There are a lot of reasons behind establishing a business consultancy, but not all these grounds involve the passion of the entrepreneur for independence and intellectual autonomy. Many consultants start their business right after being laid off, and they never really consider themselves as real entrepreneurs or business owners. Others plan enthusiastically for the time when they can leave their employers and open their own businesses where they can use their full knowledge and experience on providing quality services to their clients. Through the modern trends of hiring that puts more emphasis on consultants and other contractual workers, establishing a business consultancy with a real essence of business can be a wise decision for anyone with a formidable set of skills.
A business consultant is an expert in a specific field that acts as an analyst and adviser to others. The most popular fields in consultancy are statistics, information technology, marketing, business development, and other types where consulting services can be incorporated.
Consultancy is a billion dollar industry and is recognized as one of the supporting pillars of the business world. In such industry, knowledge and experience are the two most looked-upon factors. Other matters include licenses, certifications from industry professionals, organizational abilities, great networking skills of generating business and basic technological skills on state of the art machines, software programs, etc.
Among the several fields of consultancy, there are five areas that consultancy is mostly a prolific business. Such fields are accounting consulting, advertising consulting, auditing, general business consulting, and business writing consulting. The top five of consultancy industry has a lot of subcategories stemming out from each, and depending on the specialization of field of expertise that encompasses one or more of these fields, one would want to consider providing consultation on these businesses.
Starting a business consultancy is basically just like starting up any small-scale business. One must find out about registering a business name, print out business cards, set up an exclusive bank account for the business, purchasing equipment such as desktop and/or laptop computers, office supplies, and furniture pieces. Then, a press release must be stipulated about the new consulting business and they should be published on publications that are read by businessmen. Start building a networks, send out sales letters, and cold calls to companies for getting your first clients.
Building business relationships with synergistic product vendors and service providers can generate a wide network of clients for the consultancy. The clientele would need outsourcing people to do the task for them, such as lawyers, accountants, web developers, and other service providers that they need for their business. It is not always necessary to get a referral fee, but it is very important for the consultant to make sure that other business owner appreciates the help and looks forward for another business in the future.