Business Management Consultancy Company: A business consultant develops strategies to help businesses restructure their business.
Become more profitable, or find new ways to market the business, among other things.
As you work towards becoming a business consultant.
You must get the proper education and gain the experience you need along the way.
You may even work for yourself.
Though you’ll need the entrepreneurial drive to create your own business and be your own boss.
You must also be well-organized.
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Be able to explain things well, and be social in nature.
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1. Start with high school.
While in high school, consider taking classes in business and business management.
If your high school offers them.
You can also join clubs with other like-minded students to help gain experience.
- One club related to your field is the Future Business Leaders of Nigeria a nationwide club that likely has a chapter at your school. If it doesn’t, you can start your own chapter.
- In fact, this organization has clubs that run from middle school to university level. Take concurrent classes.
- If your school doesn’t offer business classes, see if you can take concurrent classes at a local community college.
- Talk to your guidance counselor about concurrent classes.
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2. Get a bachelor’s degree.
If you’re going to work as a business consultant, you’ll at least need a bachelor’s degree.
While some companies may hire you without a degree.
To build a solid business as an independent consultant.
You’ll need at least a bachelor’s degree in business or business management.
- While at university, find the local chapter of the Future Business Leaders of Nigeria.
- Joining your local chapter can help you gain experience and meet other people who want to go into your field.
- Most management consulting firms today, excluding IT consultants, require an MBA for employment.
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3. Decide on a specialty.
At some point, you’ll need to decide what you would like to specialize in.
What you specialize in is up to you.
But it can determine what positions you get or what kind of business consulting you run.
- Some specialties you might consider include sales, management, administration, and human resources.
- You might also look at IT systems, accounting, finance, projects, and organizational and corporate.
- Some people focus solely on marketing, as well.
- To help determine your specialty, consider taking classes in the areas you’re interested in.
- That way, you can see what you have a passion for.
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4. Consider a master’s degree (MBA).
While a MBA isn’t strictly necessary, it can help you stand out in your field.
A master’s degree in business, business administration, or a related field is a good idea.
Beyond helping you stand out, it will help you gain greater expertise so that you can be good at what you do.
- If you’re looking at a specialty, try to find a program that lets you specialize in that area.
- Many programs have a master’s degrees in very specialized areas or ones that will let you focus on a more general degree.
5. Gain skills on the job.
After graduating school or between semesters.
You should seek a consulting internship or work as a consultant trainee.
As the field is highly restrictive at the top levels.
Having experience with a well-known employer is often more important than your education or certifications.
Work with your school’s career development office to locate and apply for these positions.
- Having this type of background is especially important if you plan to work for a major consulting firm that works with Fortune 500 companies.
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6. Find the appropriate certification.
In the business consultant field, the certification is based on your specialty.
For instance, if you want to work with small businesses.
You’ll likely get your certification with the Association of Accredited Small Business Consultants.
On the other hand, if you’re going into the health field.
You’ll likely get your certification through the National Society of Certified Healthcare Business Consultants.
- You can get a more general certification.
- For instance, the Institute of Certified Business Consultants offers a certification as a general business consultant.
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7. Complete work experience requirements.
In some cases, you will need to have a certain amount of experience in the field before you can gain certification.
For instance, the Institute of Certified Business Consultants.
Requires that you have 3 years of experience before you can become certified.
8. Decide what skills you want to offer, then focus on your area of expertise.
Most consultants have years of experience.
Have worked as educators, or published work in their field.
If there is an area of knowledge where people often seek your advice, this is a good place to start.
Find out what type of license or certification you may need to consult in this field by searching online or asking similar professionals.
9. Make a business plan.
Define your goals, business structure and financial projections.
Business plans are not set in stone and may change as your business grows.
But a plan will help you remain focused.
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10. Choose a company name.
Depending on your field, you may use your own name or last name as your business name.
Other businesses do well with names that describe what they do.
