When creating labor, tax, and accounting consultancy, or any company related to consultancy, the business model, and how certain key areas are managed will determine your success.
Before setting up a consulting business, keep in mind the trends in the sector to anticipate what is being done, be able to present a business proposal that provides added value against the competition and, ultimately, allows you to develop a consultancy business plan, management or consulting, with certain guarantees.
Who can set up a consultancy?
A consultant is a proficient who provides advice in a certain area. That is, he is a specialist in his field. In that case, those who can choose to start a business of this type may be professionals. For example, in marketing or advertising, programming, human resources management, legal advice, auditing and accounting, sales or business management and administration, etc. or people with many years of experience in any of these areas. As you can see, this type of service is much diversified.
An important advantage in this business is that the initial investment you have to make is much lower than if it were a company in which products are sold, in which you have, for example, to have an inventory. Here your main product is you, your skills, knowledge, and experience.
Of course, since you are the main tool, you must constantly invest in training yourself and becoming a true specialist until you become one of the leading references in your sector.
Assembling consultancy: what should I take into account?
In summary, we know that the idea of setting up a consulting business is attractive because of the ease it entails (in the eyes of the inexperienced agent or one who is taking his first steps in the market), starting a company that develops this type of activity. Little investment is required compared to other sectors and accessible entry and exit barriers, in principle.
Be careful with this because the direct consequence it triggers is, in fact, already happening: the consulting sector is saturated in terms of the supply of services. But, how many of them know how to target the right niche, bet on a differentiated service, and establish processes that project the business into the future, yielding profitable margins? How many make real money through consulting business?
Returning to market trends and aspects to take into account, they succeed in technology-based companies that implement optimized processes and methodologies. We refer to the consultancies constituted on a scalable structure:
- Tools that make it possible to face a sufficient workload to yield a benefit on the consulting activity, without detriment to the service’s quality. We are talking about specific payroll software, accounting programs, document managers, etc.
- Establish guidelines and protocols that help optimize business processes, reduce costs, gain efficiency, and give room to establish competitive rates and prices.
- Online presence, brand management, and positioning.
- Generation of campaigns and marketing actions aimed at attracting and retaining customers.
In summary, the values that triumph in the new business model of the consulting sector and that must weigh when setting up a successful consultancy in the current context will be in line with offering immediate solutions, versatility to the offer of online/face-to-face services, price adjustment, and competitive rates through cost savings.
What requirements do you need to meet to set up a consulting business?
Setting up a consulting business is a free exercise activity. In other words, to provide the services derived from a consultancy, it is not necessary to be registered, request any procedure or special permission.
Obviously, it will be necessary to have the appropriate training and experience for the services that are intended to be provided.
Another story is to set up an administrative agency. This activity implies carrying out a series of procedures for your clients that you do not have access to when you are only an advisor/consultant as required. For example, by the Treasury at the time of granting you the certificate that allows you to carry out certain procedures for third parties.
Specifically, you would need a bachelor’s degree, pass the aptitude test, and become a college student to be able to develop this activity.
Apart from both options, setting up a consultancy or creating an administrative agency, you will have to register with the Treasury in the corresponding section and then manage your registration with the RETA as a self-employed person, if that is the figure for which you choose.
Then, depending on whether you will have a public establishment or not, more requirements may arise.
Of course, you will have to choose to provide your services as a professional or as a society or service company that is, if you are going to be self-employed or intend to establish your company as a limited company, for example.
Create elements to systematize your business.
It will help you save time, be more efficient and more professional, take the time to properly structure processes, create templates, forms or scripts, and everything you need to organize and automate your business. It will allow you to manage your time better and occupy it with the most important things.
You cannot escape when setting up a consultancy.
Subscribe to liability insurance. You will be responsible for the correct management and the result of your services in front of the client.
Design a protocol and pre-established contract for the provision of services, which clarifies the conditions in which you offer the same, regularizes, and guarantees both parties’ interests in the transaction. It is the most appropriate way to establish relationships with your customers. This way, you save misunderstandings. Make certain the client understands what they are signing.
Develop a business plan. Evaluate what you are professional or have experience and skills in, what type of specific services you will offer, and your market niche.
Implement a marketing plan. A marketing plan appropriate to your business plan. If they don’t know you, you don’t exist and even more so in a sector where there are endless alternative proposals.
Get ready to join the technological model. Evaluate whether you are in a place to incorporate software to develop the work processes in your consultancy. The ideal is to propose incorporating the technological model from the moment 0 when setting up a consultancy. A total success to focus efforts on being efficient from the beginning in providing your services and in the presentation of a competitive offer.
Target a specific niche. If you have lemons, make lemonade. Specialize in a specific niche and provide the best service. This, added to a good communication campaign, will facilitate the work of positioning your brand. People will know where to turn when they need which your office is an expert in providing coverage.
Form a work team. It is something optional that you can consider as you progress in your business. Having a work team with knowledge in the work area you chose can help the business develop much faster, and they can complement each other because each one being sincere has a strong pillar in something.
Create a constant training system. Whatever the area of consulting you dedicate yourself to, you must maintain a constant training system. Remember that times change and methodologies also change, so you must update current demands to provide quality service to your clients.
Establish mechanisms to ensure the quality of customer services. It is vital to ensure that the service we provide to customers meets their expectations and contributes to solving their problems. It depends on whether they continue to hire our services and recommend us to other customers, and we must also ensure that we give a correct tracing.
Establish relationships. In the consulting business, relationships are essential! Don’t underestimate this point for even a second. To get customers, it is necessary to create and maintain good relationships. A nice way of doing this is through investments in social media networks to maximize the publications. You can do things the old way as well and go to businesses directly, which always serves! Offering a free consulting service to a business is another great way to start. Besides providing a basic network, this service will act as a portal to numerous other services. If the outcomes are obtained, the organization will consider employing a consultancy in the future. And rest assured, for that first service, a strong network of contacts is much more valuable than the payment.
The market to start a consulting company is very wide. It is a very profitable business idea since many people are professionals or have experience in certain areas who can start their own consulting company and provide their services advising companies or people.
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