Starting a consulting firm in Nigeria can be a heinous task like starting any firm at all but what makes the experience easier for one and more difficult for another is information. The consulting industry is growing as more and more people are looking for experts to solve their problems, do you want to be a part of that growth?
Do you want to learn exactly how to start a consulting business? You are on the right platform where we provide you with adequate information.
A consultancy business caters to every company and individual that requires strategic planning, expert knowledge, and management skills to fix failing aspects of their businesses or lifestyle.
They also provide these services to budding entrepreneurs seeking guidance on how to efficiently start, run, and grow successful businesses.
Currently, the consultancy business is in high demand in various industries and experts in varying fields are taking steps to start-up their own consulting firms.
But most times, people who claim to be professional consultants are at best, mediocre.
They fail to deliver and are eventually forced back into the labor market with little to show for their efforts.
Success in the consultancy business is a product of hard and excellent smart work. It is passion, motivation, discipline and the ability to never stop acquiring knowledge and skills.
These qualities separate the money-making, brand-building consultants from the middling, unsuccessful ones.
1). Pick a Niche:
A niche is the area of specialization or industry where you have the most experience, skill, basic network, and knowledge.
It’s important that you have the passion to see businesses within that sector grow as it would increase your thirst for acquiring more knowledge and skills.
Pick a business consultancy niche that you have a high expertise in and build a business around that.
Make sure all T’s are crossed and I’s are dotted on all the documents required to start your firm.
Register your consultancy business with all the appropriate authorities like the Corporate Affairs Commission of Nigeria and the Institute of Management Consultants in Nigeria.
3). Create A Website:
Lots of people are on the internet every day looking for solutions that business consultants can offer.
A good website offers prospective clients’ current and complete information about the company’s consultancy services.
4). Get An Office:
With adequate capital, you can lease an office in a strategic, yet accessible area.
It could be somewhere close to where most businesses in your niche are or just a popular part of town. If you desire to start small, you could also work from home whilst going for meetings at the clients’ offices.
5). Employ Assistants:
Hiring assistants or co-consultants is important because it would reduce the amount of work you have to do. For instance, an assistant or two can handle the responsibilities of answering phones, replying to emails, taking notes, binding or typing documents, scheduling meetings, and keeping clients’ records.
6). Consultancy Fees:
Service fees should not be too high or too low. It should be competitive and worth the services rendered.
To fix a good price, find out what other consultants in your field are charging. A little bit of research and calculation go a long way in ensuring that set fees don’t exceed the price limit or lead to loss of profits.
Develop a good marketing plan that would attract and pull in the right clients for the firm.
Look into all available platforms; social media, blogs, newspapers, magazines and journals and make use of them. Two other ways to garner potential clients are through regular public speaking or referrals.
TYPE OF CONSULTANT BUSINESS
Below are some of the consulting business you can consider starting-up depending on your area of expertise and experience;
1. I.T Consultancy Business:
The rapid growth of the Information and Technology sector can be attributed to its constant and progressive development.
These factors are the reasons the services of info-tech consultancies are highly sought after.
An I.T business consultant offers information and technology related solutions to firms or individuals within the industry.
Experts are demanded in areas like software programming, system analysis, networking, and computer research, etcetera.
2). Educational Consultancy Business:
For as long as people desire to acquire knowledge, skills, or continue to hone their talents, learning institutions will always need educational consultants.
This group offers effective methods on ways to improve learning and teaching experiences.
Furthermore, schools hire consultants to give advice on areas like curriculums, educational plans, and activities that would maximize the learning potential of its students.
3). Business Plan Consultancy:
Currently, business plan consultants are the most demanded around the globe. The higher the demand, the more lucrative the business gets.
Creating business plans for new projects can be quite challenging for companies; so a professional business plan expert is hired to make it easier. Consultants in this category create the layout for a particular business scheme and develop clear strategies to actualize it.
4). Marketing Consultancy Business:
There are very few types of businesses that can grow without some form of marketing.
This is the aspect of a business that brings the products and services of a company or organization to the right consumers.
Good marketing raises awareness thereby attracting potential customers. Sadly, many businesses struggle in this regard.
What a marketing consultant does is to provide effective marketing strategies that would improve sales and increase profits. It also creates plans to fix existing marketing challenges in an organization.
5). Quality Management Consultancy (QMC):
Duties of a QMC business consultant are;
Influence clients positively so that the quality of their products and services remain in line with the requirements of consumers.
Ensure set standards of companies or organizations are either maintained or improved upon.
Concentrate on the laid-down rules and procedures that guide the plans and operation of a client’s business.
6). Business Management Consultancy:
When a business faces managerial problems, the next thing to do is consult fixers. Business management consultants get paid to fix challenges that stem from inefficient organizational structures.
Armed with expert management skills, they offer immediate and permanent solutions to pertinent administrative issues.
7). Agricultural Consultancy:
An agricultural business consultant has access to small and large-scale farmers, agricultural ministries and commissions, and other agricultural enterprises.
The agricultural sector requires business consultants that possess solution-oriented information at all times.
8). Human Resources Consultancy:
Consultants within this field work with the human resources departments of various companies.
HR consultants aim to improve an organization’s method of operation and correct the issues caused by poor management of its workforce.
They also address concerns with retirement policies and deal with changes that affect personnel. The expertise of HR consultants comes to play in mergers, labor, and industrial projects.
As a consultant in this industry, you could also be hired to manage problems involving an organization’s training process, terms of employment and possibly handle talent management.
9). Financial Consultancy:
Financial consultancy attracts all kinds of clients; individuals, groups, companies, and institutions.
Anyone seeking advice on how to manage their financial resources goes to this group of advisers.
Some services offered by this business are:
Solving income and corporate tax problems.
Creating financial plans; savings, insurance, and investment for companies or individuals.
Offering and managing great investment opportunities.
10). Legal Consultancy:
Legal consultants are called in to identify, prevent, and solve legal issues connected with either individuals or industries.
They also offer suggestions on how to fix challenges involving employment, banking, real estate, trust or tax.
11). Strategy Consultancy:
With the aid of experience and an in-depth knowledge of business management, strategy consultants objectively advise organizations on their most important decisions.
Strategy consultants look into an organization’s system of operation and pinpoint its flaws.
In addition, they are involved in the implementation of schemes that will improve the company’s overall management.
Other types of business consultancy opportunities are:
Public relations consultancy
Health and safety consultancy
Interior design consultancy
Editorial services consultancy
Risk management consultancy
Social media consultancy
Event planning consultancy
Accounting services consultancy
Anyone with considerable experience, knowledge and excellent management skills in a particular industry has the potential to be a consultant
Although these are the basic attributes of all consultants, it does not guarantee success.
Success results from constant improvement of those skills in order to provide highly effective solutions for clients.
Nigerians have become increasingly aware of the advantages of soliciting the help of consultants for their businesses and personal lives.
Thus, the business opportunities for consultants are numerous and profitable.
To succeed and reap the benefits of this business, it’s important to have patience, motivation and a desire to help businesses grow to utmost level.