For example, J.D. Marsten Financial Consultants might be just right for the financial industry.
A marketing consultant might choose a name like Market Masters.
Which is more indicative of what they do.
11. Spend time training.
With most certifications, you will need to spend time reading or training.
In some instances, you just take a review course before taking the exam.
Often, this training or review is done at your own pace.
As you work through materials and tutorials to learn the information.
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12. Focus on what distinguishes you.
Choose a consulting niche that focus on one area.
Like retail sales growth or risk management consultant instead of just “business consultant.”
This will help potential clients seek out your services.
Travel consultants might focus on a specific country, like China or a region.
Such as the Middle East and seek out clients who do business in those places.
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13. Form a Limited Liability Company (LLC) for maximum flexibility.
An LLC is a hybrid of the flexibility of a partnership-style organization.
With the liability features of a more complex corporation.
While a corporation is owned by shareholders, the members of an LLC are not taxed as a business entity.
But rather report the business of the company on their personal tax returns.
Making it a popular option for small companies getting off the ground.
To register as an LLC, you need to:
- Register your name. The name must be unique and registered with the business bureau in your state.
- File articles of organization in your state. This is a basic document available from and filed with the Secretary of State in some states, and the corporation commission in other states.
- Create an operating agreement. While not required in all states, an operating agreement exists to codify the financial organization of your company in terms of profits.
- Obtain the necessary licenses and permits to hold business and/or manufacturing in your state.
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14. Consider forming a business partnership to run a tighter ship.
A partnership is shared by one or more individuals who divide profits, responsibilities.
And other elements of the company among the parties equally, or on a limited basis depending on the company’s structure.
To register a business partnership, you’ll need to register your name.
Acquire the appropriate permits for holding business, depending on your company.
And file your company with the IRS.
The tax formula for partnerships is somewhat more complicated than that of an LLC.
- The partnership must furnish an Annual Return of Income.
- As well as both employment taxes and excise axes by filling out IRS form 1095.
- The individual partners must additionally pay individual income tax.
- As well as self-employment tax and excise tax.
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15. Estimate your start-up costs.
This should be done as part of the business plan.
As a way of figuring out exactly what you’ll need to request from investors and acquire via other means.
It’s an essential part of getting your company started.
And helps to give possible shareholders or venture capitalists a hard number to consider.
- Try to distinguish between essential and optional costs.
- The cost of the start-up should only include essential costs, the bare minimum to get things started.
- While it’d be great to have money built-in to the start-up for the Fruit Loops bar you’ve always wanted to have at work, it’s probably not a great idea to build that into the initial plan.
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16. Believe in what you are doing.
Enthusiasm should shine through every piece of marketing material and every conversation you have.
Consult on things you feel good about.
And have a genuine interest in seeing your client’s success.
Business is about relationships, so build good relationships and the money will follow.
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17. Believe in what you are doing.
Enthusiasm should shine through every piece of marketing material and every conversation you have.
Consult on things you feel good about, and have a genuine interest in seeing your client’s success.
Business is about relationships, so build good relationships and the money will follow.
18. Set up your office.
Start with a home office to keep costs down, if possible.
Consultants often work in the field, so prime office space is not required.
You need things such as a business phone, computer, printer.
Business cards, web site and a business license to get started.
You also need time to work on your business.
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19. Organize your business.
Get a calendar. Set aside time each day to work solely on your consulting business.
When you are not working for clients.
Work on administrative tasks such as marketing, research or accounting.
Create a standard contract that outlines your rates and services for clients.
Update this as needed. Have a plan for daily, weekly and monthly administrative duties.
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20. Stick with it.
Most businesses take at least a year and sometimes 3 to 5 years to become profitable.
Keep working toward your goals. Push forward with a positive attitude.
Don’t give up too soon; your own belief in the success of your business is a key to making it work.
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21. Publish something.
Writing a book, software or teaching curriculum can help establish you as an expert in your field.
