clients are satisfied and that they continue to use your services in the future.

How much does it cost to start a consulting business?

The cost to start a consulting business can vary depending on a number of factors, such as the type of consulting services you offer, the size of your business and your location. However, in general, you can expect to spend between $10,000 and $50,000 to start a consulting business.

Here is a breakdown of some of the typical start-up costs for a consulting business:

Business formation: $100 to $1,000

Website and domain name: $100 to $2,500

Marketing and advertising: $500 to $5,000

Office equipment and supplies: $500 to $5,000

Professional liability insurance: $500 to $1,000

Other miscellaneous expenses: $500 to $5,000

Total start-up costs: $10,000 to $50,000

You can reduce your start-up costs by working from home, using free or low-cost marketing tools and purchasing used equipment. You can also start your consulting business part-time while you continue to work your full-time job. This will give you a chance to generate revenue and build a client base before you leave your full-time job.

If you need financial assistance to start your consulting business, you may be able to qualify for a loan from a bank or credit union. You may also be able to find investors who are willing to invest in your business.

Which clients to avoid and which to take on?

Here are some tips on which clients to avoid and which to take on in a consulting business:

Clients to avoid

Clients who aren't willing to pay your rates. If a client isn't willing to pay your rates, it's a sign that they don't value your services.

Clients who are unrealistic about their expectations. If a client has unrealistic expectations about what you can achieve, you're likely to set yourself up for failure.

Clients who are difficult to work with. If a client is demanding, rude or disrespectful, it's best to avoid them.

Clients who aren't a good fit for your business. If a client isn't in your target market or if their business isn't aligned with your values, it's best to decline working with them.

Clients to take on

Clients who are willing to pay your rates. This shows that they value your services and are committed to working with you.

Clients who have realistic expectations. This makes it more likely that you will be able to meet their needs and exceed their expectations.

Clients who are easy to work with. This will make the consulting process more enjoyable and productive for both of you.

Clients who are a good fit for your business. This means that they're in your target market and that their business is aligned with your values.

In addition to the above, here are some other factors to consider when deciding which clients to take on:

Your own skills and experience. Make sure that you have the skills and experience to help the client achieve their goals.

The client's budget. Make sure that the client has a budget that's sufficient to cover your fees.

The client's timeline. Make sure that you have the time and resources to meet the client's timeline.

Your gut feeling. If you have a bad feeling about a client, it's best to trust your gut and decline working with them.

It's important to be selective about the clients you take on. By avoiding difficult clients and focusing on good-fit clients, you can set yourself up for success in your consulting business.

Consultant business plan FAQ

What qualifies you as a consultant.

To qualify as a consultant, you need to have the expertise and experience in the area that you're consulting in. You also need to be able to communicate your ideas effectively and build relationships with clients.

How do you start off as a consultant?

How to make 6 figures as a consultant, how do you pay yourself as a consultant, do consultants pay their own taxes, want to create another business plan.

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How To Write A Consulting Business Plan

Creating a business plan is essential for any business, but it can be especially helpful for consultants who want to establish their credibility and get ahead in the industry.

A well-crafted business plan not only outlines your vision for the company but also provides a step-by-step process of how you are going to accomplish it. In order to create an effective business plan, you must first understand the components that are essential to its success.

This article will provide an overview of the key elements that every consultant should include in their business plan.

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What is a Consulting Business Plan?

A consulting business plan is a formal written document that describes your company’s business strategy and its feasibility. It documents the reasons why you will be profitable, how you can succeed in your market, what will set your product or service apart from others, and includes information about your team members, if applicable, to convince investors and lenders (if needed) that you have what it takes to make your venture successful.

Why Write a Consulting Business Plan?

A consulting business plan is required for banks and loan companies, and it is often requested by investors. This document is a clear and concise guide of your business idea and the steps you will take to make it profitable.

Entrepreneurs can also use this as a roadmap when starting their new company or venture, especially if they are inexperienced in starting a business.

Writing an Effective Consulting Business Plan

The following are the key components of a successful consulting business plan:

Executive Summary

The executive summary of a consulting business plan is a one to two page overview of your entire business plan. It should summarize the main points, which will be presented in full in the rest of your business plan.

• Start with a one-line description of your consulting firm
• Provide a short summary of the key points of each section of your business plan.
• Organize your thoughts in a logical sequence that is easy for the reader to follow.
• Include information about your company’s management team, industry analysis, competitive analysis, and financial forecast.

Company Description

This section should include a brief history of your company. Include a short description of how it all started, and provide a timeline of milestones the company has achieved.

If you are just starting your consulting business, you may not have a long company history. Instead, you can include information about your professional experience in this industry and how and why you conceived your new venture. If you have worked for a similar company before or have been involved in an entrepreneurial venture before starting your consulting firm, mention this.

Industry Analysis

The industry or market analysis is an important component of a consulting business plan. Conduct thorough market research to determine industry trends, identify your potential customers, and the potential size of this market. 

Questions to answer include:

• What part of the consulting industry are you targeting?
• Who are your competitors?
• How big is the market?
• What trends are happening in the industry right now?

You should also include information about your research methodology and sources of information, including company reports and expert opinions.

Customer Analysis

This section should include a list of your target audience(s) with demographic and psychographic profiles (e.g., age, gender, income level, profession, job titles, interests). You will need to provide a profile of each customer segment separately, including their needs and wants.

You can include information about how your customers make the decision to buy from you as well as what keeps them buying from you.

Develop a strategy for targeting those customers who are most likely to buy from you, as well as those that might be influenced to buy your products or consulting services with the right marketing.

Competitive Analysis

The competitive analysis helps you  determine how your product or service will be different from competitors, and what you are using as your unique selling proposition (USP) that will set you apart in this industry.

Complete a SWOT Analysis. Your SWOT analysis should include:

• Strengths : what are your strengths?
• Weaknesses : what are your weaknesses?
• Opportunities : how can you take advantage of competitive weaknesses and strike back at them with your strengths and possible new product or service offerings?
• Threats : what are the potential threats to your company? How can you prepare for them? What can you do to mitigate potential risks?

You will then use this information to develop your own competitive strategy. Determine your competitive advantage and how you will differentiate your business from these competitors.

Marketing Plan

Your consulting marketing plan is where you determine how you are going to reach your target customer(s). Your marketing strategy should be clearly laid out, including the following 4 Ps.

• Product/Service : Make sure your service offering is clearly defined and differentiated from your competitors, including the benefits of using your service.
• Price : How do you determine the price for your service? You should also include a price strategy that takes into account what customers will be willing to pay and how much the competition within your market charges.
• Place : Where will your customers find you? What channels of distribution will you use to reach them?
• Promotion : How will you reach your target market? You can use social media or write a blog, create an email marketing campaign, post flyers, pay for advertising, launch a direct mail campaign, etc.

You should also include information about your paid advertising budget, including an estimate of expenses and sales projections.

Operations Plan

The operations plan should include the following information:

• How will you deliver your service to customers? For example, will you do it in person or over the phone only?
• What infrastructure, equipment, and resources are needed to operate successfully? How can you meet those requirements within budget constraints?

The operations plan is where you also need to include your company’s business policies. You will want to establish policies related to everything from customer service to pricing, to the overall brand image you are trying to present.

Management Team

Include a list of team members including names and titles, as well as their expertise and experience relevant to your specific consulting industry. Include brief biography sketches for each team member.

Financial Plan

Now include a complete and detailed financial plan. This is where you will need to break down your expenses and revenue projections for the first 5 years of operation. This includes the following financial statements:

Income Statement

Your income statement should include:

• Revenue : how will you generate revenue?
• Cost of Goods Sold : These are your direct costs associated with generating revenue. This includes labor costs, as well as the cost of any equipment and supplies used to deliver the service offering.
• Net Income (or loss) : once expenses and revenue are totaled and deducted from each other, what is the net income or loss? 

Sample Income Statement for a Startup Consulting Firm

Balance Sheet

Include a balance sheet that shows what you have in terms of assets, liabilities, and equity. Your balance sheet should include:

• Assets : All of the things you own (including cash).
• Liabilities : This is what you owe against your company’s assets, such as accounts payable or loans.
• Equity : The worth of your business after all liabilities and assets are totaled and deducted from each other.

Sample Balance Sheet for a Startup Consulting Firm

Cash Flow Statement

Include a cash flow statement showing how much cash comes in, how much cash goes out and a net cash flow for each year. The cash flow statement should include:

• Income : all of the revenue coming in from clients.
• Expenses : all of your monthly bills and expenses. Include operating, marketing and capital expenditures.
• Net Cash Flow : the difference between income and expenses for each month after they are totaled and deducted from each other. This number is the net cash flow for each month.

Using your total income and expenses, you can project an annual cash flow statement. Below is a sample of a projected cash flow statement for a startup consulting business.

Sample Cash Flow Statement for a Startup Consulting Firm

You will also want to include an appendix section which may include:

• Your complete financial projections
• A complete list of your company’s business policies and procedures related to the rest of the business plan (marketing, operations, etc.)
• A list of your hard assets and equipment with purchase dates, prices paid and any other relevant information
• A list of your soft assets with purchase dates, prices paid and any other relevant information
• Biographies of the key employees listed in the executive summary section above.
• References to people you have done business with who are willing to confirm their positive business holdings with your company.

Writing a good business plan gives you the advantage of being fully prepared to launch and grow your consulting company. It not only outlines your business vision but also provides a step by step process of how you are going to accomplish it. Sometimes it may be difficult to get started, but once you get the hang of it, writing a business plan becomes easier and will give you a sense of direction and clarity about your consulting company.  

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Consulting Firm Business Plan Template

Written by Dave Lavinsky

Business Plan Outline

• Consulting Firm Business Plan Home
• 1. Executive Summary
• 2. Company Overview
• 3. Industry Analysis
• 4. Customer Analysis
• 5. Competitive Analysis
• 6. Marketing Plan
• 7. Operations Plan
• 8. Management Team
• 9. Financial Plan

Start Your Consulting Firm Plan Here

Consulting Business Plan

If you need a business plan for your consulting business, you’ve come to the right place. Our consulting business plan template below has been used by countless entrepreneurs and business owners to create business plans to start or grow their consulting businesses.

Important note: If you are looking for a business plan consultant , specifically, a consultant to help you write your business plan, we recommend Growthink who offers a business plan consultation service here.

Sample Consultant Business Plan & Template

Below are links to each section of your consulting business plan template:

• Executive Summary
• Company Overview
• Industry Analysis
• Customer Analysis
• Competitive Analysis
• Marketing Plan
• Operations Plan
• Management Team
• Financial Plan

Next Section: Executive Summary >

Consulting Business Plan FAQs

What is a consulting business plan.

A consulting business plan is a plan to start and/or grow your consulting firm. Among other things, it outlines your business concept, identifies your target customers, presents your marketing plan, and details your financial projections.

You can  easily complete your consulting firm business plan using our Consulting Firm Business Plan Template here .

What Are the Main Types of Consulting Firms?

There are many types of consulting firms. Most consultant companies are in business concentrations such as Management, Strategy, Operations, IT, Human Resources, Financial Advisory, and Marketing/Sales. There are also firms that are singularly focused such as those that offer business plan consulting.

What Are the Main Sources of Revenue and Expenses for a Consulting Business?

The primary source of revenue for consulting firms are fees paid by the client. The client will either sign a contract or agreement of the services it will choose and the pricing for those services beforehand.

The key expenses for a consulting business are the cost of leasing the office, employee cost, marketing/advertising costs, and any office technology or software.

How Do You Get Funding for Your Consulting Business?

Consulting businesses are most likely to receive funding from banks. Typically you will find a local bank and present your consulting business plan to them. Angel investors and other types of capital-raising such as crowdfunding are other common funding sources.

What are the Steps To Start a Consulting Business?

Starting a consulting business can be an exciting endeavor. Having a clear roadmap of the steps to start a business will help you stay focused on your goals and get started faster.

1. Develop A Consulting Business Plan - The first step in starting a business is to create a detailed consulting business plan that outlines all aspects of the venture. This should include potential market size and target customers, the services or products you will offer, pricing strategies and a detailed financial forecast.  

2. Choose Your Legal Structure - It's important to select an appropriate legal entity for your consulting business. This could be a limited liability company (LLC), corporation, partnership, or sole proprietorship. Each type has its own benefits and drawbacks so it’s important to do research and choose wisely so that your consulting business is in compliance with local laws.

3. Register Your Consulting Business - Once you have chosen a legal structure, the next step is to register your consulting business with the government or state where you’re operating from. This includes obtaining licenses and permits as required by federal, state, and local laws. 

4. Identify Financing Options - It’s likely that you’ll need some capital to start your consulting business, so take some time to identify what financing options are available such as bank loans, investor funding, grants, or crowdfunding platforms. 

5. Choose a Location - Whether you plan on operating out of a physical location or not, you should always have an idea of where you’ll be based should it become necessary in the future as well as what kind of space would be suitable for your operations. 

6. Hire Employees - There are several ways to find qualified employees including job boards like LinkedIn or Indeed as well as hiring agencies if needed – depending on what type of employees you need it might also be more effective to reach out directly through networking events. 

7. Acquire Necessary Consulting Equipment & Supplies - In order to start your consulting business, you'll need to purchase all of the necessary equipment and supplies to run a successful operation. 

8. Market & Promote Your Business - Once you have all the necessary pieces in place, it’s time to start promoting and marketing your consulting business. This includes creating a website, utilizing social media platforms like Facebook or Twitter, and having an effective Search Engine Optimization (SEO) strategy. You should also consider traditional marketing techniques such as radio or print advertising. 

Learn more about how to start a successful consulting business:

• How to Start a Consulting Business

Where Can I Get a Consulting Business Plan PDF?

You can download our free consulting business plan template PDF here . This is a sample consulting business plan template you can use in PDF format.

Don't bother with copy and paste.

Get this complete sample business plan as a free text document.

Business Consulting Business Plan

Start your own business consulting business plan

Growth Management and Strategies

Executive summary executive summary is a brief introduction to your business plan. it describes your business, the problem that it solves, your target market, and financial highlights.">.

Growth Management and Strategies (GMS) is an ambitious innovative new company that is attempting to turn the small business consulting business on its head. With an experienced consultant at the helm as President, GMS intends to grow at more than 50% per year through solid customer service, a great sales plan, proven competitive strategies, and a group of people that bring dynamic energy to the company and the sales process.

The goal for this plan is financial: GMS needs a Small Business Adminstration (SBA) loan, and this document is one step in the process. It is also a road map for the company. The document gives all present and future employees, as well as the owner a sense of purpose that may exist without the business plan, but becomes more relevant after the business plan is written, reviewed, shared, and edited by all. It is a living document that will last far beyond the SBA loan purpose, or if that doesn’t occur, to bring an investor on board.

GMS’s financials are realistic, and based on very conservative sales figures relative to the industry as a whole. That is because one of the goals of GMS is to build the business one client at a time, and to serve each client as if it were the last. This is how loyalty is generated, and cultivated. Customer service is what GMS will do best, and is a large part of the company’s overall mission.

1.1 Objectives

The objectives for Growth Management and Strategies are:

• Gain access to an SBA loan upon start up.
• Grow the company from 2 employees in Year 1, to over 10 by Year 5.
• Increase revenue to over $3 million by Year 3.
• Increase client base by 450% in three years.
• Maintain job costing that keeps margins above 70%.

1.2 Mission

The company mission is to serve small business clients that are in need of logistical, technical, and business strategy services. All projects will be chosen based on the availability of human resources, and each individual employee will be given the respect of a contract worker, and will share in profits for each job. Politics have no place at Growth Management and Strategies, and to limit the affects of favoritism, the company will implement and clearly communicate a performance review policy that applies to those at the bottom as well as the top of the leadership ladder. Credit will be given to the person who performed and/or innovatively modified a project, and compensation will be both financial and in the form of commendation.

Growth Management and Strategies is a company that respects the needs and expectations of its employees and clients. If either is compromised, adjustments will be made so that the company culture may remain intact.

1.3 Keys to Success

Our keys to success are:

• To maintain client satisfaction of at least 90%.
• To keep overhead low.
• To ensure professional marketing and presentation of services.
• To provide an active and functional website.

Company Summary company overview ) is an overview of the most important points about your company—your history, management team, location, mission statement and legal structure.">

Growth Management and Strategies was established as a C corporation. The company’s headquarters are located in Boston, MA, near Copely Place. The company was established as a result of the efforts of its owner, Bill Dawson, and his experience in leading small businesses into prolonged periods of growth and innovation. Dawson worked for McKinsey before being hired away to Bain and Company. A Harvard graduate, Dawson spent hundreds of hours each week for nearly a year, slowly building the company to where it is now.

The company has had numerous successes this year, including one client that was purchased by a major multinational conglomerate, and another that experienced product sales growth of over 700% the first year.

2.1 Start-up Summary

This start-up summary table lists all the costs associated with establishing a lease, purchasing office equipment, and pulling together the other resources necessary to get the business off the ground. Furniture, LAN lines, and additional technology purchases are a must in order to properly communicate with clients, and to establish a website.

Other services included in the start-up summary are legal consulting fees, kept to a minimum thanks to resources provided by Nolo. Incorporation fees are included in the legal fees line item.

The free cash flow (cash balance) appearing in this start-up table is high relative to other small consulting businesses of its size. The owner is preoccupied with maintaining positive cash flow, and is risk averse enough to understand that during months in which contracts are not available, the corporation must sustain itself.  With this said, planned debt leverage is low, therefore risk to the lender is relatively low as well.

2.2 Company Ownership

Growth Management and Strategies is wholly owned by Bill Dawson, and is classified as an LLC.

Growth Management and Strategies offers a variety of services to the small business client. Many of the services are customized for each client, and a bidding process is observed. The company also offers a traditional fixed rate sheet for its services.

Market Analysis Summary how to do a market analysis for your business plan.">

The target customer owns a small business, and is generally dissatisfied with the revenue that the business is generating, or is dissatisfied with the daily management of their business. The customer is likely to operate a business worth between $200K and $10 million, with growth rates of between 1-10%, or even a negative growth rate.

Market growth, that is, the predicted growth in the small business sector within the Boston/Cambridge Metro area is expected to be around 3% per year. This may increase due to additional SBA lending programs designed to match the strengths of research and faculty grant work with the needs of the market and small businesses willing to take new products to market. Regardless of the market growth, the company’s customer base is far more dependant upon service needs, and a solid reputation. Mr. Dawson is well respected within the community, and has built a number of relationships with high profile individuals, and is a frequent contributor to the business section of the Boston Herald.

The corresponding market analysis table below breaks the potential market down into tactical sub-markets.

4.1 Market Segmentation

• Debt of more than 30% yearly revenue.
• Free cash flow frequently in the negative, requiring deep pocket borrowing or investment.
• Long-term growth underperforming relative to competitors.
• Management discord and performance issues.

