Consultancy Business is a kind of business which doesn’t require a lot of finance, to begin with, the expertise in the field is enough to take the lead. According to a study published in the year 2012, the consultancy industry practically takes in over $300 billion annually.
The fee charged to these businesses totally depends upon the size of the industry and its expertise, and individual skill level.
About Consultancy Business
Consultancy Business services provide expert advice in areas of interest of the client's organization. Several consultancy service providers are available across the country starting from management, change and re-orientation of a particular business, product planning, career guidance and advice, any area in which one needs services will be provided by the consultancy agency.
In earlier days, one used to get an expert opinion from the elders and teachers but now the area of requirement is large and the intensity of each given situation is high and hence the relevance of consultancy. The primary aim of a consultancy business is to help the companies achieve their goals through learning.
Consultancy Business Ideas
There are many types of consulting services which are provided by experts in India or around the globe to help people in different fields. There are some of the consultancies which are necessary for every business.
1. Management Consultancy
Management Consultancy covers consultancies like Strategic and Operational Planning, Financial Management for the client Organization, Profit Planning, Management and Operations, Project Administration, Management Contracts and Proposals, Office Administration. Employee Training and leadership management.
2. HR Consultancy
HR Consultancy covers almost everything related to Human resources in the company which includes National as well as International, cross-industry Recruitment, HR Audit, Job Evaluation, Performance Appraisal, Policies and Procedures, Recruitment Services. They also offer solutions to the clients regarding the efficient use of manpower and cost-cutting measures they can employ.
3. IT Consultancy
Major high-class companies operating in India come under the category of IT Consultancy, like Infosys, Wipro, Tata Consultancy Services and many more. This has a wide profile which also includes like Management and Operation of IT systems, IT Strategy, Development and review, Infrastructure Strategy, Development and review, Business Continuity Planning, Contractual and Legal guidance can go on.
4. Marketing Consultancy
Marketing consultancy is expected to perform Research and Analytics, Brand Development, Strategic Planning, Product Development, Audience Management, online and offline Marketing, diagnose and analyze the Processes, and also handle International Business. They are expected to help their client to identify the market segment, perform proper positioning and targeting, form a pricing strategy and set up an evaluation process.
5. Career Consultancy
Career consultancy service provider does many things for clients like assessing the clients' needs, preparing resumes, cover, other related documents, coach interviewing skills, assists in job search, recommends training and many more. It is a self-employed job and anyone can earn a good amount provided they build a good client base. To look after all of this, one must look for a good consultancy marketplace technology.
6. Retail Consultancy
Retail consultants generally provide their services in determining a retail strategy for their client's stores or other types of retail businesses (online or offline). The ultimate goal is to increase sales by driving more people to the store and attracting them to products once there. The retail consultant may deal with promotions, merchandising, store design, location, and even some personnel decisions for the client.
7. Legal Consultancy
Legal Consultant is responsible to handle company’s all of the legal aspects like registrations, intellectual property, licenses, contracts, deals, agreements, insurance, sales, acquisitions and taxes.
8. Accounting Consultancy
The job of Accounting Consultant is to evaluate the Assets and risks of the business and also check the investment of the company, Book-keeping, accounting, balance sheets, profit and loss, internal and general audits. These services cover a top-level classification of consultancy firms as it is the most important thing to withstand the client's business.
9. Efficiency Consultancy
Time being money for every existing business, the owners have to be as efficient and organized as possible. With the help of Efficiency Consultancy Service, the business gets help in optimizing the systems and processes. This consultancy startup idea is one of the biggest need of businesses right now.
10. Advertising Consultancy
If someone is great at formulating that what could be the next viral advertising campaign. Then they should consider becoming an advertising consultant. Advertising is important to any business, irrespective of big or small, this is why different brands need to successfully promote their business to the masses.
11. PR Consultancy
A PR consultant’s job is to help extend the reach of a company’s presence and improve the public’s view of the company. They are tasked with writing and pitching press releases, building campaigns, working with media and influencer partners, conducting or setting up interviews, etc.
What services consultancy business can provide?
- Business consultants are there to help organizations overcome challenges, increase revenue, improve performance and efficiency.
- These professionals work by analyzing the businesses and provide solutions by helping companies meet their goals.
- It's very crucial to hire business consultants with experience and exposure to the companies like yours.
- The demand of business consultants is high, due to this factor they charge by the project or the hour, or require daily or monthly retainers.
- Business owners should consider hiring business consultants when they need help or want different perspective on their chosen path for change in their companies.
The Pros & Cons of Consulting Business Ideas
• There will be continuous challenge, learning and growth while working as a business consultant.
• You'll be getting ample of opportunities to enhance your skillsets while working in a live project.
• After grabbing your first project you'll get exposure and access to the emerging technologies and tools.
• You'll get a specialist status as a business consultant which will give power and influence. It's a responsible job which you have to live up to.
• Opportunity to work with the great leaders in the business will make this role more exciting and challenging which you're going to love it.
• You have to rely on yourself for self development. If you're person who can learn on his own then this job will be a cake walk for you.
• Business consultants are perceived as an outsider. There will be a bit difficulty in adjusting to organizations culture might take more effort than usual.
• The relationship with the stakeholders might be affected if the projects gets delayed or deadline is missed.
• Be prepared to invest all your time, money and energy on a daily basis. Whatever it maybe, be it professional training and growth, for new tools and methods, or for business development and marketing. You have to work 24*7.
FAQs on Consulting Business Ideas
1. How do I start consulting business?
- Choose your area of expertise.
- Be clear in targeting the ideal client.
- Show previous work to attract your clients.
- Pitch your price for consulting.
- Have meaningful conversations.
- Get your first consulting project.
2. What is the best Consultancy Business to start?
Fitness consultancy is trending in 2021 as people are moving towards a healthier lifestyle. Fitness consultants have wide knowledge and expertise in nutrition or sports. They're not just personal trainers. They help their clients to implement fitness programs on a personal level by being on their side.
3. How much can you earn from consulting business?
As per Glassdoor, the national average salary for a Business Consultant is ₹12,14,602 in India.
4. Do you need license for consulting business?
You might need a business license to start a consulting business. Also, having additional consulting certifications can give you a edge over your competitors. Business consulting is a competitive field, and you will be competing against numerous competitors when trying to get a new clients.
Consultancy is a great business to start with and to guide the clients to flourish in their market. It is also comparatively easier as it requires little to no investment or infrastructure. However, there are certain types of consultancies that are perfect to run from the comfort of the home.