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There is no magic formula for starting and running a consulting business. Unfortunately, passion is not the only thing required for maintaining a consulting business. Here is a helpful guide to start and run a consulting business.

Prerequisites for starting a consulting business

Certifications and licenses required

The first step is to define the skill you are going to market with. Be sure that you have all of the required qualifications and updated knowledge before you step into the market.

Management skills

The consulting business requires that you have great time management skills and are well organized. 

Networking

Immediately establish a network of contacts if you do not already have one.

Define goals

Define long term and short term goals for yourself. These goals should match with your consulting business. If not matched, then reconsider your decision of being a consultant.

Fields of consulting businesses

There are various fields of consulting businesses which one can choose according to their qualifications and expertise.

1. Accounting

Both small and large businesses need an accounting consultant for their financial management.

2. Advertisement

For good advertising campaigns, consultants are hired to market and create ads for other companies.

3. Auditing

Auditing consultants provide consultancy regarding audits to all types of organizations.

4. Business

To make a business more profitable, business consultants are hired.

5. Business writing

Business writing consultants are required for writing business reports for companies, small and large.

6. Career counseling

Career consultants will guide clients to explore job options and know which career is best for them.

7. Communication

For better internal communication within companies, such consultants are hired.

8. Editorial services

For making annual reports and newsletters of the corporate sector, consultants are hired.

9. Computer programming

For both hardware and software, consultants are needed in a variety of different ways.

10.   Gardening

Both home gardens and offices hire gardening consultants to advise towards optimum care of their gardens.

11.  Executive search

These consultants hunt the talent for a corporation.  They may be involved in recruiting or job fairs.

12. Insurance

Insurance consultants will help companies and individuals in finding the best insurance plan with a minimum price.

13.    Human resources

A human resources consultant will help in solving people problems in both large and small corporations. An HR consultant counsels people on how to respect each other and how to avoid violence in a workplace plus much more.

14.    Grantmanship

This consultant will help in writing different grant proposals for an organization.

15. Public relations

Portraying a good public image and getting good coverage for an organization is successfully done by a public relations consultant.

16.  Payroll management

Both large and small businesses require payroll management consultants for managing their employees’ monthly payroll.

17. Marketing

Marketing consultants provides ideas for marketing and promotion of a business.

18.    Publishing

A publishing consultant provides guidance when a new publishing venture is going to be launched in the market i .e magazine, newspaper, online newsletters etc.

19.    Taxes

A tax consultant suggests the methods for paying the minimum amount for taxes.

20. Writing services

Writing skills are always in demand. Just define your field and take a step into the market.

Target market

Market your idea. Identify the idea you are going to launch into the market. A consulting business may identify problems, supplement the staff, train employees, bring new life to an organization, create a new business or influence other people.  There are so many different directions you can go as a consultant.  Passion is key.

Office and staff

Initially, you can start and handle the consulting business on your own. As the consulting business grows, administrative staff may be needed to handle some aspects of it so that you can effectively compete for consulting tasks.

Benefits of a Consulting Business

 Initially, no office is needed which means there are no worries about rent and other utilities. The deduction of taxes for home based businesses are also less. There is so much flexibility with time. You are not bound to office hours. You can set your own working schedule and can take as much time as required to complete the task, within a responsible amount. There are numerous freedoms with being your own boss.

Conclusion

A consulting business can be started and run with less money and more quickly than other small businesses.  Drive and passion are key to initiating and sustaining a consulting business.  

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