These are not the only differentiators used to determine the market potential for a client, they are simply a starting point for the sales team as they reach out to this group of small businesses, owners and investors.

4.2 Target Market Segment Strategy

The target market strategy involves isolating potential customers by revenue, then drilling down to very specific needs via the sales team’s needs analysis methodology.

The first tier customers, businesses with over $3 million in revenue, is more experienced in outsourcing and may find themselves more comfortable hiring Growth Management and Strategies on retainer. Strategically, a retainer helps maintain consistent cash flow, even if during some months these customers will require more services than what they have paid for that month. This issue will be addressed in the Personnel topic.

The second tier customers, those businesses operating at revenue levels of $501K – $3 million, typically are very excited to have moved out of the home office stage, and into a new level of stability. If they are self-funded, these businesses can be the most challenging to work with because they are often not willing to part with company shares, and don’t yet have a sense of what kind of marketing investment is necessary to grow a business at this stage. The company will serve these small businesses based on a bid cycle, and needs analysis.

The third tier customers are easier to identify, and more ubiquitous than the rest. These small businesses are operating on $200K – $500K in revenue, often are operating out of a home, and have a firm sense of their market and potential, yet have trouble executing their plans effectively, or following through on growth strategies that generate wealth. Again, the strategy is to provide these businesses with a short needs analysis, and focus on the quantity of such customers to maintain a solid revenue stream.

4.3 Service Business Analysis

This industry is split up between a variety of players, including small businesses advising small businesses, such as the case with Growth Management and Strategies, to large conglomerate multinational consulting firms that send in newbie MBAs and use their name recognition to convince their clients that every one of these MBAs will generate over $300K a year in value. Sometimes they do, but when they don’t, GMS plans to be there.  

At the other end of the spectrum, there are a wide variety of mom and pop consulting firms owned by very talented people who simply don’t have the marketing resources or expertise to reach a broader spectrum of customer.

GMS is somewhere in between. With years of guerrilla marketing experience, and a long-term plan for success, Mr. Dawson is determined to build the company each client at a time, and to focus on a sales team that outperforms all the competitors.

GMS is planning to grow exponentially within the first two years, to over $2 million in consulting revenue. At this point the service business analysis will be re-evaluated from the outside in.

4.3.1 Competition and Buying Patterns

Typically small business clients will learn about the consulting services market through word-of-mouth experience passed on through a friend or contemporary. Still, outbound sales teams dominate this category, and the stronger your sales team and name recognition, the greater your odds of finding clients willing to place your company on retainer or accept your company’s bid. The most competitive players in this market tend to have some of the best sales teams in the industry, that is, people who know not only how to communicate the technical needs analysis in a non-technical way, but in addition, are able to follow through and execute on promises and provide accurate, industry specific information that is useful to the client even before the deal is made.

Price is also important, and operates on a complex tiered system that is dependant upon the effectiveness of a particular salesperson, the word-of-mouth (WOM) advertising already in the mind of the potential client, and the ability of the client to reform the way they think about their own business. The demands of turning a business around, or pushing it to the limits of its potential are in direct proportion to the price of each bid. GMS must be careful not to be lured into out bidding a competitor, only to find that the customer has no plans to modify their business plan, and are seeking a “magic bullet” that may or may not exist. Competition in this industry leads to frustration and burnout for many people, and it takes a strong sense of purpose to push the business beyond the realm of the high-intensity, low-return client.

Strategy and Implementation Summary

GMS will pursue a strategy in line with the experience of the owner, and implementation will be performance based and follow a clear path. Milestones are important to the implementation of this plan, and so is the vision and the will of the company’s owner, Mr. Dawson. The overall company strategy is tied very closely with the sales strategy, that is, with the front lines of the business. One of the biggest threats to any strategy is that they can become too high-minded, and not literal enough to translate into action. This will not be the case with GMS, a solid company that hires top talent and achieves it’s goals on time and on budget.

5.1 Competitive Edge

GMS has a significant competitive edge in the following areas:

• Customer service mobility – As a customer-centric firm, GMS offers no hold phone lines, same day email responses, and callbacks within one hour. In addition, the phone technology is set up in such a way as to provide salespeople with all databased information about the customer before they say “hello”. 
• “Needs Analysis” service – Possibly the best competitive edge in an industry fraught with agressive outbound sales teams and your run of the mill ego-centric, customer alienating, consultants.
• A considerable network of contacts – Mr. Dawson is well connected in the area of general consulting, and his Harvard degree opens doors via simple bragging rights, and an extensive alumni network.

5.2 Marketing Strategy

GMS’s marketing strategy revolves around a three-tiered focus. At the top of pyramid one, imagine a customer service ideal. This ideal is also included in the competitive comparison.

Pyramid three has at the top a team-centric company culture. Tactics revolve around building this culture from the ground up so that it rewards innovation and determination, and management shows no personal bias or favoritism except when a salesperson or consultant is outperforming the mean. Although this strategy appears to be an internal management goal or company summary object, it is highly relevant to marketing’s performance because without integrity standards and a consistent company culture, GMS’s marketing will feel disconnected and unsupported, and will suffer as a result. A more detailed breakdown of tactics and programs related to this strategy is available in the full marketing plan. 

5.3 Sales Strategy

GMS plans to develop and train 5-6 new salespeople by year two. Upon start up, the primary sales contact will be Mr. Dawson, but this will change as the revenues increase, and the company is able to invest in human capital.

GMS has a sales strategy that focuses on an initial needs analysis. Once the results of the needs analysis has been forwarded or described over the phone to a potential client, the salesperson will ask for a personal interview, a chance to sit down and discuss specifics. At no time should this be perceived by the potential client as “pushy” or “agressive.” 

The goal of this sales process is to get behind the numbers, and the business successes, to identify where the client’s needs lie. Once this is mapped out, GMS will decide how these problems can be best addressed, and will offer both a bid and some action points. If the client wants to use the action points to move forward on their own, this is very acceptable. GMS’s research has in fact shown that the clients that choose this path, often come back to seek additional information, and more often than not, accept the bid.

This strategy differs from the course often taken by large consulting firms in that the customer is not condescended to, or treated as if the knowledge isn’t right there in their own heads. Often, consulting companies will send a large ego to clean up a client’s mess, and find that the strategy backfires when the client only chooses to give the consultant the chance to bid. GMS’s sales strategy revolves around customer service and empowerment, not condescension and sales “closers.”

5.3.1 Sales Forecast

Sales forecast is based on the assumption that most of the revenue will be the result of consulting bids. The growth in retainer revenue is about 30% lower than the expected yearly growth in consulting bids of 80%/year. This may seem like an agressive number at first glance, but this is not a large company being discussed in this business plan. The smaller the company, often the larger the opportunity for exponential sales growth, and especially if the firm uses sound sales and marketing strategies to take share from the larger, less nimble consultancies.

The Needs Analysis service is listed only to highlight the fact that some outside information gathering firms/consultants will be used to compile the necessary information. This poses some risk because there are no costs associated with the Needs Analysis efforts. Nevertheless, GMS is confident that this product will set the company apart from the competition, and generate sales far in excess of the costs incurred.

5.4 Milestones

The milestones table includes one listing each for the business plan and the marketing plan. Each of these are crucial to the long-term and short-term success of GMS. The other milestones are also important, but most are simply tasks necessary in starting up almost any business. Nevertheless, the most important milestone in this table is financial. The SBA loan will determine whether this company will have the working capital to operate for 5-12 months with little or no immediate revenue. If GMS cannot find the working capital to meet the minimum cash flow expectations set forth in this document, the company will dissolve and the owner will turn his talents elsewhere. Therefore, it is possible that the line item for “SBA Loan” may be changed to acquire family or friends as investors. Ideally it will not come to that and Mr. Dawson will be able to retain full control of the company, and direct it entirely based on his vision.

Management Summary management summary will include information about who's on your team and why they're the right people for the job, as well as your future hiring plans.">

The management team will initially consist of Bill Dawson. A Harvard MBA, and world-renowned consultant for major Fortune 500 companies, Mr. Dawson has built a reputation based his customer-centric approach to consulting, a relative anomaly in the world of high profile consulting. Many consultants are trained to believe they are right and the client was put on this earth to learn from the consultant. That is not the case for GMS, as the management team (Dawson) takes a different tact. The consultant acts as an interviewer, learning all that is possible to learn about the client in a one or two week period. As a management tool, this approach is very effective because it gives the sales team flexibility in dealing with potential customers, and relieves the uncomfortable pressure to close the sale.

Mr. Dawson’s approach to managing customers is also the approach he will take in dealing with his salespeople. GMS doesn’t need a hefty management structure, or administrative overhead. Many of those processes may be handled through outsourcing and Internet technology. On the contrary, the management structure at GMS is designed to reward the performer and educate the underperformer. Each salesperson is given a battery of psychological and rational tests, and most importantly, are screened based on how well they will fit into the Dawson management style. This leaves little to chance, and encourages a team atmosphere that remains light-hearted and fun.

6.1 Personnel Plan

This table demonstrates how GMS plans to start acquiring clients. One salesperson will be trained initially, and that person will later head a team of salespeople as the company expands. The promise of growth, and chance to work for a strategically positioned consulting business is enough to have three major players bidding for the job. Although each will see a major cut in salary from their current position, the chance to share in company profits (10%) and growth is enough to draw them to a low base, high commission position that offers no guarantees.

Financial Plan investor-ready personnel plan .">

The Financial Plan is based on a pending SBA loan, and a corresponding cash flow amount held in a highly liquid account.

7.1 Important Assumptions

7.2 Break-even Analysis

The Break-even Analysis table is based on the assumption that each hour worked can be billed at approximately $70 per unit, and the employees will start at approximately $25/hour. This doesn’t include the cost of the payroll burden, however the assumptions are fairly accurate. Fixed costs are related to the lease and other monthly costs.

7.3 Projected Cash Flow

The following table and chart show the Projected Cash Flow figures for Growth Management and Strategies.

7.4 Projected Profit and Loss

The following table and charts are the Projected Profit and Loss and Gross Margin figures for Growth Management and Strategies.

7.5 Projected Balance Sheet

The following table is the Projected Balance Sheet for Growth Management and Strategies.

7.6 Business Ratios

Business ratios for the years of this plan are shown below. Industry profile ratios based on the Standard Industrial Classification (SIC) code 8742, Business Management Consultants, are shown for comparison.

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How to start a consulting business

Find out what you need to do to start and manage your own consulting business.

Being a consultant is a way you can make a career out of sharing your business expertise with others. It can also be a lucrative side hustle. This guide covers types of consultants, getting expert advice on writing a business plan, choosing your niche, and understanding your target audience.

What do consultants do?

Companies hire consultants for their specific expertise and to bring an outside perspective to problems.

A common misconception is that anyone can become a consultant. Someone who wants to be a consultant needs to be both great in their field and an excellent communicator. You need to be strategic, solution-focused, and want to help other businesses to succeed.

To help you decide if consultancy is right for you, check this list of the top skills that successful consultants need. Consultants need to be skilled in:

• providing specialized expert advice
• devising strategies for other businesses
• helping businesses diagnose problems and create solutions
• assisting with data collection, expert research, and giving feedback
• providing recommendations to help companies to grow and reach their goals

Types of consulting niches

Think about what consulting niche best matches your skills and experience. Some of the most popular ones are:

• Management consulting: This can involve helping companies with anything from operational decisions to team restructures. Management consultants help to solve organizational problems to improve business performance.
• Marketing consulting: This might be your niche if your expertise is in marketing strategy and understanding industry trends. It can involve creating a marketing plan to grow a new business or building brand awareness through social media.
• Human resources consulting: Sometimes an organization needs an independent consultant for support with employment contracts or managing disciplinary action. An HR consultant can bring fresh, unbiased perspectives and additional expertise.
• Financial consulting: Financial consultants are results-driven experts with the know-how to help businesses with their financial strategies, reporting structures, and data analysis.
• IT consulting: IT solutions operate at the center of many businesses, and work efficiently to support staff members. Depending on their background, an IT consultant can help with anything from reworking existing IT systems and networks to supporting the implementation of new software.
• Public relations consulting: Experts in communication and brand visibility may be well-suited to PR consulting. It's about finding the right tactics to improve a brand's presence, from creating compelling press releases to running buzzworthy social media events.
• Strategy consulting: This involves working with high-level managers and executives to create clear strategies that meet business objectives. It's similar to management consultancy, but focuses more on meeting specific goals, rather than improving overall business performance.
• Business consulting: A business consultant needs to have broad business and market knowledge to offer guidance and support. That support can involve writing a business plan to drive change and helping a company to implement that plan.

Consulting for smaller organizations vs. large companies

As well as choosing a niche, consider the size of the company you want to consult for.

Smaller organizations may require consulting work to be more hands-on as they lack the resources and expertise to strategize and implement improvements. They may need you to be more creative with budget, time, and resources when finding solutions in their specific area. You may require project management skills to help implement your recommendations.

Larger companies tend to be richer in resources and knowledge. Consulting for a larger business may require higher-level strategic thinking, as teams are available in-house to implement your recommendations. It's likely to involve more collaboration, working with different teams to get the job done.

Why start a consulting company?

So you're an expert in your field, looking to become a consultant to help other businesses. But why start your own consulting company? It allows you to work when and where you want, but running your own business can come with challenges.

It’s a big step moving from being in a full-time job to being self-employed as a consultant. So you might want to start consulting as a side project while still working full-time. This can be a useful way to learn the consulting landscape, understand if it's right for you, and start building your client base. However, it may not be sustainable long-term, as you balance your time and responsibilities throughout the working week. In addition, you must be sure that your side hustle client work doesn’t interfere with your day job, and that there are no conflicts of interest.

Here are some of the pros and cons of starting your own consulting practice:

• It’s fairly low cost to start
• It can be financially rewarding
• You have control of where and when you work
• You are your own boss
• Job satisfaction as the work can be rewarding
• You have flexibility
• Running your own business can be stressful
• Work can be irregular
• As you are self-employed, there are no employee benefits or safety net
• There are a lot of administrative responsibilities, such as handling taxes
• You can’t have clients that are competitors of your current employer

Step-by-step guide to starting a successful consulting business

Follow our simple step-by-step guide to starting your own consulting business and making it successful.

1. Develop a business plan

The first step is to create a business plan . This helps you clarify your ideas, guides you as you grow, and provides an important document for banks, investors, and accountants.

Your business plan doesn't have to be a lengthy document. Just one page will do. You can use this free business plan template. Here's a list of what you may want to include:

• Executive summary
• Company overview
• Industry analysis
• Customer analysis – likely potential customers
• Competitive analysis – who your competitors are
• Marketing plan – your value proposition and how you plan to market this
• Operations plan
• Management team / Your team
• Financial plan – how you intend to finance getting started and the ongoing business

If you're undecided about what type of consultancy service to offer, start by auditing your skills and experience. How can you make the most of your strengths? What’s the main area of expertise that you can offer to organizations?

As well as thinking about what you can offer, consider the target market you want to work in. What might be the pain points of working in this area? Is it an area you want to excel in? Answer these questions before moving forward.

2. Decide your business structure

You'll need to decide how to structure your business as it can impact the taxes you pay, and your business legal status.

These are some of the common business structures for a consulting business:

• Sole proprietor: Often preferred by single owners for its simplicity in ownership and management. You may work under your own name or file for a DBA (doing business as) if you want to name your company something else. The income taxes for a sole proprietor are generally simple too.
• S-Corp: An S corporation is a corporate entity and any shareholders who work in the business are employees. While this type of entity files its own tax return, income is reported and taxed on the shareholders’ personal tax returns.
• Limited liability company (LLC): An LLC is a flexible legal structure that provides some asset protection for its owners. There are multiple taxation options: it can be taxed as any of the entity types listed above, or as a partnership, depending on the number of owners and any tax elections made.

Read more in this Xero guide to types of business structure .

3. Get an EIN

The next step is registering for an employer identification number (EIN) at the IRS. It can be helpful when opening a bank account and filing for taxes. Sole proprietorships have the option of using their social security number instead.

4. Apply for a business license

If you've decided to set your business up as an LLC or an S-Corp, you'll need to register in the state you choose to operate, and in additional states if you will be working in more than one state. Find out how to register with your state. You may also need to register a doing-business-as (DBA) name if using a brand or trade name.

As permits and licenses vary from state to state, it's best to visit the individual websites to follow the steps you need to take. Find out more about what may be required when registering a business .

Special considerations/certifications may be needed, depending on the state you're operating in:

• You may require a general business license in some states.
• Some cities require a zoning permit.
• Some consultancy work requires proof of certification or qualification, such as for financial services.

It's best to check with local authorities for what permits, licenses, and certifications are required.

5. Define your target market

Once you've chosen your consulting niche, you need to find your target market . The type of clients you work with depends on your area of expertise. Consider who the potential clients are likely to be and what kinds of businesses they come from.

For example, your market may be:

• Small businesses
• Corporations
• Local, state, or federal government
• B2B businesses
• A specific business sector such finance, education, or health

6. Set your prices

How will you set up your pricing structure for prospective clients? You could, for example, charge via hourly rate or project rate. Read about some simple pricing options to work out what might be right for you and your business. It's important to understand the value of what you're offering and how your business can make the most money.

When setting your pricing structure, you'll need to consider the following:

• Your overhead costs, such as office space
• Competitor rates
• The industry you’re working in
• Any travel that’s involved

7. Establish a business bank account

It's a good idea to set up a business bank account for your company. It helps to separate your business spending from your personal expenditures.

It can also be useful if you need to apply for business loans or credit cards for company spending, especially if you want to scale your business. Plus, you can track the income from your company more easily if it's all in one place. If your bank connects to online accounting software like Xero, you can get automatic feeds of bank transactions into your accounts.

8. Build your brand

You'll need to define and build your brand to attract prospective clients to your business.

Start by focusing on your niche and target market, as this helps to tailor your brand to the right clients. You'll need to choose a business name and a logo to go with it.

The next step is to build a website to explain what you do, and showcase your offering. This is where you'll refer new clients for more information about your business, and where companies will contact you for potential work.

If you want to become a thought leader in your industry and set yourself apart from other consultants, think about what else you can do to help build your reputation. You could publish blog articles that share your knowledge and expert opinions. You could speak at events and conferences.

9. Understand business insurance requirements

Having business insurance is essential for the smooth and safe running of your company. Once you understand what you need for your business, make sure you regularly review your insurances, as risks and responsibilities change and evolve.

Start by understanding the different options that are available to you. Some key types of insurance include:

• General liability insurance: This provides support against public injury and damage claims.
• Professional liability insurance: This provides economic support if any mistakes are made that put your business at risk.
• Business continuation insurance: This can help replace lost income if your business has to close or slow for any reason.
• Worker’s compensation insurance: This is required if you have employees, providing financial support in cases of injury or death.

