Starting a management consulting company requires some knowledge, and training in a variety of business areas. Management consultants are typically experts in their fields who work with business owners and managers to come up with operating strategies and efficient, effective solutions to problems. Follow the steps below to set up your own management consulting business.
Instructions
1. Determine your specialty. Assess your skill set and narrow your offerings down to the areas in which you consider yourself an expert. Then pick your target market. You may consider adding services down the line once you better understand the needs of your clients.
2. Get a clear idea of your target market and your competition. To research your target market, set up informational interviews with area business owners and ask them whether they'd be willing to participate in a survey. Figure out whether there are other businesses in the area offering management consulting services. If there are, find out what services they offer and keep an eye out for how they market their services. You may also want to consider their pricing. While researching, begin to think about your unique selling proposition.
3. Pick a location for your management consulting business. Some management consultants set up home offices, while others lease office space. Whichever option you choose, be sure the space is set up with a desk, chairs, computer, phone, fax machine, file folders, pens, pencils and a daily planner to write down appointments. You may consider hiring a secretary or assistant to help around the office. You may also want to set up a small library with resource books your clients can browse through and borrow. Your office space should be quiet, accessible, welcoming and neat.
4. Work with a local graphic designer to create business cards, brochures and a website. Or you can try and create them on your own. Set up a blog on your website and begin to provide information such as management tips, marketing ideas and business resources.
5. Join business associations in your area and get to know local small-business owners. Be sure to follow up on any business leads and ask satisfied clients to refer you to others who may need your services.
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