If you’re here for consulting business ideas, you’ve probably noticed many people starting their own consulting businesses. They go from working within an industry to helping others solve problems. So, what is consulting? Is it applicable to all industries? How do you start, and why is it a good idea? In this post, we’ll explain all this and describe three in-demand consulting business ideas you should consider.
What is consulting?
Consulting is the business of giving expert advice in a professional or technical field. Consultants take from their vast experience and help individuals or businesses improve in that area. There are consultants for just about everything out there, from marketing to IT and more. You can become a consultant for anything you have a lot of experience in.
There is consulting for academia, law, engineering, business strategy, and more — the list goes on and on. It doesn’t have to be something traditional, either. For instance, Marie Kondo is a “tidying up” consultant. There are even different types of color consultants out there. That’s how you know the world is really your oyster.
Why you should start a consulting business
Are you often thinking of consulting business ideas but lack the confidence to make the jump? You’re not alone. Starting a big endeavor involves a lot of commitment. You’d only consider it if it’s really worth it. So, is a consulting business worth it?
After suffering a setback in 2020, the consulting industry is on the rise again, meaning now could be an opportune time to hop on. The management consulting industry is currently valued at $255.6 billion and is expected to rise 8.5% in 2021. Compare that to your future being an employee. Which would you rather pursue?
Capitalizing on the demand for your skill is potentially your best decision of the year.
How to get started
The hardest part about starting a business is deciding to do it. Once you’ve decided, you can start your consulting business by following these steps:
1. Find your niche
What kind of problems can you solve for people? Is there a gap in the market? Set up a business plan and start looking for where you fit in your industry. There may be many people out there with your skills, but no one is just like you.
2. Set up your brand
Find out what makes your business unique. Work on naming it and creating a theme within your messaging. Appeal to potential clients and their problems. Once you understand how to offer your service as a solution, use your branding to help customers connect with your company for long-term loyalty.
3. Do your research
Conduct research and interviews to find out what demand there is for your business. Find possible competitors and ask potential buyers how they respond to different types of marketing.
4. Market your business
Create a website and start your marketing strategy for reaching all the people who can’t wait to hire you. Whether you want businesses or individuals, start learning about ways to reach your new clients and put your strategy into action.
5. Set up your social media
Social media will be one of the main ways that you gain exposure online. Create accounts on the social media platforms that your future clients prefer. This will depend on their age and preferences.
6. Make contacts in the industry
Most of your clients will come from word-of-mouth at the start — yes, even in the 21st century. Attend events and seminars, connect with others, and share your expertise. You’ll be surprised how much business your connections — even loose ones — can get you.
Consulting business ideas
Getting started is all about putting ideas into action. Now that we’ve gone through the basics, let’s describe three consulting business ideas that are currently in demand.
1. IT consulting
IT consulting is one of the consulting business ideas with a strong future. Why? Well, not every company has its own IT department. Some businesses — like startups — often outsource their work to freelancers. This strategy can really only be successful with a careful plan. An IT consultant can help companies or individuals make a plan based on their needs and suggest the best ways to outsource it.
If your background is in IT, you might find that this comes naturally to you. All you have to do is figure out what specific expertise you can provide. There’s always a niche waiting to be discovered. Your job will be to find your niche as well as its demand and profitability. Think that could be you? Learn more about starting your own IT consulting business.
2. Management consulting
Management consulting focuses not on businesses themselves, but on their leadership. In times of crisis and uncertainty, leadership makes a difference for employees. In fact, it’s the main reason why 52% of them are planning on leaving. That type of employee turnover is expensive for companies. The potential loss of employees is one reason why management consulting is in high demand. Management consultants point out the flaws in company leadership and help businesses plan for improvement.
One of the perks of management consulting is being able to work side-by-side with C-level executives of great companies. Additionally, you can work with companies in just about any industry. Does that spark your interest? Learn more about getting into management consulting.
3. PR consulting
If you’ve worked in PR or as a journalist before, PR consulting is a great option for a consulting business. Companies often focus so much on product and advertising that their PR falls behind. With PR making up a massive part of businesses’ presence online, consultants in this field are worth their weight in gold. Plus, now that COVID-resistant startups are having their first go at maneuvering in a semi-normal world, they’ll need a strategy to get the word out about their company’s ability to adapt.
To hook clients in as a PR consultant, leverage your experience and show off your accomplishments. Companies love to see that you have relevant connections and the ability to get the right people talking about them. Stick to the niches in which you’ve outperformed competitors in the past. Your previous work will do the convincing for you.
Conclusion
Are you feeling ready to start your own consulting business? Now that we’ve established that now is an optimal time to begin and that there are plenty of options for you to choose from, you can choose to leave the employee life behind and start working with businesses and individuals on solving their problems.
Whether you’re working in any of the industries listed above or another up-and-coming consulting field, you can take your first steps to start your own consulting business.
If you need support, start your consulting business marketing with Constant Contact. For more information on online marketing, read The Download.