10. Startup financing

The next step is thinking about how to fund your new business venture. The types of funding available for starting a small business include:

• personal savings
• business loan, for example, through SBA
• borrowing from family and friends
• credit card financing
• crowdfunding
• a business partnership or strategic alliance

Some businesses may not require a large amount of funding upfront, but choosing the right funding is important for the longevity of your business. If you need a business loan, read this handy guide to understand what kind you need and how to apply .

11. Market your small business

Once you've set up your business, chosen a company name, and created a website, you need to think about marketing your brand. How will your first clients discover your consulting services? Can anyone provide you with testimonials or a referral to help build trust in your business? You need to communicate your business in the right way to the right clients.

Common ways to market a brand include:

• Word of mouth and testimonials from previous clients
• Social media
• Create a LinkedIn profile for your business
• Establish a Google business profile
• Ensure that your website is optimized for search engines (SEO)
• Advertise in industry publications
• Create business cards to hand out at networking events
• Get a proposal template designed that looks professional

Xero does not provide accounting, tax, business or legal advice. This guide has been provided for information purposes only. You should consult your own professional advisors for advice directly relating to your business or before taking action in relation to any of the content provided.

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How to Start a Consulting Business: The Definitive Guide for 2024

Will your business idea succeed? Take our quiz - completely confidential and free!

You’ve become an expert in your field after years of dedication, countless hours of work, and relentless pursuit of excellence.

So, what’s next?

Imagine leveraging your expertise and time into a rewarding venture – starting a consulting business .

What is consulting?

Consulting is the art and science of offering specialized advice, sharing opinions, and crafting strategies to help clients excel. Consultants aren't just advice-givers; they wear numerous hats. They diagnose problems, gather data, offer constructive feedback, build strategies, and participate in implementation.

According to Statista, the information technology consulting industry in the U.S. grew by over 30% between 2011 and 2019, amounting to more than $600 billion in 2022. Similarly, the management consulting sector is projected to hit $343.4 billion by 2025 from an estimated $330 billion in 2023.

And these are just two pieces of the enormous consulting pie.

Leveraging my extensive experience of over a decade as an attorney, alongside a 15-year journey mentoring numerous entrepreneurs, I’ve had the privilege of collaborating with hundreds of consultants and consulting firms. I’ve also hired many consultants for my businesses.

Moreover, crowdspring has served as a vital springboard for tens of thousands of ambitious consultants and aspiring small business owners for the past fifteen years. Our team has amassed a rich repository of insights, practical tips, and industry best practices essential for kick-starting and successfully sustaining a consulting venture.

This definitive guide shares this collective wisdom, hard-earned experiences, and insightful learnings with you.

Consultant vs. contractor vs. freelancer

As you prepare to launch your consulting business, it’s essential to understand your place in the professional landscape. The terms ‘consultant,’ ‘contractor,’ and ‘freelancer’ are often used loosely and interchangeably, but critical differences exist.

While consultants, contractors, and freelancers offer their services to businesses, their roles diverge beyond this similarity.

Contractors, including freelancers, are self-employed professionals contracted by companies to provide specific services. On the other hand, consultants are specialists who offer expert advice and assessments. They can either be independent or part of a consulting firm.

However, the lines can blur.

You could be asked to deliver a specific service as a consultant, making your role somewhat akin to a contractor. For instance, imagine you’re hired to evaluate a customer service team’s performance. Post-assessment, you suggest a new strategy and training plan. If you’re asked to develop and present this strategy, your role will expand to include elements of a contractor’s job.

Consulting is a vast field with opportunities across virtually all sectors. Let’s explore the diverse consulting specializations you can consider.

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How to Start a Consulting Business

• Choose your niche and define your services
• Write a business plan
• Choose your legal business structure
• Set up business accounting and bookkeeping
• Assess your finances and secure startup capital
• Develop your brand identity
• Create an effective fee structure
• Launch your website and market your business
• Grow your consulting business

Additional resources for consultants

• Frequently Asked Questions (FAQs)

1. Choose your niche and define your services

When someone utters the word “consulting,” what springs to mind?

Is it a seasoned expert offering priceless advice or a niche firm with razor-sharp strategies to tackle business challenges?

Consulting is a thriving industry revolving around knowledge – the commodity businesses are willing to pay for.

Business leaders often navigate complex problems; sometimes, the much-needed solution is a fresh perspective. That’s precisely what consultants bring to the table. Their unbiased viewpoint helps reduce the noise and find the best approach to tackle business problems.

In a nutshell, consultants are problem solvers. They work tirelessly to make their clients more successful, a commitment that makes the consulting business rewarding and lucrative.

Here are some of the reasons that businesses hire consultants:

• Businesses hire consultants because of their expertise. Suppose a company is raising funding or adopting a new software system. In that case, it pays for them to hire a specialist who has raised millions or has already implemented the same software system.
• Businesses hire consultants to supplement their staff. Companies often engage consultants for their specialized skills and flexibility. This approach eliminates the costs and commitments of full-time hires, particularly for temporary projects.
• Businesses hire consultants to identify problems. It’s not uncommon for employees to struggle to resolve an issue inside an organization. Having seen a similar situation across many organizations, an experienced consultant might have the necessary expertise to help.
• Businesses hire consultants to promote change. Often, companies get stuck trying to change their internal organization, so outside consultants are often used to facilitate the transition.
• Businesses hire consultants to teach. Training programs, retraining programs, technical software implementation, and other areas require specialized skills that only experienced consultants offer. And remember, age is simply a number. Even if you’re over 60 or have been living the good life for a while, there’s never a wrong time to kick off your consulting gig. You’ve got a lifetime of lessons under your belt, and believe it or not, people are always hunting for that kind of seasoned insight.
• Businesses hire consultants to make tough decisions. If a company needs to downsize, it will often bring in consultants to make the tough decisions to deflect blame for letting people go.
• Businesses hire consultants to influence important decision-makers at other companies. For example, if you’re trying to reach a deal with another company and find a consultant who knows that company well, the consultant may be the X factor in putting the deal together.
• Businesses hire consultants for ideation. Sometimes, a company hits a rough patch and has a hard time finding new ideas. Consultants can help bring new energy to the business and help ideate products and services.
• Businesses hire consultants to create new companies and products. Some specialized consultants help others create (or buy) new companies’ products and services.

When choosing your niche, you can start by assessing your skills and strengths and brainstorming the general consulting services you’d like to offer.

How to assess your skills and strengths for consulting:

• Start by identifying your transferable skills. What skills have you gained from your education, work experience, and personal life that can be applied to consulting? For example, if you have experience in sales, you may have transferable skills such as communication, persuasion, and negotiation.
• Reflect on your past experiences. Think about the projects and tasks that you have completed in the past. What skills and strengths did you need to be successful? For example, you may have demonstrated organization, time management, and problem-solving skills if you successfully managed a complex project.
• Survey your network. Ask your friends, family, and colleagues for feedback on your skills and strengths. What do they see as your assets? What areas do they think you could improve?
• Take a skills assessment test. There are several online and offline skills assessment tests available. These tests can help you identify your strengths and weaknesses in various areas, such as communication, problem-solving, and critical thinking.
• Complete a personal SWOT analysis. A SWOT analysis is a framework for identifying your strengths, weaknesses, opportunities, and threats. This can be a helpful exercise for assessing your skills and strengths as a potential consultant.
• Create a portfolio of your work. This could include samples of your writing, presentations, case studies, or other work products. A portfolio is a great way to showcase your skills and strengths to potential clients.
• Volunteer your services to a nonprofit organization. This is a great way to gain experience and test your skills in a real-world setting.
• Shadow a consultant. This is a great way to learn about a consultant’s day-to-day work and see if it is a good fit for you.
• Take a consulting course or certification program. This can help you to learn the essential skills and knowledge needed to be a successful consultant.
• Network with other consultants. Attend industry events and connect with other consultants on LinkedIn. This is a great way to learn from others and to get your foot in the door.

By following these suggestions, you can better understand your skills and strengths and develop a plan for becoming a successful consultant.

Just as you’d consider different business ideas when starting a business, you must nail down the specifics of your consulting business before you work with any clients.

This is vital for three reasons:

• You must articulate your consulting service to potential clients to convince them that your services are valuable.
• You’ll need to charge fees that let you run a sustainable business.
• Specificity helps to set realistic expectations for your clients and potential clients.

This last point benefits both you and your clients. Your clients can make comfortable, informed decisions, and you can avoid being taken advantage of.

While you can’t prevent “scope creep” entirely, being clear about what a client is paying for upfront (and getting it in writing) will help set realistic, workable boundaries both parties can agree to. And, importantly, this will also clearly define the value proposition for your consulting business.

If you’re struggling to identify what your niche or specialty might be, consider these techniques for narrowing it down:

• Identify any underserved specialties in your field.
• Consider what specialties will continue to be underserved by a suitable consultant over the long term.
• Determine which areas in your field clients and potential clients struggle with the most.
• Ask yourself if your unique background and niche expertise provide you with rare knowledge not easily found in the job market.
• You’ve probably informally helped friends solve their business problems and pain points. What areas have you focused on when working with your friends?
• Is your consulting business limited to helping clients in the United States, or will you provide services to clients worldwide?

Here’s a detailed look at the most popular consulting niches. For each niche, we’ll outline the essential skills required, provide insights into the typical clientele, and discuss the frequent challenges small businesses face.

Types of consulting:

• Management consulting
• Strategy consulting
• I.T. consulting
• Operations consulting
• Business consulting
• Financial strategy consulting
• Sales consulting
• Human resources consulting
• Marketing consulting
• Career consulting
• Financial consulting
• Environmental consulting
• Real estate consulting
• Risk management consulting
• Education consulting
• Legal consulting
• Digital transformation consulting
• Sustainability consulting
• E-commerce consulting
• Healthcare consulting
• Diversity, Equity, and Inclusion consulting (DEI)
• Public relations consulting
• Brand consulting
• Nonprofit consulting
• Food service consulting
• Retail consulting
• Franchise consulting
• Agriculture consulting
• Hospitality consulting
• Logistics consulting
• Payroll management consulting

1. Management consulting

Management consultants play a critical role in helping businesses improve their overall performance. They meticulously assess existing organizational issues, devise strategic improvement plans and aid in executing those strategies. Their solutions typically span various business functions, including operations, H.R., finance, and IT. They also collaborate with international contractors to ensure a global perspective is incorporated into their recommendations and to navigate the complexities of international contracting.

Skills needed: Problem-solving, business strategy, change management.

Typical clients: Large corporations like McKinsey and Bain & Company, where they may work with C-suite executives to streamline business processes.

Common SMB Problems: A local restaurant chain struggling to manage operations across multiple locations; an online retailer failing to optimize its supply chain efficiency.

2. Strategy consulting

Strategy consultants are the architects of high-level, strategic business decisions. They help companies devise growth strategies, enter new markets, and make informed business choices. They analyze a company’s strengths and weaknesses , assess market conditions, and help formulate a winning strategy.

Skills needed: Strategic thinking, industry-specific expertise, decision-making.

Typical clients: Large-scale organizations such as Coca-Cola and IBM, where strategic decisions have far-reaching consequences.

Common SMB problems: A brick-and-mortar bookstore considering expansion into the e-commerce space; an artisanal coffee shop struggling to differentiate itself in a competitive market.

3. I.T. consulting

I.T. consultants are technical wizards that help businesses implement and manage new technologies. They tackle system integration, software development, enterprise architecture, cybersecurity, etc. Their work is essential in today’s digital age, where technology plays a pivotal role in business success.

Skills needed: Technical knowledge, problem-solving, and project management.

Typical clients: Tech companies, manufacturing firms, and educational institutions.

Common SMB problems: A local bookstore trying to set up an online sales platform; a small travel agency experiencing difficulties with their booking system.

4. Operations consulting

Operations consultants are the mechanics of business processes. They help organizations streamline operations by enhancing supply chain management, procurement, manufacturing, and service delivery. They identify bottlenecks, propose improvements, and may even assist in implementing these changes.

Skills needed: Project management, process improvement, analytical thinking.

Typical clients: Large logistical companies like Amazon and FedEx, where efficient operations directly influence the bottom line.

Common SMB problems: A local craft brewery struggling with inventory management an online fashion boutique experiencing difficulties with order fulfillment.

5. Business consulting

Business consultants wear many hats, depending on their clients’ needs. They could advise on financial matters one day and resolve operational bottlenecks the next. Their ultimate goal is to help businesses run more efficiently and profitably.

Skills needed: Business understanding, problem-solving, and communication skills.

Typical clients: Small to medium-sized businesses, entrepreneurs, and startups.

Common SMB problems: An independent fashion retailer struggling with business growth; an online fitness trainer unsure how to scale their business.

6. Financial strategy consulting

Financial strategy consultants guide businesses in making sound financial decisions, focusing on corporate finance, risk management, financial restructuring, and real estate. Their expert financial advice helps companies maximize returns, manage financial risks, and comply with legal requirements.

Skills needed: Financial acumen, risk management, understanding of laws and regulations.

Typical clients: Multinational corporations, financial institutions, and property developers .

Common SMB problems: A growing neighborhood bakery unsure of how to manage its financial growth; an online health supplement retailer struggling with pricing strategy.

7. Sales consulting

Sales consultants are sales performance enhancers. They develop effective sales strategies , refine sales processes, and boost team morale, aiming to optimize sales team performance and, ultimately, increase revenue.

Skills needed: Sales expertise, communication skills, motivational abilities.

Typical clients: Companies with sales teams, ranging from technology firms to consumer goods manufacturers.

Common SMB problems: A small electronics store with stagnating sales figures; an online handcrafted jewelry shop failing to meet sales targets.

8. Human resources consulting

Human resources consultants are experts in managing a company’s most valuable asset—its employees. They guide H.R. processes, such as talent management, conflict resolution, training and development, benefits administration, and compliance with employment laws.

Skills needed: Understanding H.R. practices, interpersonal skills, and knowledge of employment laws.

Typical clients: Corporations of all sizes, startups, and nonprofit organizations.

Common SMB problems: A family-owned grocery store grappling with high employee turnover; a small digital marketing agency striving to develop a comprehensive employee benefits program.

9. Marketing consulting

Marketing consultants work magic with a company’s marketing strategy , enhancing brand visibility , customer engagement, and sales conversions . They specialize in diverse areas, including digital marketing, content creation, SEO , social media marketing, and more.

Skills needed:   Marketing expertise, creativity, analytical skills.

Typical clients: Any company needing marketing help, including tech startups, retail businesses, and service providers.

Common SMB problems:   A small café struggling to attract customers; an online clothing boutique experiencing low web traffic.

10. Career consulting

Career consultants serve as career architects, helping individuals set career goals and build successful careers. They assist with skill development, resume writing and enhancement , job applications, interview preparation, and market understanding.

Skills needed: Job market knowledge , interpersonal skills, H.R. expertise.

Typical clients: Job seekers, career changers, and businesses looking to support their employees’ career growth.

Common SMB problems: A small architectural firm looking to improve employee skillsets; an online tutoring company wanting to assist tutors with professional development.

11. Financial consulting

Financial consultants help individuals, families, and businesses manage their finances. They offer guidance on investments, budgeting, tax planning, insurance, and more. They help their clients make financially savvy decisions to achieve their monetary goals.

Skills needed: Financial knowledge, analytical skills, trustworthiness.

Typical clients: Individuals, families, entrepreneurs, and businesses of all sizes.

Common SMB problems: A family-owned bed and breakfast struggling with budgeting; an online art store owner uncertain about investment strategies.

12. Environmental consulting

Environmental consultants help businesses assess and minimize their environmental impact. They offer advice on sustainable practices, regulatory compliance, waste management, etc. Their work often intersects with the construction, energy, and real estate sectors.

Skills needed: Knowledge of environmental regulations, scientific expertise, and analytical skills.

Typical clients: Construction companies, energy producers, and manufacturing firms.

Common SMB problems: A local brewery looking to reduce water waste a small online furniture retailer aiming to source more sustainable materials.

13. Real estate consulting

Real estate consultants provide expert property buying, selling, and management advice. They analyze market trends, assess property values, and help clients make informed real estate investment decisions.

Skills needed: Deep understanding of the real estate market, analytical skills, and negotiation skills.

Typical clients: Individual investors, real estate developers, and commercial property firms.

Common SMB problems: A local coffee shop considering expansion needs advice on location selection, and an online business ready to establish a physical headquarters requires guidance on property acquisition.

14. Risk management consulting

Risk management consultants are an organization’s fortification experts. They identify potential threats to a business’s financial health, operational efficiency, or reputation and devise strategies to mitigate these risks.

Skills needed: Risk analysis, strategic planning, problem-solving skills.

Typical clients: Financial institutions, manufacturing companies, and businesses exposed to significant risk.

Common SMB problems: A small construction company grappling with safety compliance issues; an online travel agency struggling with data security risks.

15. Education consulting

Education consultants work with schools, educational institutions, or individuals to enhance learning experiences. They advise on curriculum development, educational policies, and strategies to improve student performance.

Skills needed: Knowledge of educational systems and policies, curriculum development, and interpersonal skills.

Typical clients: Schools, universities, and educational technology companies.

Common SMB problems: A local private school struggling to improve student outcomes; an online tutoring platform seeking advice on curriculum enhancement.

16. Legal consulting

Legal consultants provide expert advice on legal matters. They help with contract drafting, legal compliance, dispute resolution, and other legal complexities businesses may face.

Skills needed: Legal knowledge, analytical skills, attention to detail.

Typical clients: Businesses across industries require legal guidance without a full-time attorney.

Common SMB problems: A small brewery  is having difficulty understanding licensing laws, and an  e-commerce platform is  unsure about customer data usage compliance.

17. Digital transformation consulting

Digital transformation consultants help businesses adapt to the digital age. They guide companies in integrating digital technology in all operations, enhancing efficiency and competitiveness.

Skills needed: Proficiency in digital technologies, change management, and strategic planning.

Typical clients: Traditional businesses looking to digitize their operations and tech companies aiming to update their digital strategies.

Common SMB problems: A local bookstore wanting to create an online presence; an established online clothing retailer seeking to streamline order processing with advanced technologies.

18. Sustainability consulting

Sustainability consultants assist businesses in incorporating sustainable practices into their operations. They help clients reduce environmental impact, comply with sustainability regulations, and build a green brand image.

Skills needed: Understanding environmental science, corporate sustainability strategies, and regulatory compliance.

Typical clients: Manufacturing companies, energy firms, and businesses aiming for greener operations.

Common SMB problems: A local organic grocery store wants to reduce its carbon footprint, and an online eco-friendly clothing brand needs help with supply chain sustainability.