It also serves as a marketing tool for your business.
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22. Work on your critical thinking and problem solving skills.
As a business consultant, you’ll be called in to work on problems in the company.
Which means that you need to find creative solutions to hard problems.
To be effective, you need to use critical thinking and problem solving regularly to solve problems.
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- Start by learning the basics of critical thinking.
- For instance, it’s important to learn to ask questions and don’t make assumptions about the problem.
- If one solution has always been seen as the only solution, ask why.
- Think about other ways you could approach the same problem.
- Use evidence. When you’re thinking critically and problem solving.
- You need to have data and evidence to make a decision.
- It’s not about just pulling a decision out of thin air.
- Spend time using your critical thinking skills in everyday life.
- For instance, when you’re looking at a news story, take time to evaluate the source of the story.
- Look at the data. Are they skewing it to make a point?
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24. Open your own consulting business.
Another option is to go into business for yourself.
As a small business owner, you could even work out of your home to get started.
Meeting with clients at their offices or at local coffee shops.
You may want to be working somewhere else while you set up your business, as early on.
You may not have much cash flow.
25. Business Management Consultancy Company
- Before opening your own business.
- Know that opening a consulting business before gaining actual experience can be difficult.
- Since experience translates into credibility a client’s mind.
- You may want to gain experience and a reputation first before going out on your own.
- When setting up your business, consider all the things you do for someone else, such as writing a mission statement, creating a website, making a marketing plan, and creating a business plan.
- Decide on the legal aspects of your business.
- You can open a limited liability business, where your business is partially separated from your personal finances when it comes to responsibilities for debt. A sole proprietorship is easier to set up.
- But you are personally responsible for any debt the company accrues.
- Pay for the help you need. If you need legal advice about how to set up your business, hire a lawyer.
- If you don’t understand business accounting, hire a CPA.
- Don’t forget to check your local laws to see what licenses you need to own your own consulting business.
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26. Put in the hours.
As a young consultant, you’ll need to put in extra hours to bring in clients.
As well as to meet all the demands of a very demanding job.
You’ll be working in a high-stress situation.
Where you must be able to solve problems very quickly.
And in a turnaround time that you and the client determine together.
In addition, if you’re working for yourself.
You’re going to be under more pressure since you can’t ask for help from others in your company if you run into trouble.
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- Marketing and selling is not a paid activity; only consulting brings in revenue.
- You will need to estimate how many hours you will actually work (and be paid) in a year to establish your billing rate.
- Your billing rate must be competitive with other consultants that may have a higher ratio of work to marketing hours.
- Be prepared for the fact that some clients will want to set unrealistic deadlines.
- If you’re on you’re own, you’ll need to be realistic with the client, as telling them you can meet a deadline you can’t isn’t good for either of you.
- If you’re in a firm, ask about company policy for deadlines.
- It may be that the company will back you up if they have a policy in place about how short a deadline can be set.
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28. Market yourself to organizations.
As a consultant, it will be your job to bring in clients.
Whether for your own business or for a lager consulting company.
That means that you have to sell yourself and your skills to that business.
Often, that’s where your network comes in.
You have to convince the people in your network that they need your help to act as a catalyst for their company or to fix problems that arise.
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- Another way you can sell yourself is to show you can save them money.
- That is, if they bring you in when needed, they don’t need to hire a full-time analyst in their company.
- You might also be hired to help train employees and management in certain skills or figure out why sales aren’t going up.
- Make sure you are putting your name out there through a marketing plan.
- You should have a web presence, including a website with testimonials if possible.
- It also doesn’t hurt to cold call businesses.
- That is, visit businesses in the area and greet the people who work there, letting them know your services are available should they need them.
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30. More tips
- Working for yourself may be more difficult than you first realize.
- You must take on more roles, remain well-educated in your field, and work extremely hard to make your business succeed.
- Business consultants sometimes return to company employment in high-profile jobs.