A common question people ask nowadays is what kind of business would be good to start given their limited finances. While many may think that selling something offline or online is the easiest way to make money, you’ll need to invest in beginning inventory to make some profit. On the other hand, providing a service has always been the fastest way to earn money which is why there has been a rise in small business consulting ventures.
Why small business consulting?
No license or certification required
Unlike other trades and professions, you won’t need prior certification or a license to hold yourself out as a consultant. There is no special training or courses required, although any previous experience can be the basis of your consulting skills.
You’ll only need minimal capital for small office equipment that you may already have at home and you won’t have lease expenses because you can work from home.
Prepaid and recurring income
Typical consulting arrangements are on monthly terms and the consultant’s fees are prepaid. You not only get paid before you start working but you also enjoy continuous income for as long as you are needed.
Who are your clients?
The Internet has attracted tech savvy users who evolved into online business owners. These Internet entrepreneurs are usually younger than the traditional bricks and mortar owners and will need the services of specialists for the non-technical aspects of their business like bookkeeping, offline marketing and promotions.
Conversely, offline businesses and professionals who operate outside of the Internet will need someone to create Internet marketing strategies for their business needs. They need not go online or have a website to be able to use your consultancy if you recommend email marketing to create awareness of their products and services.
Consultants may need the help of fellow consultants when they take on huge projects that require them to work in teams or when portions of their projects require special skills that they are unable to provide. This is another reason why you should actively participate in events involving people in the same industry. The linkages you make with other consultants can provide more business opportunities for you.
Getting started is easy because of the reasons already mentioned but this doesn’t mean that you shouldn’t learn new technique sand invest in better systems and tools for your business along the way. Just like any other venture, there’s a lot of competition in small business consulting so you’ll have to keep innovating and improving your services to stay afloat.
Two questions for a small business owner?
Anyone who has owned a business or knows someone who owns one can answer these for me.
(The results will be used for a small survey I’m doing for my business class.)
The name of the business:
The type of the business:
1. What ways has the government made it more difficult to do business?
2. What ways has the government helped to start or promote their business?
I have owned sporting goods manufacturing company and a chain of restaurants.
1. Too much reporting, too much paperwork. Regulations that are geared to large companies that small businesses cannot afford to comply with, but must comply with.
2. Government makes a lot of noise but they do little or nothing to promote small business. When they help small business, it is usually aimed at a specific business that has helped someone get elected, or bringing a business into a city with low employment by giving the business tax breaks. The Small Business Administration is a joke – I have sought help from their “consultants” which was useless and tried to get a loan and gave up dealing with the red tape.