19. E-commerce consulting

E-commerce consultants guide online businesses toward success in the digital marketplace. They assist in website optimization , digital marketing, customer journey mapping , SEO consulting , and conversion rate improvement .

Skills needed: Digital marketing, SEO, UX design, data analysis.

Typical clients: Online retailers and businesses transitioning from brick-and-mortar to online.

Common SMB problems: A small local artisan wanting to sell their products online; a niche online beauty store struggling to increase site traffic and conversion rates.

20. Healthcare consulting

Healthcare consultants focus on optimizing healthcare organizations’ operations and outcomes. They scrutinize all aspects, from personnel and profits to processes, offering valuable insights to enhance efficiency and tackle complex challenges.

Skills needed: Deep understanding of healthcare systems , analytical skills, and problem-solving abilities.

Typical clients: Hospitals, clinics, healthcare tech companies, and pharmaceutical firms.

Common SMB problems: A local dentist office struggling with patient scheduling efficiency; an e-health startup looking to improve their telehealth service delivery.

21. Diversity, Equity, and Inclusion consulting (DEI)

DEI consultants promote diversity, equity, and inclusion within organizations. They bring an unbiased perspective to companies’ equity issues and help devise strategies that nurture an inclusive and respectful workplace culture.

Skills needed: Deep understanding of DEI issues, sensitivity to cultural differences, and practical communication skills.

Typical clients: Businesses across all sectors committed to improving diversity and inclusivity.

Common SMB problems: A local bakery with a culturally diverse staff experiencing communication issues; an online software development company aiming to build a more inclusive work culture.

22. Public relations consulting

P.R. consultants are crisis managers and image guardians for organizations. They strategize how to present the company in the best light, deal with potential crises, and facilitate effective communication with the public and media .

Skills needed: Excellent communication skills, crisis management expertise, and ability to think independently.

Typical clients: Enterprises, celebrities, political entities, or organizations needing to maintain a positive public image.

Common SMB problems:  A small town family restaurant facing negative press over a food safety issue; an online retail brand dealing with customer complaints going viral on social media .

23. Brand consulting

Brand consultants act as brand sculptors, carving out a company’s brand identity in the market. They conduct competitor analysis , initiate market research, and devise creative strategies to enhance brand perception and customer loyalty.

Skills needed: Creativity, market research skills, and understanding of consumer psychology .

Typical clients: Businesses looking to launch, rebrand , or strengthen their market position.

Common SMB problems: A local gym failing to differentiate its brand from competitors; an online pet supplies store struggling to connect with its target audience .

24. Nonprofit consulting

Nonprofit consultants assist charitable organizations in achieving their mission and improving their effectiveness. They help with fundraising strategies, volunteer management, marketing efforts, and organizational structure.

Skills needed: Understanding the nonprofit sector, fundraising strategies , leadership, and management skills.

Typical clients: Charitable organizations, educational institutions, and advocacy groups.

Common SMB problems: A small local animal shelter struggling with volunteer retention; an online nonprofit aiming to improve donor engagement and fundraising .

25. Food service consulting

Food service consultants advise restaurants, cafeterias, and other food establishments. They help with menu development, supply chain management, health and safety compliance, and operational efficiency.

Skills needed: Understanding the food industry, culinary expertise, and supply chain management.

Typical clients: Restaurants, hotels, catering businesses, and food delivery services.

Common SMB problems:  A small town café needing menu innovation to compete with larger chains; an online food delivery service struggling with logistical and supply chain issues.

26. Retail consulting

Retail consultants work with businesses to optimize their operations, sales strategies, inventory management, and customer service. They help brick-and-mortar stores transition to e-commerce and cope with the challenges of the digital era.

Skills needed: Understanding the retail industry, sales and marketing expertise, and knowledge of e-commerce trends.

Typical clients: Retail stores, e-commerce businesses, and department stores.

Common SMB problems: A local bookstore struggling to compete with online retailers; a clothing store facing inventory management issues.

27. Franchise consulting

Franchise consultants help businesses become franchisors or help potential franchisees select the right opportunity. They also help with legal matters, business plans, marketing strategies, and location selection.

Skills needed: Franchise business models, legal expertise, and business development skills.

Typical clients: Potential and existing franchisors and franchisees.

Common SMB problems: A small fast-food restaurant looking to franchise their business; an online tutoring service considering becoming a franchisee.

28. Agriculture consulting

An agriculture consultant assists farmers and agribusinesses in making informed decisions that improve their farm operations’ profitability and sustainability. They can provide expert advice and assessments on crop management, soil health, livestock care, sustainable farming practices , and modern farming technologies.

Skills needed: Deep knowledge of farming techniques, environmental regulations, and agricultural economics. Furthermore, an understanding of biotechnology and proficiency in data analysis can be beneficial.

Typical clients: Farm owners, agribusinesses, agricultural technology firms, agrarian nonprofits, and government agencies.

Common SMB problems: A small family-owned vineyard might struggle with soil health, which affects its grape yield. Alternatively, an organic vegetable farm could explore ways to enhance sustainable farming practices to meet increased demand without compromising its organic status. These situations call for an agriculture consultant’s expertise.

29. Hospitality consulting

Hospitality consultants assist businesses in the tourism and lodging industries. They help with business development, customer service strategies, facility management, and creating memorable guest experiences.

Skills needed: Understanding of the hospitality industry, customer service expertise, and facility management skills.

Typical clients: Hotels, resorts, travel agencies, and event planning businesses.

Common SMB problems: A boutique hotel struggling with online booking management; a local tour agency facing marketing challenges in attracting tourists.

30. Logistics consulting

Logistics consultants help businesses streamline their supply chain, distribution, and transportation processes. They assist in optimizing warehouse operations, reducing shipping costs, and improving delivery times.

Skills needed: Supply chain management, transportation logistics, analytical skills.

Typical clients: Manufacturing companies, e-commerce businesses, and logistics providers.

Common SMB problems: A local craft brewery having issues managing distribution logistics; an online clothing retailer struggling with international shipping costs and regulations.

31. Payroll management consulting

Payroll management consultants streamline and optimize a business’s payroll process, ensuring employees’ accurate and timely payments. They help create efficient payroll structures, integrate payroll systems, ensure regulatory compliance, and manage payroll taxes.

Skills needed: Extensive knowledge of payroll systems and payroll services , tax regulations, auditing skills, numerical proficiency, and a thorough understanding of local and international labor laws.

Typical clients: Any organization that manages a workforce, from small businesses to multinational corporations, across industries.

Common SMB problems: An e-commerce startup might struggle with managing payroll for its remote workers across different states or countries, creating issues with tax compliance and payment schedules. In another scenario, a local retail business may experience errors in calculating overtime, leading to discrepancies in employee pay.

Finally,  remember to consider the size of your target market. Not every niche will be lucrative. Once you understand each niche’s  total addressable market (TAM) , you can make more informed decisions .

2. Write a business plan

Starting a new business is quite an adventure, and like any good journey, it can be helpful to have a map. That’s where a business plan comes in.

It’s not a must-have, but it can help clarify your thoughts and dodge some rookie mistakes.

Believe it or not, studies show that folks who take the time to jot down a business plan when kick-starting a business are 2.5 times more likely to see their dreams turn into reality. Not only that but crafting a business plan also helps you sharpen skills that’ll be a tremendous asset down the line.

Don’t sweat over making every little detail perfect in your business plan.

You certainly don’t need to lose sleep over writing a 100-page document. There are tons of practical one-page business plan models out there that can guide you in writing a concise, one-page business plan.

Different consulting business models

The independent consultant model.

As an independent consultant, you are the captain of your ship. You work directly with clients, deliver projects single-handedly, and manage all aspects of your business operations.

This model is an excellent fit if you prefer maintaining flexibility and having hands-on involvement in every project. It requires a high level of expertise in your niche and solid business and time management skills.

The consultancy firm model

In the consultancy firm model, you set up a team of consultants, each contributing their unique expertise. You focus on leading the organization and contributing to client projects.

This model allows for scalability and an expanded service offering, making it a viable option if you’re targeting large businesses and complex projects. However, it also comes with increased team management responsibilities, including hiring, training, and retention.

The productized consulting model

Productized consulting takes a unique approach to consulting services.

Instead of delivering bespoke advice and solutions, you build a standardized “products” suite based on your expertise. These could range from online courses and digital tools to books and webinars. You sell these to clients at a fixed price, creating a scalable source of passive income.

This model allows you to leverage your knowledge and reach a wider audience, but it requires product development and marketing skills.

The hybrid consulting model

A hybrid model is a fusion of two or more models tailored to your preferences and business goals. For example, you could combine independent consulting with productized services, delivering personalized consulting while offering pre-packaged digital resources.

This model gives you the flexibility to design a business that aligns with your skill set, work style, and the needs of your target market.

The networked consulting model

In the networked consulting model, you collaborate with other independent consultants, forming a network of specialists. You refer work to each other, collaborate on projects, or even pitch together as a virtual firm for more significant contracts.

This model allows you to extend your service offering and reach without the overheads of running a firm. It requires strong networking skills and forming mutually beneficial professional relationships.

The subscription consulting model

In this model, instead of charging per project, you offer your consulting services for a regular subscription fee. Clients get a certain amount of your time or specific services each month.

This provides steady recurring revenue and allows you to form deeper client relationships. It suits consultants whose services involve ongoing work, like business coaching, digital marketing, or I.T. support.

Each of these models has advantages and challenges, so choosing a model that aligns with your goals, preferred working style, and the needs of your target clients is crucial.

Need some help getting started? Check out our no-nonsense guide to writing a business plan . It’s packed with insights and free downloadable business plan templates designed to help you take your business from a dream to a reality.

3. Choose your legal business structure

Embarking on your consulting business journey, you’ve got to make a few critical decisions – like the kind of business type you want your business to be.

It might seem a bit dry, but this stuff is essential, as it affects everything from tax filings and liability to local, state, or national rules you need to follow.

There are different legal business structures to choose from, and for those starting, it can feel like trying to order food in a foreign language.

Here’s the thing – don’t feel pressured into registering your business immediately. Sure, becoming a sole proprietor might be easy on the wallet and quick to set up, but it could leave you open to more risk and potentially create a tax headache.

Forming a Limited Liability Company (LLC) could be smarter for most consulting gigs.

Invest some time into researching the business structures that could suit you. Consider which will benefit your business now and align with your future professional and personal ambitions.

Let’s look at the four main types of business entities:

• Sole proprietorship. This is the simplest entity. As a sole proprietor, you’re the lone ranger responsible for your business’s profits and debts.
• Partnership . This is when two or more people team up, sharing liability and responsibility for a business.
• Limited Liability Company (LLC). This structure allows owners, partners, or shareholders to limit their personal liability while reaping a partnership’s tax and flexibility perks.
• Corporation . This is a separate legal entity from its owners. A corporation can own property, get sued, pay taxes, and enter into contracts.

Consider what will work best for your current needs and future ambitions.

Hire an expert to form your company and save time. Our trusted partners can help: Northwest ($39 + state fee) or Bizee ($199 + state fee) . We recommend Northwest. After evaluating the leading registration companies, Northwest stands out as our top choice due to its competitive pricing, exceptional customer support, and commitment to privacy. Pay just $39 + state fees and you'll get a free year of registered agent service, articles of organization, privacy, and client support from local experts.

And a heads up – in most states, if you’re planning to run your consulting firm under a different name than your legal business name, you need to register this with the secretary of state or county clerk.

For instance, if your registered company is an LLC named “Three Brothers, LLC,” but you’re selling services as “Three Tigers,” you might have a problem. That’s because your registered name and your trade name don’t match.

But don’t worry, this is not as scary as it sounds. You can sort this out by registering your trade name with your state (and or local government) by filing a “doing business as” (DBA) certificate. Also known as an “assumed name,” “fictitious business name,” or “trade name.” Need help? Check out this super handy resource that breaks down what a DBA is, the state requirements for a DBA, and how to file a DBA in all 50 states and U.S. territories .

3. Set up business accounting and bookkeeping

Let’s talk about something I find less cool but super important – business accounting and bookkeeping . This stuff is vital to understanding your cash flow and filing taxes correctly.

Accounting is all about recording, organizing, and presenting your financial info. It’s the backbone of your business’s financial health, helping you make informed decisions.

Bookkeeping is more about recording, storing, and retrieving your financial data.

Sure, the two overlap. But the significant difference? Bookkeeping is about recording and categorizing financial info, while accounting uses that info for analysis, strategy, and tax planning.

Hire a bookkeeper – your new best friend

Unlike accountants, bookkeepers have a simple mission: keep things organized, pay bills, track an invoice financing loan , and prep work for the accountant. They’re typically more wallet-friendly than CPAs (certified public accountants) and can handle day-to-day transactions, bank account balancing, basic reports, and keeping your financial records tidy.

Many consultants hire an external bookkeeper, paid hourly, who swoops in regularly to manage entries, bills, invoices, and receivables. The best part? They don’t need to be in your office 24/7. They can work remotely or drop by every couple of weeks.

An experienced bookkeeper isn’t just handy; they’re a lifesaver, especially when setting up invoice financing to speed up client payments. Plus, with the help of tools, a free invoice template , or invoicing software from Billdu for creating and managing invoices, they can help you be more efficient and less stressed.

Organize your financial information

Every business generates heaps of data; if it’s not organized and accessible, it’s as useful as a chocolate hammer. This is doubly true for your consulting gig. Even a few weeks of unrecorded transactions or a month of unmailed invoices can drown a small business.

A sharp bookkeeper can help you set up a filing system, keep bills organized, ensure invoices are sent out promptly, and introduce a disciplined, organized approach. They can even help set up and track invoice financing loans if clients are slow on payments.

Perform an annual health check

Don’t underestimate the value of a yearly review of your bookkeeping, accounting, and tax strategies. Give a hard look at your systems and the people managing them, and ask some critical questions.

Are you being cost-effective and productive with your accounting? Does your CPA understand your industry enough to give solid advice? Is your tax preparer skilled enough to keep you on the right side of the law? Most importantly, can you trim expenses while maintaining high-quality controls?

Take the time to reevaluate and bolster your accounting strategy. It might seem like a chore, but trust me, it’s worth it!

4. Assess your finances and secure startup capital

Let’s talk money. Assessing your finances is super important – it’s not just about tracking sales and profits but getting a complete picture of your financial health.

So, here’s the rundown on business finance:

Business finance is like your company’s personal trainer. It uses your financial data to help you manage your funds, making your operations profitable and sustainable.

And you’ve got plenty of business financing options.

You must figure out how to fund your business and fuel its growth. You’ll struggle to build a sustainable, profitable business if you’re not on top of your numbers.

Starting a business is exciting, but don’t let the excitement push you to overspend. Be careful with your funds and make purchases that make sense.

Expensive and unnecessary equipment? That’s a no-no. They might seem cool, but they could put your small business’s survival on the line.

Your startup costs may include the following:

• your brand design (logo, business cards , and website)
• any license or permit fees
• deposits and rent for a physical work location (if you plan to lease your own office space)
• basic infrastructural costs like VoIP phone and internet service, scheduling and invoicing software , etc. You can reduce costs by picking invoicing software that includes automated tax compliance.
• marketing and advertising costs

Here’s the upside – most successful consultants can run their businesses with low costs until they’ve built a solid client base, then they can spend more on equipment and supplies.

Securing startup funding

Securing sufficient capital is a major hurdle for new businesses. While self-funding is ideal, it’s often not feasible, making business partners or outside investors essential.

Before engaging potential partners or investors, clarify your expectations:

• What do you want from this partnership or investment?
• How involved should they be in decision-making?
• Is the relationship short-term or long-term?

Your partnership can take various forms: pure capital investment, cost-sharing, leads generation, or associating with a reputed brand. Knowing your goals upfront helps in selecting the right partner or investor.

Consider these relationship options:

• Crowdfunding. Platforms like Kickstarter and Indiegogo allow raising funds from the public without granting them business control. However, it requires fulfilling commitments made to backers. Crowdfunding may not suit consulting businesses, but its growing popularity, projected to exceed the global venture capital industry, makes it worth exploring.
• Angel investors and venture capitalists. These traditional funding sources suit those planning a consulting agency. Convincing investors about your business viability is challenging, particularly for startups. However, finding investors becomes easier if you have a profitable consulting business looking to scale, particularly in technology. Remember, they may want significant involvement in your business to safeguard their investment.
• Partnerships. True business partnerships involve an equal investment of finances, resources, and labor. Alternatively, you can establish temporary partnerships with existing brands or consultants who complement your services. Here are two examples: (a) Partner with a consultant in a related field to offer combined services to a broader client base; (b) Collaborate with a software business in your field to create a lead exchange program, driving well-qualified leads to each other. The crux is finding a partner who shares your goals and fostering mutual motivation to succeed.
• Strategic alliances. This is a collaboration where you and another business agree to combine resources to achieve a common goal. For example, a marketing consultant might form a strategic alliance with a graphic design firm . Together, they could offer a more comprehensive service to their clients. Both businesses retain their independence but might share costs, risks, and rewards.
• Joint ventures. A joint venture (J.V.) is a business agreement in which parties agree to pool their resources to accomplish a specific task or business activity. Unlike a strategic alliance, a J.V. often results in the creation of a new business entity. For instance, two consulting firms might create a J.V. to tackle a market segment neither could own. This type of arrangement typically involves more commitment and investment than a strategic alliance but can lead to greater rewards due to the combined strength of the partners.

Finally, remember that accounting and bookkeeping system we discussed earlier? It’s back in play here. You need to set up one to keep tabs on your finances. It’s essential for understanding cash flow and filing taxes, but it also helps you track income, expenses, capital expenditures, profit, loss, EBITDA, and so on.

5. Develop your brand identity

Think brands are only for the big corporations?

They’re super crucial for small businesses, especially independent consultants.

A solid brand adds a layer of professional polish that can be tricky for small outfits to establish. So, don’t leave your brand identity to fate – building a successful consulting biz requires serious attention to branding .

Let’s rewind – your brand is your company’s public persona. Ideally, it should reflect your business’s best and most vital traits.

For consultants, credibility is king. A lackluster brand identity undermines that.

Good design isn’t just a luxury – it’s essential for you and your clients.

Picture this – you’re selling $10,000 projects and want to double the price. To do that, you must articulate the value differently, and design can help.

Before you dive into networking, ask yourself some key questions. What persona do I want my brand to project? Who needs my services? What unique value do I offer? What are my brand values ? What’s the core part of my client’s experience? Your answers will shape your brand’s core and influence your future branding decisions, from your company name and logo design to your website design.

And remember, you don’t have to break the bank to create a strong brand identity. Here’s a guide to help you figure out the sweet spot for pricing:

• How much should a logo design cost?
• How much does a business card cost?
• How much should brochure design cost?
• How much does website design cost?

