Do You Want To Start A Consulting Business?
Many consider consulting to be a lucrative profession. They also think that consulting gives a certain amount of flexibility, a flexibility that is not possible in any other profession. While this may be true to some extent remember that consulting has its share of hard work, gestation periods and sleepless nights. However, with the environment becoming more conducive for business start-ups over the last few years in India, many professionals have quit their cushioned job in the corporate world to start their own consultancies. Cases of women professionals, who quit their regular job owing to maternity reasons, have also found consulting to be a good avenue to carry on their work. In this blog, we will talk about the basics of starting a consulting business in India.
Qualification, Certification and Licenses: This is the most important aspect of starting your own consulting firm. Needless to say, you must have the most basic qualification and certifications in place. For instance, if you are a web programmer, make sure you have the necessary certifications from recognized university or institute. For finance professionals such as chartered accountants or cost accountants, they need to get their licenses from their respective institutes before they can start their consulting business.
Do A Thorough Market Research: This entails that you find out about the existing opportunities in your field of specialization in your city. Identify your competition and gauge how differently you will be able to do things in order to attract clients. The gaps vs opportunity analysis will give you a fair idea on what to expect from the market.
Prepare a Database of Networks: In today’s highly networked world, you’d lose out on a great number of prospects if you do not identify and build a database of your networks. Let it be an exhaustive list which you can refer to once you start your firm.
Manage logistics At Your End: Finalize the time-frame for which you will work in a day. This becomes particularly important if you are a new mother and have baby-related responsibilities at home. You need to fix your working hours in a way that your personal life doesn’t clash with your professional work. At no point of time should your clients doubt your professionalism. Similarly, decide where you’d like to work. Your firm could be home-based or in an office situated nearby. Work out the costs and make a judicious decision.
Ask Yourself a Few Hard Questions: And finally, before you go whole hog, ask yourself a few questions to find out how convinced you are about the role you are planning to don. Here are some sample questions that will help you to arrive at the right decision – Questions to Answer Before Starting a New Venture