How to Start a Successful Project Management Consultancy Firm
Top management often ends up with numerous tasks to juggle. This makes project management consuls valuable.
Consultants in this field then use their expertise in various fields to help other businesses manage their projects.
If you have a sound understanding of a particular field, are well organized and are looking to go into business, project management consulting is an excellent option to consider.
If you do not know much about it, here is a complete guide on how to get started.
Plan Your Business
The initial stages should be all about research. Think about the start-up costs, your target market, how long it will take to break even, evaluate the need for your services and assess your competition.
The good news is, consultancy is a low overhead business. With a laptop, internet access, phone and a small office, you can set up shop and start looking for your first client.
Consultants either charge per hour or project. Look into this as well and price your services competitively.
Pick and Register a Business Name
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Your business name is the first step in creating an identity for your business and will be at the core of all your operations.
Once you have a few professional sounding business names, you will need to check if they have already been trademarked and if any other person is operating under a similar name. You can do this here.
If not, then you can proceed to register it. Once the process is complete, you will be issued with a New Zealand Business Number.
Choose a Business Structure
Whether a business or self-employed, you need to select a business structure that suits you best.
The most common business structures in New Zealand are a company, sole trader and partnerships.
You can use this business structure tool to help you identify the right one.
Open a Business Account
Opening a business account separates your business accounts from personal accounts which comes with many advantages.
Top among them is personal protection. If your personal and business accounts are one, you could lose your personal assets if your business is sued.
Separate accounts also make filing taxes easier.
Meet Legal Obligations
Failure to acquire the necessary permits and licenses can lead to hefty fines and penalties that can bankrupt your new business.
Each territory in NZ has its rules and regulations about the business activity allowed in different areas.
Understand the specifics of this and discuss them with a business attorney if need be to ensure you understand and meet all the stipulations.
Consider Augmenting Your Existing Knowledge
Granted, you likely have extensive knowledge in the field you want to consult in.
While this is good, getting some project management certifications can add to your credibility with your clients.
Credibility aside, taking a project management course gives you project management-specific knowledge, including best practices, advancements, and so on.
Set Up a Business Location
Your place of business is another important aspect of setting up a consultancy firm.
This is true regardless of whether you will set up an office from your home, take up a shared space or a private office space solely for your consultancy firm.
Whichever you choose, ensure it’s safe, comfortable and supports productivity.
Promote Your Business
This aspect of starting a business will determine how many clients you get on board, and in turn, how much your firm will realize in profits.
This will call for a comprehensive marketing plan to ensure clients know about your services.
In Summary
By completing the steps listed herein, you will have taken care of all the important aspects of starting a consultancy firm.
However, anticipate some curveballs during this process and strive to keep focused on the goal.