These guides cover various price points, so you’ll find something that fits your budget.

Ultimately, building a successful consulting business is about brand authenticity and connection . A compelling brand can make that happen. Whether you’re starting or thinking about a rebrand , take the time to think about your brand. It might make all the difference.

For more on establishing and maintaining a consistent brand identity, check out Grow Your Small Business with Consistent Branding .

Marketing psychology can help you increase revenues

Marketing Psychology can help you boost your revenues by incorporating psychological principles into your marketing strategy.

6. Create an effective fee structure

Creating an effective fee structure starts with understanding your operating costs – rent, utilities, subscriptions, taxes, supplies, and salaries. But don’t forget to factor in profit, which is crucial for business sustainability. And remember to pick a an appropriate consulting model.

Envision how you want to run your consulting business – a brick-and-mortar agency, a home office, or a global setup while traveling. Your fees should support this style. For various strategies, see this article by Andrea Coutu of Consulting Journal.

Thoroughly dissect your operational costs, which stretch beyond fixed and variable expenses like rent, utilities, and supplies, to incorporate aspects like:

• Time investment. Calculate the non-billable hours spent on marketing, administration, and skill enhancement.
• Risk mitigation. Factor in a buffer for unforeseen circumstances or potential risks, such as project overruns or unexpected costs.
• Profit margin. Explicitly ascertain a profit margin that compensates for your expertise and ensures business growth.

Next, conduct a robust analysis of:

• Competitor pricing. Understand competitors’ pricing strategies and identify market gaps or opportunities.
• Clients’ paying capacity. Evaluate the financial bandwidth of your target audience and what they’re willing to pay for your services.
• Unique Value Proposition . Gauge how your unique offerings and expertise can justify a premium or competitive pricing strategy.

Your pricing should resonate with the tangible and intangible benefits clients derive. To augment your perceived value:

• Showcase expertise. Use case studies, testimonials, and certifications to validate your expertise and results.
• Brand positioning . Ensure your branding, from website design to communication, exudes professionalism and competence.

Next, explore, understand, and select a pricing strategy that aligns with your services and client expectations:

• Hourly rate. Transparent and straightforward, this method is often suitable for consultants with clearly definable hourly services, such as legal consultants or I.T. troubleshooters. However, tracking hours is essential; questions may arise if work takes longer than estimated.
• Project rate. Ideal for projects with clear deliverables and defined timelines, like marketing campaigns or project management services. This could be risky if the work takes longer but beneficial if completed quicker. Adjustments may be needed for scope changes.
• Retainer. Suitable for ongoing, long-term services, such as H.R. consulting or business advisory, where clients require access to your expertise over a period.
• Value-based pricing. Charging is based on the value provided to the client, which can be highly profitable for consultants who significantly impact client revenues or costs, such as business strategy consultants or revenue growth advisors.

Additional revenue streams

Beyond direct consulting, explore alternative revenue avenues:

• Online courses. Leverage your expertise to educate others, ensuring a revenue stream decoupled from your consulting hours.
• E-books or guides. Create comprehensive guides or e-books based on your area of expertise, providing a low-cost option for those unable to afford your full services.
• Affiliate marketing. Recommend tools or services and earn a commission for each sale made through your referral.

Periodic review and adjustment

Ensure your fee structure remains viable and competitive through:

• Client feedback. Understand client perceptions and reservations about your pricing.
• Market trends. Stay attuned to shifts in market rates or emerging pricing strategies.
• Business evolution. As your expertise and offerings evolve, ensure your pricing reflects these advancements.

For more on fee setting, check out this online mini-course by Consulting Journal.

Consider offering online courses if you have unique expertise. It’s another revenue stream for your consulting business. Here’s a guide on how to sell online courses .

7. Launch your website and market your business

Your business website is not just a digital address; it’s your brand ambassador. Use your site to effectively communicate your brand ethos, values, and services to your target audience.

It’s crucial that your website truly personifies your consulting brand. For example, suppose you’re running a leadership consulting service emphasizing transparency and innovation. In that case, the site should have a modern, clean design with easy-to-navigate menus and transparent information about your services.

The website’s visual design elements should resonate with your brand’s voice and identity. For instance:

• Use your brand’s colors. If your brand colors are turquoise and white, these colors should be prominently displayed in your site’s design. For example, a sustainability consulting company might use green and earth tones to reflect their environmental commitment.
• Feature your company logo. Your logo is a visual shorthand for your brand, and it should be prominently displayed, preferably in the header or corner of every page.
• Write marketing copy for your target audience. Your website copy should speak directly to prospective clients’ needs and interests. If you’re a technology consultant, use language that tech-savvy visitors will appreciate and understand.
• Showcase your consulting style. Whether you’re more hands-on or prefer to guide from the sidelines, ensure this is evident. For example, a dynamic, interactive website may indicate a more engaging consulting approach.

Beyond these design elements, your website is an ideal platform to highlight your consulting achievements.

Feature testimonials and case studies from past clients to showcase your expertise and success. For example, a healthcare consultant might include a case study on how they helped a hospital streamline its processes for better patient care.

Including an online store on your website can be a strategic move, especially if you have proprietary consulting tools, books, or digital resources to sell. For example, a marketing consultant might sell eBooks or webinars on the latest marketing strategies.

Passive income can bolster your bottom line and is an important safety net for lean seasons.

Marketing your consulting business

Being an exceptional consultant is only half the battle; marketing yourself effectively ensures your talents don’t go unnoticed.

If you’re not selling your services, there’s a good chance that no one is. So, you’ll complete your current contracts to find an empty calendar with no income looming ahead. As a result, you’ll miss many opportunities to generate ongoing online marketing income and may need to start from scratch.

Establishing a steady pipeline of clients and potential clients involves spreading the word about your consulting services to your target market.

Ultimately, you’ll write many client proposals , so get used to doing so early in your consulting practice.

Client proposals are your chance to show how you can help clients solve their problems. You’ll need to be clear about the project’s scope, the services you provide, what you’ll charge for the services, the deliverables, and the time frame, and use an electronic signature tool to bind clients legally. And be sure you show how you and the client can measure the results.

One proven method to gain traction in consulting and attract clients is to share your expertise extensively.

Networking at industry events relevant to your clients can be a goldmine for insights about industry trends, networking with current and prospective clients, and leveraging word-of-mouth referrals to generate fresh consulting leads. For example, if you’re a technology consultant, participating in tech expos or conventions can put you directly in contact with potential clients.

Participating in events catered to the consulting industry could also be beneficial, as you can build connections with other consultants and potential clients. This could also expose you to different approaches to delivering a persuasive value proposition when offering your consulting services to clients.

When attending these events, carry business cards and brochures about your services, complete with contact information, including a phone number. While email communication is prevalent,   other tactics like an email signature can help strengthen your business communication and establish trust with prospective clients.

In your marketing collateral, include the following:

• A comprehensive overview of your services
• A persuasive argument about why you’re the best choice
• Convincing reasons to hire you
• A concise biography containing relevant information
• A snapshot of your existing client portfolio

Also, consider exploring content marketing strategies tailored for consultants. Writing an ebook about your field of expertise or maintaining a regular blog can help establish you as an authority in your niche, improve your search ranking through SEO practices, and gather email leads. For example, a leadership consultant could blog about the latest trends in leadership and management, drawing from their own experiences and insights.

As a burgeoning business owner, capitalize on the exposure offered by social media marketing . Platforms such as Twitter , Facebook, and LinkedIn can help build an audience of followers.

Regularly post helpful tips, insights, and articles related to your services. By engaging with your followers and participating in relevant discussions, you present yourself as a subject matter expert, reinforcing your reputation as a knowledgeable and reliable consultant.

Invest in a social media management tool like Buffer for scheduling posts beforehand, freeing up your day to focus on clients. However, regular check-ins are essential to address client inquiries promptly.

Consider collaborating with micro-influencers in your industry, as aligning your brand with theirs can boost credibility and accelerate growth.

Here are other marketing strategies and tactics that can help you grow your consulting business:

Host free workshops or webinars

Free educational content through workshops or webinars can exhibit your expertise and attract potential clients.

Best for: I.T. consultants, marketing consultants, and management consultants. Not good for: Legal consultants, financial advisors, medical consultants.

Collaboration and partnerships

Join other consultants or businesses to expand your client base by providing complementary services. Best for: Technology consultants, business strategy consultants, marketing consultants. Not good for: H.R. consultants, independent financial consultants, health & safety consultants.

Whitepapers and case studies

Publishing in-depth whitepapers and client case studies demonstrates your skills and past successes. Best for: Data analytics consultants, research consultants, and financial consultants. Not good for: Image, lifestyle, or social media consultants.

Leverage client testimonials

Use your positive feedback and testimonials from past clients in your marketing materials to build trust. Best for: Management consultants, education consultants, H.R. consultants. Not good for: Cybersecurity consultants, legal consultants, crisis management consultants.

Join online forums and groups

Engage in online communities related to your niche, offering advice and establishing your expertise. Best for: Tech consultants, SEO consultants, freelance writing consultants. Not good for: Medical consultants, corporate strategy consultants, or tax consultants.

Implement a referral program

Reward existing clients for referring new clients to your consulting business. Efficient referral program software can streamline this process, making it easy to track and reward referrals. Best for: Career consultants, small business consultants, fitness consultants. Not good for:  Forensic, industrial safety, and agricultural consultants.

Pitch to local media

Offer your expertise for free to local media in exchange for publicity.

Best for: Personal finance consultants, relationship consultants, wellness consultants. Not good for: I.T. consultants, biotech consultants, energy consultants.

Speak at conferences

Presenting at conferences can establish you as an authority and help network with potential clients.

Best for: Environmental consultants, scientific researchers, marketing consultants. Not good for: Personal shopping, etiquette, or hobby consultants.

Engage in direct email marketing

Sending targeted emails with valuable content to a segmented audience can generate leads. Best for: Sales consultants, digital marketing consultants, and e-commerce consultants. Not good for: Grief consultants, child behavior consultants, or art consultants.

Local business community involvement

Engaging with local business communities or chambers of commerce can help foster local client relationships. Best for: Retail consultants, local marketing consultants, and hospitality consultants. Not good for: International trade, space, and research & development consultants.

Sharing regular posts about industry insights or tips showcases your expertise and improves your website’s visibility on search engines. Best for: Marketing consultants, career coaches, nutrition consultants. Not good for:  Privacy consultants, forensic consultants, chemical consultants.

Hosting online seminars can display your knowledge to a wide audience and attract potential leads. Best for: Financial consultants, I.T. consultants, marketing consultants. Not good for: Art consultants, fashion consultants, or local retail consultants.

Creating or participating in podcasts can help you reach new audiences and discuss industry trends and insights.

Best for: Personal development coaches, financial advisors, and health consultants. Not good for:  Cybersecurity consultants, data privacy consultants, industrial consultants.

Speaking and teaching

Leading workshops or courses and speaking at events can build your reputation and network. Best for: Business consultants, educational consultants, leadership consultants. Not good for:  Legal consultants, risk management consultants, chemical safety consultants.

Social media marketing

Using platforms like LinkedIn, Twitter, and Facebook to share content and engage with followers can enhance your online presence and credibility.

Best for: Social media consultants, branding consultants, travel consultants. Not good for:  Data security consultants, industrial safety consultants, forensic consultants.

Print or digital advertising

Placing ads in newspapers, magazines, or online platforms can promote your services to a broader audience.

Best for: Event planners, small business consultants, real estate consultants. Not good for: Scientific research consultants, aerospace consultants, and biomedical consultants.

Cold calling and emailing

Directly contacting potential clients might generate quick leads, but it might also have low conversion rates.

Best for: B2B service providers, sales consultants, and marketing consultants. Not good for:  Childcare consultants, mental health consultants, art consultants.

Remember, marketing becomes more straightforward once you’ve established a client base. According to this study , “43.7% of consultants reported that referrals were their top-earning marketing strategy”. Don’t hesitate to ask satisfied clients for referrals, as they can be a significant marketing asset.

Starting out, covering as many marketing channels as possible is wise. As you grow, you’ll naturally discover what methods work best for your consulting business.

8. Grow your consulting business

Starting a consulting business is thrilling, but it’s just the beginning. Here are five exciting steps to take your consulting business to the next level:

Study your competitors

Get your magnifying glass out and take a good, hard look at what other consultants or firms in your space are up to.

You’ll uncover their secrets to success and spot areas they’ve missed, carving out unique opportunities for you. Notice their marketing approach, service offerings, and how they price their services. A competitive analysis will give insights into your customers’ journeys and ways to make your service the top pick.

Be a storyteller

Starting a blog is like opening a window into your consulting world. It gives your business a voice, helps you become a trusted authority in your field, and boosts your online visibility.

If you’re scratching your head about what to write, your clients are your best inspiration. Address their challenges and questions in your blog posts. Plus, sharing these posts with potential clients can convince them of your expertise.

Be the thought leader

Beyond blogging, sharing your insights on social networks can amplify your reach. Use platforms like HARO to connect with journalists and bloggers who can quote you in their stories. This way, you can gain your consulting niche’s recognition as a thought leader.

Broaden your horizons

Your competitive analysis might reveal services your competitors offer that you don’t. Can you fill these gaps?

For example, if you’re a content marketing consultant, could you extend your services to include email or social media marketing? But remember, only add services that align with your expertise.

Make friends

The world is full of potential connections, and they’re only a click away from the internet. Networking online might seem tricky, but with platforms like Twitter and LinkedIn, you can spark conversations with industry peers and potential clients. Regular interaction can rekindle old connections and forge new ones.

Test these strategies and find the ones that boost your client base and help your consulting business thrive. Remember, it’s not about copying others but learning from them and building a brand that reflects you.

Grow your team

The life of an entrepreneur can often feel solitary, especially when you’re launching your consulting business. While the journey may start with you at the helm, remember the goal is to grow and expand, which calls for additional hands on deck.

After all, time is a finite resource, and you can’t run a successful consulting business burning the midnight oil every night. As your business scales up, you must delegate tasks to ensure you continue delivering exceptional service to your clients.

However, expanding your team doesn’t mean hiring without a strategy. Each new member should bring immediate value to your business. This decision is highly specific to your business, as every consulting venture has unique challenges and requirements.

Reflect on your strengths and weaknesses to determine who your first hire should be.

For instance, if marketing isn’t your strong suit, consider hiring a marketing manager to help map your business plan. Just ensure you validate their credibility, perhaps through references or evaluation letters , to guarantee they’re the real deal.

If dealing with numbers gives you a headache, a billing specialist could be your saving grace, managing accounts and ensuring payments are collected on time.

In essence, your first employees should fill the gaps in your expertise. Building a well-rounded team ensures a sturdy foundation for your business.

For many entrepreneurs, the first hire is often a part-time virtual assistant – a jack-of-all-trades ready to dive in, learn, and grow with the company. This person should be reliable, proactive, and have a strong work ethic. Having someone dependable on your side will make your journey less stressful and more enjoyable.

So, take a moment to reflect: what does your business truly need? Who could help turn your weaknesses into strengths and pave the way for your consulting business to thrive?

Start your consulting journey today

Venturing into entrepreneurship, especially after years of enjoying the safety of a salaried job, can be daunting.

The fact that you’ve made it this far in the article indicates a spark within you, a desire for something more fulfilling, more liberating.

Starting a consulting business can be a transformative journey, not just a decision. It’s a courageous step, a move that speaks volumes about your passion, expertise, and readiness to shape your destiny.

Are you ready to embrace this adventure, empower others with your knowledge, and define your own path?

The world of consulting awaits your unique perspective and innovative solutions. Will you rise to the challenge and create your own consulting legacy?

Associations

• Airport Consultants Council
• American Marketing Association
• Association of Management Consulting Firms
• Canadian Association of Management Consultants
• Canadian Marketing Association
• Direct Marketing Association
• Direct Selling Association
• Information Technology Association of America
• Institute of Management Consultants USA
• International Advertising Association
• International Association of Registered Financial Consultants
• International Association for Wedding Professionals
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• IWA – International Webmasters Association
• National Retail Federation
• Professional & Technical Consultants Association
• Public Relations Society of America
• Search Engine Marketing Professional Organization
• SMEI The worldwide professional association for sales & marketing
• The National Association of Sales Professionals
• The Society of Professional Consultants
• Word of Mouth Marketing Association

Frequently Asked Questions (FAQs) about consulting

1. where can a consulting business identify government contracts to pursue.

You can find government contracts on official government procurement sites such as SAM.gov in the U.S. This platform lists federal business opportunities. Remember, each country has its own respective platform.

2. Can I establish a consulting business while still employed elsewhere?

Absolutely! Starting a consulting business as a side venture is possible. It allows you to test the waters and build a client base without risking your current employment. Just ensure that there’s no conflict of interest with your present job.

3. Which are promising sectors to launch a consulting business in?

The best field for your consulting business depends on your skills, experience, and passion. However, industries like I.T., H.R., business strategy, healthcare, and environmental sustainability are seeing high demand for consultants.

4. What credentials are required to start a consulting business?

While there are no specific requirements to start a consulting business, having relevant qualifications, certifications, and experience in your chosen field will boost your credibility and attract potential clients.

5. How can I price my consulting services?

Pricing can be based on factors like market rates, the complexity of the work, the client’s budget, and your experience. You can choose an hourly rate, a per-project fee, or value-based pricing.

6. How do I market my consulting business?

Multiple channels to market your consulting business include networking, social media marketing, blogging, speaking engagements, and email marketing. Highlight your unique value proposition and expertise.

8. Is a business plan necessary for a consulting business?

It’s not necessary but highly recommended. It provides direction, helps you understand your market and competition, and is necessary if you seek funding.

8. How can I differentiate my consulting business from competitors?

Differentiating your consulting business requires you to clearly articulate your unique value proposition, leverage your unique skills or experience, specialize in a niche, provide excellent customer service, and build a strong personal brand.

9. Should a consulting business be incorporated?

Incorporation can provide benefits such as limited liability, tax advantages, and a professional image. It’s advisable to consult with a legal professional or business advisor to understand the best structure for your business.

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How to Start a Consulting Business: Your One Page Business Plan Learn the three critical components of your business plan and download a template to get started

By Terry Rice Edited by Dan Bova Apr 28, 2021

I wrote several business plans while obtaining my MBA from the University at Buffalo. But, for some reason, I totally skipped that part when it was time to launch my consulting business. My only real plan was to generate revenue, which often involved saying "yes!" to any opportunity that came my way, and not charging nearly enough for the services. And, when my daughter was born, I was too concerned about the future to be fully present. I was there, but I was more preoccupied with worrying about how I would provide for her than I was with enjoying and appreciating the experience.

Fortunately, that all changed once I decided to create a real plan aligned with the vision I had for my business and my family. That was six years ago and I've now packaged it as the One Page Business Plan for Consultants . I'm sharing the framework with you so you can avoid my mistakes, and compress the amount of time it takes for you to find fulfillment. This is by no means a hack - you're going to put in work - but this guide will reduce the confusion and frustration that can come from starting a new business.

I should also note that you may not complete it in one sitting. By design, it will challenge you and expose blind spots you may not be aware of. That's a good thing! Addressing these critical issues now will save you from months - possibly even years - of self-doubt and lost revenue.

And, if you're currently offering professional services , but are wondering why you haven't been able to "figure it out" just yet, this plan could be the key to unlocking your revenue potential.

It's all centered around answering three critical questions, which I've highlighted below.

Related: Learn how to package, price, and promote your consulting services

What do you do, who do you do it for, and why?

Clarity is the precursor to confidence. Once you establish clarity on your services, audience and motivation; you'll be able to confidently move forward with the next steps. I address how to get clear on your services in the article How to Start a Consulting Business: 3 Steps to Finding Your Idea , so I suggest checking that out in addition to the guidance provided in the business plan.

Be sure not to skip defining your "WHY" - the purpose, the cause, or the belief that drives you - this will become a valuable differentiator as you grow your business. And, if you need help crafting yours, Simon Sinek literally wrote the book on it, but you can also check out his brief YouTube video that provides some valuable tips.

How do you attract clients and opportunities by expressing your expertise and personality? (Marketing)

When I first started offering Digital Marketing services, I visited a local business in Brooklyn so I could pitch them in person. I knew launching a business would require stepping out of my comfort zone and I saw this as the perfect opportunity to do so. Incredibly enough, they said "yes", but I never did door-to-door sales again. Why? Because I hated it, and I knew there had to be a more efficient way.

Your goal should be to land clients based on how you feel comfortable presenting yourself and the value you provide. Not by spending 20 minutes hyping yourself up by listening to Eminem's "Lose Yourself" on repeat before you finally get enough courage to ask for their business. Everyone may be telling you to join Clubhouse , but answering questions on Quora might be a better fit for your personality.

It's also crucial to attract the right prospects. I used to get contacted by people who asked how much I charged before asking how I could help. In time, you'll learn how to weed those people out so you can focus on prospects who understand the value you provide and are willing to pay you what you're worth.

Beyond that, your marketing tactics need to be measurable and repeatable. Otherwise, you won't know how to avoid making the same mistakes or double down on what's working for you.

Related: How to Grow Your Email List and Sales Pipeline by Creating Your Own Free Mini-Course

How do you deliver your services and scale revenue? (Delivery)

Experiencing burnout — emotional, physical, and mental exhaustion caused by excessive and prolonged stress — is far too common with entrepreneurs. One way to avoid it: develop a process to deliver your services that is aligned with efficiency and impact.

While custom projects can be lucrative, they also require much more coordination and development. Defining the delivery - and pricing - of your services in advance allows you to create a business model that is aligned with your desired revenue and lifestyle goals.

You can see options for delivering your services below.

By documenting this process, you'll also be able to better project and scale revenue, which reduces uncertainty and gives you the freedom to take time off without worrying about where your next paycheck is coming from.

Related: How to Start a Consulting Business: Determining Your Rates

Download the One Page Business Plan and block off three hours to work on it. I suggest working for 50 minutes, taking a 10-minute break, and repeating that cycle three times. And, if you have any questions feel free to reach to me on LinkedIn or join a live Q&A session .

Ready to start your consulting business? Check out our Consulting Business Accelerator and get going today! You'll gain access to training videos, hands-on activities and join live weekly Q&A calls.

Entrepreneur Staff

Business Development Expert-in-Residence

Terry Rice is the Business Development Expert-in-Residence at Entrepreneur and Managing Director of Growth & Partnerships at Good People Digital ; an agency that provides marketing and monetization solutions for entrepreneurs. He writes a newsletter about how to build your business and personal resilience and personal brand in just 5 minutes per week and created a revenue optimization checklist to help you multiply your income potential. 

Want to be an Entrepreneur Leadership Network contributor? Apply now to join.

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How To Start A Consulting Business In 2024

Published: Aug 22, 2024, 5:34pm

Reviewed By

Table of Contents

1. outline your plan, 2. register your consulting business, 3. determine services and pricing, 4. build your website, 5. market your consulting business.

Those with a high degree of expertise in a particular field can leverage their knowledge to build a profitable consulting business. Whether you’re in between jobs or looking to make a change, learning how to start a consulting business is the first step to making great use of your skills. In return, you can create a lucrative business and can charge upwards of around INR 25,000 per hour–all for sharing your expertise with others. Here’s everything you need to know.

To get started, you’ll want to put together a strong business plan . While you don’t have to stick to every single thing, it’s a good idea to have guidance for your business.

The first choice to make is your business name. Since you’re starting an individual consulting business, your business name can be your personal name as a trade name or a business name. If you have a name that you want to use that feels more recognizable and eye-catching, make sure you factor the registration costs into your original budget.

If you need to design a logo, you can do that yourself or reach out to designers. The logo will help you start marketing to your target audience, whether that’s business owners or companies or individuals. If you want to consult in a certain industry, you should start building a list of contacts to reach out to when you’re ready to launch and take on new clients.

With all of this information ready to go, you can start on the administrative side of your business.

Before you start doing official business, you’ll need to register with the Ministry of Corporate Affairs as a sole proprietorship or as an LLC. You should also check to see if there are other legal requirements for small businesses in your state. If you are planning to grow the business, registering as an LLC will make it easier to track your business expenses for taxes. It can cost about INR 3,000 to INR 10,000 to register your business online, depending on the state.

If you’re starting a consulting business as a side hustle, it might be worth it to invest in a business to register your LLC for you.

Determining your rates also means determining what kind of services you want to offer. Consultants offer a variety of services. You can offer a wide range of support for a business, but do less of a deep dive. Alternatively, you can be hyper-specific in your expertise and go deep on a certain aspect of a company’s business. For example, if you’re an HR consultant, you can take a larger view of a company’s HR operations, or focus on their hiring practices for a specific department.

You should also consider if you want to take on short-term or long-term clients. Doing one-off consulting sessions is still a lot of work, even compared to long-term consulting. Your pricing strategy should reflect the amount of preparation you have to do. It also may depend on your industry to decide how you want to price your services: either a one-time payment, hourly rate or monthly retainer.

A consulting business needs a website so clients can find you easily. If a business is doing research into finding a consultant in your industry, you want your website to pop up for them. If you are familiar with SEO best practices , you can do this yourself, or hire someone to optimize your website.

Here are the best platforms for building a professional website:

• Squarespace : This platform is very user-friendly and has plenty of award-winning templates. In addition to great designs, it’s also affordable with all-inclusive plans starting at around INR 1,355 per month. However, it does lack more robust customization options for more experienced coders.
• Wix : This all-in-one website builder offers a drag-and-drop site editor, making web design both easy and highly flexible. However, it’s a bit more expensive than Squarespace with plans starting at around INR 1,355 per month.
• WordPress : The world’s most popular content management system, WordPress, is not the most user-friendly, though it is one of the most customizable and affordable options (as you only have to pay for web hosting for around INR 150 to INR 1,000 per month). It’s the best option for those who have very unique website needs or experience with the CMS.

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Building a website can seem intimidating, but many of the best website builders make it easy for beginners to create a site without any experience or coding knowledge. However, keep in mind that websites do require ongoing maintenance, so you might want to hire a virtual assistant or work some time into your calendar to do regular website maintenance and updating.

Marketing a new business can be difficult, but being diligent about finding new marketing channels and leveraging connections will make it a lot easier. Try these simple and low-cost solutions to start marketing.

• Search engine optimization to rank on Google
• Online business directories, such as Google My Business, Yelp or Yellow Pages
• Pay-per-click advertising, such as Google Ads, Facebook Ads or YouTube Ads
• Subreddits for entrepreneurs or your industry
• Slack groups for freelancers
• Find local networking groups, such as local business associations
• Participate in industry networking events

Working on this yourself, in the beginning, will require a fair amount of time, but when your business grows, you might be able to hire a social media strategist or partner to work on finding business leads.

Frequently Asked Questions (FAQs)

How can a consulting business get clients using fiverr.

Fiverr allows anyone to sign up and sell their services as a freelancer. A lot of companies looking for freelance writing, design or marketing work use Fiverr, so it would be a good place to do consulting for content strategy.

Is it possible to start a consulting business on the side?

If you are comfortable with working with a smaller number of clients and are realistic about your time, you can easily run a consulting business on the side. It’s important to be open with your clients about your time constraints to build trust.

What are some good fields to start a consulting business in?

The consulting business you start is going to be based on your strengths and skills, but some of the potential fields where you might enjoy some of the most success include public relations, publishing, human resources (HR) marketing, computer programming, career consulting, advertising and accounting .

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28 Successful Consulting Business Ideas (+How to Start One)

• By Luisa Zhou
• Building a Business
• Updated: August 24, 2024

On this page

Are you looking to start a consulting business but aren’t sure what to specialize in? 

If so, you’re in the right place. 

In this post, you’ll learn: 

• The 28 top consulting business ideas
• How to grow a consulting business that helps you achieve more freedom and flexibility

Let’s jump in! 

Get the Ultimate Guide

For building a 6-figure coaching business so you can achieve more freedom.

Quick insights:   

• Consultants are in high demand, and the consulting industry is growing 
• To succeed as a consultant, choose a profitable niche that suits your existing skills
• If you don’t have a degree, that’s OK —  in many cases, experience and/or a certification is more than enough

Top 28 profitable consulting business ideas you can start 

The consulting world is vast , and it’s expanding rapidly . 

These days, you find consultants in pretty much any field.  

That said, their responsibilities vary widely, and some consulting businesses are more profitable than others. 

So, let’s take a look at the best consulting business ideas – that way, you can choose the one that most fits your skills and goals. 

1. Management consulting 

As a management consultant, you provide expert advice to organizations and businesses to help them identify and solve various issues.  

The most common areas include:

• Business management
• Employee productivity
• The supply chain
• Strategy development 

Management consulting is a BIG industry. In fact, it’s valued at around $1 trillion dollars globally. 

In many cases, management consultants are expected to have at least a bachelor’s degree and several years of industry experience . 

However, this depends on what types of clients you work with. 

And if you want to get certified (which isn’t always necessary – but might be required by some clients), the internationally recognized Certified Management Consultant (CMC) certification might be a good option.

📚Read more here . 

2. Strategy consulting 

Strategy consultants work with senior management to improve a company’s strategic direction . 

As a strategy consultant, you might offer guidance on things like:

• Production strategies
• Risk management
• Hiring opportunities 
• Market analysis
• Sustainability

So, what’s required for this consulting business idea? 

Typically, strategy consultants should have an in-depth understanding of financial concepts and business dynamics . 

You might need a degree in business administration, finance, or a related field. Again, this depends on who you choose to work with. 

Learn much more about the job here . 

3. Marketing consulting 

As a marketing consultant, you work with businesses to assess and improve their marketing strategies.  

You’ll focus on one or several types of marketing, such as:

• Or content marketing  

Now, as a marketing consultant, you can help big companies with large marketing budgets or smaller businesses that can’t afford their own marketing teams (or both!). 

👉For example, one of my first online businesses was working with small businesses to develop their digital advertising strategies. Because of that, I was able to build that business to six figures in just four months. 

Here’s how:

But keep in mind that to become a marketing consultant, you need real-world experience with communication, marketing, and media. 

Take the next steps here .

4. Financial consulting 

Financial consultants help their clients manage personal or organizational finances . 

They work with individuals, businesses, or both on things like:

• Estate planning
• Retirement planning
• Tax strategies 
• And much more

For example, my former student Paridhi helps her clients manage, invest, and grow their money. 

Typically, financial consultants have experience with financial analysis and risk management, as well as a degree in economics, accounting, or finance . 

Many also hold MBAs and certifications like Certified Financial Planner (CFP) or Chartered Financial Consultant (ChFC) . 

But remember: Certifications often aren’t worth the price. I discuss why right here . 

5. HR consulting 

Human resources (HR) consultants oversee HR programs, identify workplace issues, and help teams optimize. 

As an HR consultant, you could work on aspects of HR like:

• Compensation and benefits
• Employee management
• Work culture
• Organizational change 

For example, my former student Carol Parker Walsh offers services to corporations that want to improve their culture. While she isn’t an HR consultant, she helps with the same types of problems. 

As a HR consultant, you should first and foremost have experience in what you’re coaching on. Some skills you might need include communication, problem-solving, and business planning . 

Learn more in this post .

6. Cybersecurity consulting 

Cybersecurity consultants fulfill an extremely important role for their clients: Protecting networks and digital assets . 

Their tasks typically include:

• Evaluating security 
• Responding to cyberattacks
• Assessing risk
• Designing security measures and protocols

And demand for cybersecurity consultants has skyrocketed in recent years. The unemployment rate for the sector is 0%.  

That said, this role requires a range of technical skills like programming, cryptography, and familiarity with IT infrastructures. Some cybersecurity consultants have  bachelor’s or master’s degrees in cybersecurity. But those aren’t necessary if you have the experience and have participated in e cybersecurity bootcamps . 

Discover more about cybersecurity consulting here .

7. Legal consulting 

Legal consulting is another role that’s always in demand. 

Think about it: All sorts of individuals and companies need legal support, analysis, and guidance . 

As a legal consultant, you fulfill similar duties to a lawyer, but exclusively outside of the courtroom. 

You could specialize in almost any field : 

• Foreign affairs
• Real estate, business
• And so on 

For example, my friend Lisa Fraley is a legal coach who primarily works with online entrepreneurs, coaches, and business owners. 

However, for this role, you need a law degree and experience in your field of specialization. Many legal consultants also need to pass the bar exam ( or should even if not required ) . 

📚Read more in this guide .

8. Healthcare consulting 

Healthcare consultants typically work with healthcare-related organizations to optimize their processes and profitability while maintaining a high level of patient care.

Most healthcare consultants work for hospitals and other medical facilities.

The most common tasks for healthcare consultants include:

• Formulating a strategic vision 
• Developing marketing initiatives 
• Integrating technology and healthcare systems 
• Providing solutions for improved patient satisfaction 

Of course, healthcare is another very stable industry , and employment in healthcare-related jobs is expected to keep growing. In fact, 1 in 4 jobs created in 2023 were in healthcare. 

More good news?

You don’t need a certification or license to be a healthcare consultant. Even so, many consultants do have a degree in healthcare administration or something similar. 

Ready to become a healthcare consultant? Check out this guide .

9. Business consulting 

If you’ve got a knack for all things business, business consulting could be an ideal job for you. 

Business consultants help business owners with all sorts of things, like:

• Establishing a new business
• Training employees
• Expanding into new markets
• Reorganization 

In most cases, the business consulting process follows three stages:

• Discovery : In this stage, the consultant learns as much as possible about the business 
• Evaluation : Here, the task is to identify the specific necessary change 
• Implementation : Now, it’s time to implement the restructuring plan and monitor its progress 

You don’t need a degree – what matters is your experience.

When I started my private business coaching company , I was able to apply about 10 years of experience building successful businesses – everything from a tutoring business to a tech startup. 

And today, I help people start and grow their own online businesses. 

I discuss how you can do the same in this post . 

10. Social media consulting 

Social media consultants help businesses grow their online presence through effective social media strategies . 

Responsibilities may include:

• Overseeing social media accounts
• Developing and sharing content 
• Collaborating with others to maintain brand consistency

And luckily, you don’t need a degree to be a social media consultant. Nonetheless, you’ll probably need experience with content creation, design, and copywriting (depending on what you specialize in). 

Internet entrepreneur Ippei Kanehara describes the 11-step process to become a social media consultant in this post . 

11. Event consulting 

Making sure an event goes off without a hitch can be TOUGH, right?

That’s where event consultants come in and take charge. 

But event consulting can be stressful . In fact, it’s often listed as one of the most stressful jobs . 

That said, if you’ve got the right skills, it’s also highly fulfilling, lucrative, and scalable . Those skills include: 

• Managing a team
• And budgeting  

Furthermore, an event planning business is one of the best remote business ideas . 

12. SEO consulting 

An SEO consultant is a digital marketing specialist whose focus is search engine optimization (SEO) . 

Basically, SEO consultants help clients develop an SEO strategy that’ll improve their search rankings, increase organic traffic to their websites, and ultimately help them grow their business.

For example, the marketing agency I co-own, Zalstrom , offers SEO consulting services. 

Typically, our work involves these phases:

• Strategy and suggestions
• Implementation
• Monitoring results
• Readjusting the strategy 

In terms of qualifications for SEO consulting, no degree is necessary, b ut experience is key . While I personally don’t have experience in SEO, Zalstrom’s co-founder has years of experience.

Ideally, you can show case studies of businesses you’ve helped. 

It’s also important that you can explain the value of the work you do . 

To learn more about SEO consulting, check out this post .

13. Environmental consulting 

Environmental consultants work with companies to find a balance between reducing negative environmental impacts and remaining profitable and efficient . 

Environmental consultants use:

• Technical and analytical skills  
• Scientific knowledge
• Communication and collaboration

To become an environmental consultant, you’ll likely need a bachelor’s degree in a science-related field. 

Furthermore, an advanced degree or certification can help you stand out from the competition. 

Read on here .

14. PR consulting 

As a PR consultant, you help clients communicate effectively with target audiences, stakeholders, and the media.  

Your clients might be nonprofits, government agencies, businesses, or individuals. 

And your tasks might include:

• Drafting press releases
• Developing PR strategies  
• Managing PR crisis 
• Planning PR campaigns 

To be successful in this position, you should be an excellent communicator with experience in: 

• Digital marketing
• Relationship-building
• Problem-solving
• Public speaking  

A formal education isn’t necessary for this role, but a bachelor’s degree in a relevant field and practical experience will give you an advantage over others.  

Learn more about getting started as a PR consultant here . 

15. Sales consulting 

Sales consultants are responsible for helping businesses or individuals increase sales . 

As a sales consultant, you build trusting, transparent relationships with clients.

You also take on tasks like: 

• Preparing presentations
• Monitoring market trends
• Generating leads 
• Tracking sales performance  

To become a sales consultant, you don’t need a specific degree. But you will need plenty of experience and a can-do attitude. 

Those who thrive in this field are typically outgoing, ambitious, and goal-oriented — just like my student Sanae Floyd , who worked as a sales consultant before she successfully switched to sales coaching. 

Listen to her incredible story in this video: 

Interested in learning more about sales consulting? Head over here .

16. IT consulting 

IT consultants help their clients with technology-related projects – anything from cybersecurity to software performance or data analytics. 

A major plus for IT consultants is that almost every business uses technology   — and they often need help with it. 

So, if you’ve got technical expertise, attention to detail, and critical thinking skills , this could be a great money maker for you. 

You don’t need a degree, but I recommend looking into these certifications:

• Certified Information Security Manager (CISM)
• Certified Information Systems Security Professional (CISSP)
• SANS GIAC Security Essentials (GSEC)  

Find more info about IT consulting on this page .

17. Career consulting 

As a career consultant, you help others achieve their career goals .

You work with job seekers or professionals on things like:

• Goal setting
• Skill improvement
• Finding the right job
• Resumes and cover letters

Career consultants often target their services to a group of people or an industry. 

For example, another student of mine, Anna Cosic , coaches women looking to land leadership positions. 

If you’d like to pursue a similar path, check out this guide on how to become a career coach. 

18. Operations consulting 

If you’re big on the link between efficiency and profitability , think about becoming an operations consultant. 

Operations consultants analyze their clients’ business goals and propose strategies to maximize the value of their supply chains .

Specific tasks could include:

• Analyzing business processes and identifying inefficiencies 
• Recommending restructuring projects
• Identifying areas for cost reduction 
• Supporting operational improvement projects 

Clients generally look for consultants who have at least a bachelor’s degree in a field like business administration, management science, or information technology. 

👉Want to stand out against the competition? 

Consider taking the Certified Manager of Quality/Organizational Excellence exam. 

Read more about operations consulting here .

19. College consulting

Getting into college can be a real challenge, and SO many applicants are eager for help. 

In fact, according to Forbes , about 50% to 70% of all students seek out professional help with college admissions. 

That’s where college consultants come in. They work with students to:

• Research school choices
• Develop a competitive application 
• Identify financial aid opportunities

If you’ve got a proven method and experience in the field, you don’t need a specific degree. 

Nonetheless, I recommend targeting a particular group, as my student Mara Freilich did. 

Mara’s a lawyer who quit her corporate job . Now, she coaches prospective law students on how to get into their dream schools. 

Learn more about college consulting here .

20. Travel consulting

To put it simply, a travel consultant helps people travel . 

Tasks might include: 

• Researching destinations
• Making reservations
• And setting up itineraries 

For this position, you need sales, communication, and planning skills . A degree in tourism or hospitality is a plus, but it’s not necessary. However, personal experience with travel is. 

Learn more here .

21. Real estate consulting

As a real estate consultant, you offer advice to clients looking to purchase, sell, or invest in real estate. 

You research markets, meet with experts, and assess the viability of potential real estate developments. 

Some of the top skills needed for this job include:

• Familiarity with the real estate market
• Communication
• Sales acumen

Those are all skills my student Ryan Chaw brings to the company he founded, Newbie Real Estate Investing . As a real estate investment coach, Ryan has helped plenty of people become property owners.

If you’re interested in pursuing something similar, check out this post I made about real estate coaching . 

22. Paid advertising consulting

Paid advertising consultants execute effective paid ad campaigns that take advantage of the latest advertising practices. 

Typically, they analyze a client’s existing ad campaigns and engagement metrics. Then, they propose strategies to improve the campaigns or launch new ones. 

Additional tasks might include:

• Writing ad copy
• Reviewing market data
• Identifying advertising needs

Paid advertising was part of my first business I mentioned earlier, so I know a lot about starting out in this field. And I can tell you that experience is essential . 

I personally had learned paid advertising at my 9-5. We worked with big clients like Volkswagen – I took that experience and applied it to small businesses. 

Want to learn more about advertising consulting? Head to this post .

23. Risk management consulting 

Risk management consultants help various organizations identify, assess, and mitigate potential threats . 

You can specialize in a certain type of risk , such as: 

• Environmental
• Or cybersecurity

And your clients might include small businesses, large companies, individuals, or even government agencies.  

But keep in mind that clients usually prefer a consultant with a degree in risk management or something similar. 

That said, a certification – like RIMS-Certified Risk Management Professional – might suffice for some consultants with extensive real-world experience . 

Ready for the next steps? This guide will help. 

24. Brand consulting

Brand consultants work with individuals or businesses to develop or improve their brand .

Typically, tasks for brand consultants include: 

• Conducting market research 
• Developing buyer personas 
• Performing brand analyses

Check out this video for some tips you can use for your brand or to help others with theirs: 

There are no set requirements for this job, but you should have extensive knowledge of design, marketing, and data analysis . 

Take my own designer, Laura. She helps small business owners stand out with their brands online. 

For more, check out my guide to brand coaching here . 

25. Fitness consulting 

Fitness consultants use their expertise to help individuals improve their health and overall fitness.  

Fitness consultants can specialize in an area like: 

• Weight loss
• Stress management
• Or wellness 

But their overall goal is usually the same: Helping clients establish positive, healthy life habits .

And although many fitness consultants work in person , online fitness coaching can be just as effective . 

I look at all the reasons why in this post . 

26. Productivity consulting 

If you’re an expert at… 

• Time management
• Overcoming procrastination
• And achieving goals

…consider becoming a productivity consultant. 

In this role, you help clients make efficient use of their time and resources .

For example, my friends at Lifehack Method, Carey and Demir, help executives and entrepreneurs improve their productivity so that they can build truly meaningful and fulfilling lives: 

Learn more about productivity consulting here . 

27. Style consulting 

As a style consultant, you use your fashion expertise to help clients develop their personal or professional image . 

Style consultants often work with celebrities, influencers, and entrepreneurs. 

Some of the day-to-day tasks might include:

• Recommending outfits, colors, and fabrics 
• Assisting clients with shopping 
• Networking with fashion experts 

A strong sense of style is certainly a requirement for this job. A degree in fashion design or merchandising is an added bonus. 

Ready to launch your style consulting career? Read this post .

28. Parenting consulting 

New parents tend to need LOTS of help, whether it’s with… 

• Sleep issues
• Eating habits
• Temper tantrums
• Or potty training 

So, if you’ve got the experience of raising a child yourself , you’re already well on your way toward becoming a parenting consultant. 

You could also gain experience by helping friends or family with their kids.  

💡Interested in learning more? 

Check out this post I made about parenting coaching. 

Frequently asked questions

What type of consulting is most profitable .

Now that we’ve discussed so many great consulting business ideas, you’re probably wondering how much consultants can make.

Here’s the thing: The most profitable consulting business is different for everyone . 

You’ve got to find a profitable niche that works for you. So, focus on your skillset, and make sure there’s demand for your offer.

That said, I’ve found most profitable consulting niches include: 

• Management consulting 
• Financial consulting
• Marketing consulting 
• IT consulting 

Consultants in these fields tend to make at least six figures . 

How do you start a consulting business? 

Starting a consulting business can be daunting, especially if you’re still working a 9-5 at the same time. But don’t let that stop you! 

If you focus on the steps that matter , you’ll be helping your first clients in no time. 

Here’s the game plan:

• Find your niche 
• Research your market
• Create and price your offer
• Set up your business
• Establish your brand
• Find clients
• Deliver results

For a full breakdown of each step, check out this guide I made.

Next steps 

There you have it! 

Now you’ve got dozens of consulting business ideas to choose from. And once you’ve made up your mind, it’s time to grow your business. 

However, building a business can be overwhelming…and lonely. 

That’s why I put together a roadmap to help you start yours faster. 

I cover everything you need to know in my FREE step-by-step guide.

How to Become a Successful Consultant

Coaching vs Consulting: Key Differences & Similarities

How to Turn Your Passion Into a Profitable Business

About Luisa Zhou

Luisa Zhou has helped thousands of students build and scale their own profitable online Freedom Business. Fun Fact: She used to work as an engineer for the Space Station and holds a B.S.E. from Princeton. Click here to learn more about Luisa.

Hope you enjoy this blog post.

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How to Start a Project Management Consulting Business

Sudarshan Somanathan

Head of Content

August 17, 2024

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Large and small organizations face many problems in completing projects on time: work scattered across teams, delays and bottlenecks in executing tasks, messed-up communication, scope creep, and so much more.

It’s no wonder that project management consultants, trained professionals with a knack for planning and executing projects, are in high demand. They drive efficiency and help projects achieve their destined ends.

As you guessed it, this comes from experience and an extensive skill set. 

If you want to start a project management consulting business, here’s an actionable guide to help you begin your consulting journey. Let’s get started.

What is Project Management Consulting?

How to become a project management consultant     , step 1: embrace the entrepreneurship path, step 2: establish a legal structure and obtain insurance, step 3: secure necessary permits and licenses, step 4: plan your transition from employment to consulting, step 5: conduct market research and manage demand , step 6: develop an effective direct marketing strategy, step 7: use analytics for business strategy, step 8: set competitive but reasonable consulting rates, scaling your project management consulting business  , pros and cons of becoming a project management consultant , should you start a consulting business .

Project management consulting is a professional service in which experienced consultants provide expertise and guidance to organizations on managing their projects effectively. 

These consultants help organizations plan, execute, and complete projects on time, within scope, and budget.

Companies hire a project management consulting firm because they bring:

• Specific knowledge and subject matter expertise
• The skills for effective resource optimization
• The ability to help design new and more efficient processes and strategies for project execution

As a project management consultant, you help with issues related to leadership training, operational efficiency, employee performance, and more. 

Here’s what a day in the life of a project management consultant looks like : 

Initiate projects and plan them: Define the project scope, goals, and deliverables; create detailed project plans; assemble project teams; and secure necessary resources

Talk to clients: Manage client-facing projects and set realistic expectations with clients about timelines, budget, and quality

Communicate with the internal team: Interact with the team members, assign tasks, provide guidance, and monitor team performance

Quality assurance: Implement quality control measures, conduct reviews and audits, and ensure project deliverables meet client requirements

Identify and deal with problems: Quickly identify and resolve issues like resource constraints, schedule delays, budget overruns, team conflicts, etc., while considering the impact on project timelines and budgets

The career opportunities in the project management industry are endless. 

However, there’s a low barrier to entry when setting yourself up as an independent project management consultant. Here’s how you can start your journey to becoming one. 

Educational qualifications 

Project management consultants should have a bachelor’s degree in a relevant field, such as business management, project management, or business administration, and a valid consulting certification .

In the U.S., the Project Management Professional (PMP)® from the Project Management Institute (PMI) is the most popular and recognized certification.

Technical know-how

Project management consultants are required to be experts in multiple areas of learning. 

For instance, understanding Agile and Lean software development methods gives you a strong foundation for numerous project management methods, such as Kanban, Scrum, and XP. 

Depending on your niche, you may also want to upskill in using project management tools and consultancy software like ClickUp , as well as in areas like product development, portfolio management, financing, and more. 

Required experience

Before becoming an independent consultant or starting a business, you must have relevant on-field experience leading a project. 

You can take up a job as a project manager that helps you gain this experience or volunteer as a project manager for non-profit or charitable organizations.  

Required skills

To manage complex projects, you must cultivate innate skills that don’t simply come from certifications. Some of these are:

• Leadership skills: If you’re working in project management, you must learn how to delegate tasks based on the team’s skills and work closely with them to deliver quality output
• Organizational skills: Learn how to prioritize projects, time, and resources to yield the best possible results within the deadline. Having good project planning and decision-making skills reduces project risks and increases overall efficiency
• Analytical skills: Companies are always looking for predictability in unpredictable scenarios, and it’s your job to provide it. This is where your analytical skills come in. You should be able to analyze the risks involved and optimize areas that need improvement

How long does it take to become a management consultant?     

Becoming a fully established management consultant takes almost five to ten years from the start of one’s career. A bachelor’s degree is required; advanced degrees like an MBA are a plus.

Gaining relevant work experience in project management, business analysis, or a related field can do wonders for your career. This can take anywhere from three to five years.

Certifications like Project Management Professional (PMP) or Certified Management Consultant (CMC) also enhance your career prospects.  

Steps to Start a Project Management Consulting Business    

Whether you’re transitioning from a full-time project management role or starting as an independent consultant, the competition can be fierce. 

People who enter the profession begin at the entry level and work their way up. 

However, even entry-level roles require exceptional consulting skills . Here’s a step-by-step procedure for starting as a project management consultant.

Starting a project management consulting business requires a strong entrepreneurial mindset. 

Evaluate your skills, experience, and passion for project management and create a plan that outlines your business model, target market, services offered, and financial projections. 

From now on, you’ll need the proper legal structure for your business to protect personal assets and optimize tax benefits.

Consider forming a Limited Liability Company (LLC) or an S corporation . Both offer liability protection but diverge in tax treatment and administrative requirements. Always consult a legal advisor to find the best option for your business. 

Professional liability insurance is a no-brainer for protecting your business from potential lawsuits and claims. It will cover your legal fees and damages if a client sues you for errors, negligence, or any other reason.

To establish a project management consulting business in the U.S., you must obtain a general business license from your city or county. Check with your state’s licensing board to see if a professional license is required. 

Verify zoning laws for your business location and apply for an Employer Identification Number (EIN) with the IRS for tax purposes. 

Register for any state and local taxes, like sales tax permits, if applicable. Depending on your operations, you might also need health and safety permits or a sign permit for advertising. 

Seasoned self-employed consultants will tell you that building a steady income from a new business takes time.

Do the necessary financial prep ; save enough to cover your living expenses for at least six months to a year. Start building relationships with potential clients while still employed. 

You could also secure an initial consulting contract or freelance work for a better transition; this will depend on whether your employment contract allows you to do this.

You’ll also need to sharpen your marketing, sales, and business management skills to run your own consulting business.

Success in consulting comes from understanding market demand and finding a way to serve it. Knowing where there is a market gap helps you pick a niche.

Conduct thorough research to understand your target market’s needs, challenges, and pain points. Then, determine which gaps your services can fill. 

In other words, being skilled at demand management and market research is an excellent skill for a project manager and a business owner. 

You’ll need a marketing strategy to attract and retain clients. It starts with creating a brand identity that conveys your expertise and value proposition. 

A professional logo, business cards, and marketing materials should create a great first impression, while a search-optimized website can boost your online presence. You should also experiment with social media platforms to promote your services and meet clients. 

You will also want to invest in direct marketing. Outreach email campaigns, networking events, and community projects will help spread your word and reach your target audience directly.

Making rational, informed business decisions is nearly impossible without the data to back them up. That is why you must leverage data analytics. 

Track key performance indicators (KPIs) like client acquisition cost, project completion rate, and client satisfaction, and use the gathered data to paint a picture of your business performance. It will also highlight your weak areas where you need to work harder.

Financial analysis is also critical in this process—monitor your cash flow, profitability, and ROI to manage your finances effectively and make better investments.

To determine your consulting rates, you must balance having a sustainable income and not pricing yourself out of the market.

Here are some of the pricing strategies you can choose from. 

Hourly-based pricing: The simplest pricing method, hourly-based pricing, is helpful when starting or when project timelines are uncertain, avoiding potential underestimation of costs. Clients are familiar with this model, commonly used by professionals like lawyers and accountants

Retainer agreements: Involving a fixed monthly fee, this pricing model offers predictable income but requires clear service boundaries to prevent client overreliance

Value-based pricing: By discussing potential benefits and outcomes with the client, you determine a fee aligned with their expected value. This approach often clarifies client goals and justifies higher rates

The ideal pricing strategy often depends on various factors. 

For instance, hourly rates might be suitable for initial projects, while retainer agreements can foster long-term client relationships. Value-based pricing can effectively align fees with the expected impact when working on large-scale initiatives. 

If you’ve just started as a project management consultant, congratulations! Now, prepare for your next challenge, i.e., scaling your consulting business . 

Let’s explore strategies to take your firm to the next level.

Choosing your clients—Startups vs. enterprise

As a project management consulting business, you can work with startups or enterprise clients. 

You can also diversify your client base at different stages to mitigate risks, provide a steady stream of revenue, and allow you to leverage your expertise across various industries and project types. 

Each type of client brings unique opportunities and challenges. Here’s a breakdown of working with startup clients vs. enterprise clients.

Startups, being in the early stages of development, require project management consulting to establish processes, develop business plans, and implement efficient workflows. 

The nature of work with startups may include:

• Developing project management frameworks tailored to their unique needs
• Assisting in resource allocation and budgeting
• Implementing agile methodologies to adapt to rapid changes
• Providing training and support for project management tools

Enterprises

Enterprises are established organizations with complex structures and processes. They seek project management consulting to optimize existing processes, manage large-scale projects, or implement new systems. 

Your business as a consultant for enterprises may likely be involved in: 

• Conducting comprehensive assessments of current project management practices
• Implementing standardized processes across multiple departments
• Supporting change management initiatives during organizational transformations
• Providing strategic advice on project portfolio management

Bringing a mentor onboard

Mentorship provides the support you need to build valuable connections and manage your clients better.

Mentors boost project success and build the team’s project management skills. Working closely with project management consultants ensures projects adhere to standards and smoothly adopt new processes. 

This hands-on approach accelerates learning and fosters a strong project management culture. 

Mentors also serve as a listening ear for mentees to discuss their concerns, assist them in working through issues, and offer an impartial perspective.

Networking and building client relationships

Effective networking goes beyond collecting business cards. You can build meaningful connections by attending industry events with a clear purpose. 

Prepare thoughtful questions to initiate conversations, such as “What brought you here?” or “Who inspired you today?”

To expand your reach, identify businesses that complement your services. By collaborating with these partners , you can offer clients a broader range of solutions. 

Remember, successful partnerships are built on mutual benefits, not just self-interest. Focus on shared goals to foster lasting relationships.

Hiring the right team

When the workload becomes overwhelming, consider building a team. Hire individuals who align with your vision and possess complementary skills. 

Recruit based on specific roles and utilize professional networks, job boards, and recruitment agencies. Provide your team with thorough training and ongoing development opportunities. Also, foster a collaborative work environment that reflects your business values.

Leveraging the right technology for project management professionals

Project management consulting can be complicated. You must constantly juggle multiple things—access different project files, communicate with your team and clients, monitor progress, update reports, make decisions, and more. 

Being on top of all this is impossible without the right tools.

Any project you undertake will inevitably generate endless Excel spreadsheets, cluttered email chains, and siloed to-do lists. 

Project management software removes all these hassles, saving project teams an average of 11.4% of their monetary resources . 

Project management software keeps your projects, tasks, and schedules organized. It helps you bring structure to complex projects. While each platform has unique features, they aim to give you a clear view of project progress, tracking tasks, procuring reports, and tools for managing time and resources. 

Moreover, much of this software is enriched with AI for better consulting features and automation capabilities. 

ClickUp is an all-in-one knowledge and work management platform connecting teams and clients with workflows, documents, and real-time dashboards. 

Project managers constantly work with cross-functional projects. To manage these easily, ClickUp brings efficiency with automation, reporting, and standardized project management practices.

ClickUp also brings the revolutionary A.I. assistant ClickUp Brain , which can automatically generate subtasks based on task descriptions, summarize comment threads, write updates, and accelerate project plans and execution.

Project management professionals also often handle complicated projects that are difficult to manage without breaking them down easily. 

ClickUp Tasks is perfect for breaking down complex work into simple tasks. ClickUp enables customized task management for every need and at every level.

ClickUp Docs makes it easy to outline business cases, define project scope, and document requirements for consultants. ClickUp Whiteboards lets you map process flows and make your ideas actionable with a real-time visual canvas. 

ClickUp also comes with several purpose-built templates that condense hours of work into one simplified interface. 

ClickUp’s Consulting Project Plan Template helps you organize, track, and predict your business growth. It includes Gantt charts to set deadlines and calculate estimates.

Using this template, you can:

• Assign tasks and designate team members to ensure project completion
• Set deadlines and budgets with Gantt charts and dashboards
• Monitor progress using customizable dashboards

ClickUp’s Consulting Report Template helps you make data-driven decisions with easy reporting and analytics. It gathers data from across teams and projects and visualizes insights in an organized and easy-to-read format. 

It’s great for professionals starting with a project management consultancy business to help generate a comprehensive and professional report for your clients. 

The template enhances your experience by incorporating automation, AI, collaborative editing, screen recording, and more. 

ClickUp’s Consulting Services Template integrates internal communication and partner coordination. It has nine different views, 16 statuses, and 14 custom fields. 

It also includes workflows for presale scoping and post-sale engagements, provides a template to automate a large project, and can host a portfolio of client projects.

This template comes with a Kanban Board, a Mind Map, a List, a Doc, a Workload, and a Box view, making it instantly usable the way you prefer. 

The custom fields accelerate your workflow with relevant, built-in choices for generic and niche project management tasks. Use them to increase project visibility, foster collaboration, and make project information accessible to all stakeholders.

Owning a project management consultancy involves several advantages and disadvantages that can significantly impact the business’s success. Here’s a detailed exploration of the pros and cons.

Pros of becoming a project management consultant

• Flexibility and autonomy: As an independent consultant, you can determine your working hours, choose the projects you want to undertake, and set your rates. This autonomy allows for a better sense of work-life balance and the ability to tailor your business operations to your preferences
• Home-based operations: You can launch your consultancy from home, eliminating the need for physical office space, which further reduces overhead costs. This allows for a comfortable working environment and the ability to manage your business from virtually anywhere
• Scope for growth: Project management consultancies are in huge demand among enterprise and startup companies. Depending on your niche, you could see rapid business growth and a significant return on investment for the time and resources spent
• Scalability: As we’ve established, the demand for project management services is continuously evolving, and you could scale by offering new services or expanding your reach to a broader market. You can implement different pricing tiers to cater to various market segments
• Unlimited income potential: There is no cap on how much you can earn as a project management consultant. Your income potential is directly tied to your skills, the effort you put into your business, and the clients you attract. This can lead to substantial financial rewards for successful consultants

Cons of becoming a project management consultant

• High competition: The project management consulting market is highly competitive, with many established firms and independent consultants vying for clients. Breaking into the industry and attracting clients can be challenging, especially for new consultants
• Dependency on client relationships: Your success heavily relies on maintaining solid relationships. If these relationships falter, it can directly impact the business’s revenue. Additionally, reliance on a few key clients can be risky if those clients decide to move in a different direction
• Inconsistent income: Consulting work can be unpredictable, with periods of high demand followed by lulls. This inconsistency can lead to financial instability, making it necessary for consultancy owners to budget carefully
• Longer sales process: Closing client deals can take more time and effort than other businesses. Consultants need to invest significant time in building relationships, understanding client needs, and demonstrating their value proposition
• Potential for scope creep: Clients may expect consultants to take on additional tasks beyond the initial scope of work, leading to scope creep. Managing client expectations and maintaining clear boundaries is crucial to avoid overextending resources and compromising profitability

You’ll need a strong foundation of experience and knowledge to build a successful consulting business. However, having the right mindset is equally important.

Consulting isn’t like a traditional job. It requires a specific mentality that not everyone possesses. But if you’re passionate and have the right mindset, it could be your perfect career path.

2x Your Project Management Consulting Success With ClickUp

ClickUp’s suite of project management features makes for the perfect set of tools for any project management consultant. 

Using ClickUp, you’ll not just save time but also:

• Manage people better
• Streamline communication
• Prepare and manage each project better, and
• Ensure your teams are updated with tasks and to-do lists

If you’re looking to start a profitable project management consulting business, ClickUp could be your single most profitable investment. It will become all the more valuable as you scale and your clientele grows.

Don’t take our word for it. Signup for a free ClickUp account , experiment with its features, and see the difference it makes for yourself. 

Frequently Asked Questions (FAQs)

How much should i charge for project management consulting.

Consulting fees can vary widely, depending on your experience and qualifications. You could start with an hourly rate, and once you have predictability, move to a retainer or value-based pricing.

What do you need to be a management consultant?

To be a management consultant, you need a relevant bachelor’s degree in business management or project management and certifications like PMP® from the Project Management Institute (PMI). 

Experience in leading projects and strong technical, analytical, and leadership skills are also essential.

How long does it take to become a management consultant?

The time it takes to become a management consultant varies, but typically, it involves completing a bachelor’s degree (4 years), gaining relevant work experience (3 to 5 years), and obtaining certifications. It may take around 7-10 years to become fully established in the field.

Questions? Comments? Visit our Help Center for support.

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Consultancy services for orthopedic component factory (ocf) assessment and revision of business plan.

• Handicap International - Humanity & Inclusion

TITLE OF THE PROJECT OR ACTION: ATscale/Grant/2022/007 Program Management, Coordination, and Support in implementation of Assistive Technology (AT) activities to the Ministry of Health (MoH) and Ministry of Social Welfare, Veterans and Youth Rehabilitation (MoSVY), Royal Government of Cambodia (2023-2025).

Name of the contracting program or service: ATscale project – Handicap International (Humanity & Inclusion) Cambodia

1.1 About ATscale

The ATscale project, in collaboration with MoSVY and Persons with Disability Foundation (PWDF) is planning to conduct an assessment to inform possible investment support to upgrade the OCF into a regional production and supply hub for prosthetics and orthotics components. We are seeking a consultant to conduct this assessment, which will include a review of the OCF’s existing business plan against current operational status, identification of key opportunities and challenges related to regional scale-up, and initial recommendations for future investment.

ATscale, the Global Partnership for Assistive Technology, is a cross-sector global partnership with a mission to transform people’s lives through AT. It catalyzes action to ensure that, by 2030, an additional 500 million people in low and middle-income countries get the life-changing AT they need.

ATscale has committed to providing USD 3.2 million to the Government of Cambodia over three years to strengthen assistive technology provision, with interventions spanning across enabling environment, visual impairment, and physical disability and mobility. The project is implemented by the consortium: Clinton Health Access Initiative (CHAI), Humanity & Inclusion (HI) and the Cambodia Disabled People Organization (CDPO).

1.2 About Humanity & Inclusion (HI) in the country/region

HI is an independent and impartial aid organization working in situations of poverty and exclusion, conflict and disaster. We work alongside people with disabilities and vulnerable populations, taking action and bearing witness to respond to their essential needs, improve their living conditions and promote respect for their dignity and fundamental rights.

HI has been working in Cambodia since 1982. Today, HI is recognized in the country as a major on rehabilitation and disability actor. Some of the key achievements and contribution of HI towards the rehabilitation and disability sector in Cambodia includes setting up of seven Physical Rehabilitation Centers, setting up one for Rehabilitation Centre for persons with para and tetraplegia and the creation of the school for physical therapists. In the Mine action sector, HI set up the Mine/ Unexploded Ordnance Victims Information System and ensure the transfer to the Cambodian Red Cross. HI was one of the first international actors to work on Road safety and initiated the setup of the National Road Safety Committee (NRSC) and the Road Crash and Victim Information System (RCVIS) that was later transferred to NRSC. HI also developed the Road Safety curricula for primary and secondary education and has been an important contributor to the drafting of the traffic law and its enforcement.

1.3 CONTEXT FOR THE CONSULTANCY

The ATscale consortium is committed to ensuring the government receives high quality technical assistance. This includes assistance from in-country consortium staff, their global and regional expertise as well as expertise from existing partners in Cambodia. This technical support will include wide participation from key in-country partners that can provide deep insight and guidance to the government as they develop interventions. One of the expected outputs of the ATscale project is to ensure the continued supply of optimal products including orthopedic components for physical rehabilitation centers across Cambodia. To this end, HI will support the MoSVY and PWDF to identify and hire a technical expert to conduct an assessment on OCF focusing on Mechanical, Production and Human Resource components. The analysis will also include a business development plan, elaborating the requirements and steps to be taken to increase production to face the country's growing demand and to supply these components to other countries in the region as well as establish effective export procedures/systems.

1.4 Background on OCF

Orthopedic Component Factory (OCF) in Phnom Penh was established in the early 1990s with the support of ICRC to manufacture prosthetic products for Cambodian population. ICRC handed the management, buildings, equipment, tools, and materials of OCF to the Ministry of Social Affairs, Veterans and Youth Rehabilitation (MoSVY) in January 2011 and it was hand overed fully to Persons with Disabilities Foundation (PWDF) in 2017.

At the point of handover, ICRC hired an external business consultant, that developed and designed a full fledge business plan for OCF to be self-sustaining by becoming a commercially oriented model and development of export market in the region. However, there is not much around how to sustainably meet local demand.

For the financial procedures of production, figures from the demand from PRCs are used to compile annual production projections, containing statistics on what and how much OCF produces and delivers to PRCs.

In terms of human resources, there are currently 32 staff members at OCF: 17 civil servants and 15 contractual workers. OCF remains a key element of the service, producing the elements that are assembled together and customized to make the load bearing structure of the prosthetic orthotics device.

OCF is the sole provider of the components to 11 PRCs in Cambodia. Without this factory, the country must return to importation of components from abroad, while an upscaling program can help it to become a regional production and supply hub for orthopedic component for Southeast Asian countries.

This consultancy is expected to analyze the current situation relating to all aspects of industrial management, production technology and human resources at the Orthopedic Component Factory (OCF), and to draw up a series of recommendations, operational tools, a business plan and a financial model for the OCF's potential future operating method. One of the objectives of the consultancy is to create a blueprint to facilitate OCF's transition to a commercially sustainable business. The other objective of the consultancy is to develop an action plan for OCF outlining how it will independently supply quality orthopedic components to the national and regional rehabilitation sector, on time and at competitive prices.

2. DESCRIPTION OF THE EXPECTED SERVICE AND DELIVERABLES

The expected outputs of the consultancy are as follows:

• Review of OCF resourcing (e.g., human resources, machinery, technology used)
• Review of OCF service delivery (e.g., production capacity, delivery times)
• Review of OCF financial performance (historical and present)
• Analysis of external opportunities and challenges (e.g. modern technology, market size, trends in donor funding, competitors, etc.)
• Projected demand/market (in Cambodia and within the region)
• Target customers/ markets
• Pricing strategies
• Potential models of delivery
• Human resource requirements, training costs, etc.
• Upgrade of machinery and mechanical components
• Development of supply chain/ distribution capacity
• Expected funding sources and gaps, including priority areas for investment by ATscale or other donors

3. DURATION AND PLACE OF PERFORMANCE OF THE SERVICE

3.1 DURATION

The estimated number of working days for the consultant(s) is 30 days within the timeframe from November to December 2024. A minimum 14 working days at the OCF site and meeting all the relevant stakeholders in Phnom Penh, Cambodia.

3.2 THE ASSESSMENT LOCATION: Phnom Penh, Cambodia.

3.3 RESOURCE PERSON(S)

Within the scope of work the consultant will be asked to collaborate and coordinate with:

• Ministry of Social Affairs, Veterans and Youth Rehabilitation (MoSVY)
• Ministry of Health (MoH)
• Ministry of Economy and Finance (MoEF)
• Persons With Disabilities Foundation (PWDF)
• Physical Rehabilitation Centers (PRC’s)
• Humanity & Inclusion (HI)
• Clinton Health Access Initiative (CHAI)
• International Committee of the Red Cross Cambodia (ICRC)
• Exceed Worldwide
• World Health Organization (WHO)
• United Nations Development Programme (UNDP)
• The Cambodian Prosthetist and Orthotist Association (KhAPO)

4. WORK PLAN

• Based on the proposed schedule included in these Terms of Reference, the consultant should establish a work plan for the completion of the service.
• The work plan should give a clear description of how the consultant intends to approach the activities necessary for the service’s completion.
• The plan should indicate the rate of progress and/or level of completion of the service, including criteria and indicators for checking that it is proceeding as planned.

5. CONSULTANT’S PROFILE (Expertise requirement from the consultant(s))

Due to the nature of the expected outcome, it is expected that the consultancy will be led by an expert in the field of Prosthetics and Orthotics and co-lead by an expert in financial/business development.

Essential criteria for the lead consultant:

The lead consultant will take the overall responsibility to evaluate or develop a business plan for a factory producing components for prosthetics and orthotics (P&O) and hence the expected profile would require a comprehensive skill set that includes expertise in P&O, business acumen, leadership, and a deep understanding of the industry. Below are the key criteria for the lead consultant to effectively lead such a consultancy:

Advanced Degree: A Master's or Doctorate in Prosthetics and Orthotics, Biomedical Engineering, Rehabilitation Science, or a related field.

• Certifications: Relevant certifications from recognized bodies such as the American Board for Certification in Orthotics, Prosthetics & Pedorthotics (ABC) or the International Society for Prosthetics and Orthotics (ISPO), with expertise in supply chains, sustainability and international development investment in Prosthetics & Orthotics services.
• Years of Experience: A minimum of 10-15 years of experience in the field of P&O, with significant time spent in both clinical practice and the manufacturing or production side of the industry.
• Leadership Roles: Previous roles that demonstrate leadership and management skills, such as leading a clinical department, heading a research team, or managing a production facility.
• Product Development: Experience in designing, developing, and testing P&O components, with a strong understanding of the materials and technologies used.
• Quality Control: Expertise in implementing and overseeing quality control processes to ensure that P&O products meet regulatory standards and performance criteria.
• Regulatory Knowledge: Familiarity with industry standards and regulatory requirements, such as those from the FDA, CE, and ISO.
• Leadership and Management Skills: Ability to work collaboratively with cross-functional teams, including operations, marketing, and product development, to ensure technical and financial objectives are integrated into business strategies.

Essential criteria for the co- lead:

The co-lead will focus on the review of the existing financial plan of OCF and together with the lead consultant revise the business plan for OCF in view of the upscaling of the facility into the regional hub structure as envisioned. Ideally, the co-lead should be a financial and/or value chain expert with a unique blend of financial acumen, industry knowledge, and strategic planning capabilities. Below are the key criteria that define a suitable financial expert for this role:

• Advanced Degree: A master's degree in finance, Accounting, Business Administration, or a related field.
• Certifications: Professional certifications such as Certified Public Accountant (CPA), Chartered Financial Analyst (CFA), Value chain specialist or similar credentials are highly desirable.
• Industry Experience: At least 10 years of experience in financial roles within manufacturing, healthcare, or a related industry, with specific exposure to the P&O sector being an advantage.
• Financial Planning and Analysis: Proven experience in financial planning, analysis, and reporting, including budgeting, forecasting, and variance analysis.
• Cost Accounting: Proficiency in cost accounting and management, particularly in a manufacturing context, to evaluate production costs and efficiency.
• Financial Modelling: Expertise in developing detailed financial models to project revenues, expenses, cash flows, and profitability.
• Capital Budgeting: Experience with capital budgeting processes, including evaluating investment opportunities and assessing their financial viability.
• Strategic Planning: Ability to contribute to strategic planning by providing financial insights and aligning financial goals with business objectives.
• Market Analysis: Capability to perform thorough market analysis to understand industry trends, competitive landscape, and market demand.
• Risk Management: Proficiency in identifying, assessing, and mitigating financial risks associated with business operations and strategic initiatives.
• Regulatory Compliance: Understanding of financial regulations and compliance requirements relevant to the P&O industry.
• Taxation: Knowledge of tax laws and regulations, including those specific to manufacturing and healthcare sectors.

6. REQUIRED DOCUMENTS FOR PROPOSAL

Proposals from interested consultant(s) must include the following documents (compulsory documents in English):

1. An Expression of Interest/cover letter, including how the skills and competencies described in the Terms of Reference are met.

2. A Curriculum Vitae detailing the consultant’s experience and qualifications to undertake the assignment.

3. A technical proposal outlining the proposed methodology and a tentative workplan.

4. A financial proposal in USD that includes the daily consultancy fee and all associated costs (e.g. international flight ticket, airport transfers, accommodation, daily subsistence expenses, personal insurance and external translator fee during the field visit, etc.).

5. References of past consultancies undertaken on similar subject.

The consultant should submit HI the financial proposal including costs to produce the identified deliverable services (transportation, accommodation, personnel, translation, computer, printing questionnaires, specific tools/software, office materials…) and any applicable tax in the country (VAT or withholding tax).

Please note that no travel allowance (per diem) will be paid to the consultant, and they will be responsible for their own security within the country, HI will not cover any insurance fee during the consultancy period.

Please note that the final payment is conditional on the validation of the final report and not solely on its submission. Validation means ensuring that the report meets the quality standards as per the checklist attached above, and it is not based on the appreciation of the project evaluated.

How to apply

The Proposals must be submitted no later than 22nd September 2024 to [email protected] with email subject as OCF Consultancy .

CLARIFICATIONS

The Consultant may request clarification for any part of the TOR before the deadline of the technical enquiry period, which finishes on 15th September 2024. Any request for clarification must be sent by email to [email protected] with email subject as OCF Consultancy . HI will respond by standard electronic means to all consultants who have technical enquiry.

EVALUATION PROCEDURE

Evaluation of proposals will be made by a Selection Committee in two phases:

1. Administrative selection: The committee will first check the completeness of the application and verify that all compulsory items listed above are included. Incomplete applications will not be considered for technical selection.

2. Technical and commercial selection: The best application will be selected based on the quality of the technical proposal, the competitiveness of the financial proposal, the skills and previous experiences of the consultant, the delivery lead time, the payment terms, and the demonstrated expertise of the applicant to successfully undertake the assignment.

Only candidates who pass the administrative selection will be considered for the technical assessment. Shortlisted applicants may be invited for an online interview (or offline interview).

HI reserves the right to contact the applicants for additional information or clarification before the final selection by the selection committee. After the interview only the selected candidate will be contacted.

HI ETHICAL STATEMENT

HI’s mandatory policies applicable to all goods/services being delivered to HI Cambodia are:

• HI’s Code of Conduct
• HI Child Protection policy
• HI anti-fraud, bribery, and corruption policy
• HI policy on Protection of beneficiaries from sexual exploitation abuse and harassment
• HI Good Business Regulation

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