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So, you’ve invested many years in earning practical industry experience and upskilled yourself in consulting for a specific vertical, right?
What Next?....
Starting a Consulting Agency could be the next big thing.
The best part is minimal overheads associated with setting up a consulting business, flexible enough to smoothly scale up and down as per your lifestyle and finances.
This ultimate guide will help you start your consulting business in SIX easy steps. Also, it will help you out with drafting crisp and clear consulting business pitch deck that you can use to drive funds.
So, if You’re Committed to Taking the Giant Leap, Here’s Everything You Need to Get Started:-
Step 1: Draft a Business Plan
Step 2: Decide Your Legal Business Structure
Step 3: Decide Your Legal Business Structure
Step 4: Develop Your Brand Identity
Step 5: Create a Sales Plan
Step 6: Find Investors
Step 1: Draft a Business Plan
Assuming you are a consulting expert, you know your niche and are seasoned with the services associated with it.
Now it’s the right time to draw up a comprehensive business plan.
First-time entrepreneurs make the most major blunder of rushing into things when setting up their business rather than paying heed to the critical aspects that could have a long-term impact.
Several studies and surveys in the recent past relieved that entrepreneurs who invest time and effort in drafting a strategic business plan are 1.5 times more likely to adhere to it and get their business successfully off the ground.
Step 2: Decide Your Legal Business Structure
Before unveiling your consulting business, decide on the legal entity type you need to register.
The legal structure affects the diverse aspects, spanning from how you will file the taxes to whether you are required to comply with any specific state or federal obligations.
There is an array of legal business structures for distinct business entities. For young entrepreneurs, zeroing down on one entity seems intimidating.
Never rush into registering your business. Give thought to both your short- and long-term goals.
For instance, a sole proprietorship might seem apt. Still, it could lead to unfavorable tax systems, more exposure to risk, and limited flexibility thus may land you in deep troubles in the long run.
The Limited Liability Company or LLC business structure appears to be suitable for a consulting business.
Devote time into reading the minute detail of each business, legal entity, and then determine what fits your business model.
Step 3: Set Up Business Accounting and Bookkeeping
For tracking your finances when starting a consulting business, you need to have a proper business accounting and bookkeeping system in place. This will allow you to understand your cash flow better and fill your taxes efficiently while saving your business from the clutches of debts.
The accounts analyze the holistic financial health of the business to support the senior administration of the company to make better decisions.
Bookkeeping is simply about recording, storing, and retrieving the financial data related to the business.
You can hire a specialist bookkeeper to maintain your company’s financial information.
Step 4: Develop Your Brand Identity
First things first, brands are not only for the big corporations.
Building a brand identity is crucial, even for a small business, like a startup consulting company.
Brands offer the assurance of a level of professionalism to clients that help to gain their trust.
Therefore, the worth of a business identity cannot be underrated, and a weak brand identity will screw up your business’s credibility.
Right from the logo you choose to the overall theme of your business website, everything must be in sync — Reflecting your real brand identity.
Ask Yourself These Pivotal Questions When Establishing a Brand Identity Plan:-
- What Identity Do You Want Your Consulting Brand to Project?
- Who Will Be Your Target Audience?
- What is the USP of Your Consulting Services?
- What Are Your Brand Values?
- What is the Most Curricula Part of Your Client Experience?
The answers to these questions in your mind will establish the core of your consulting brand. Each of your future branding initiatives should be based on these answers.
Step 5: Create a Sales Plan
There’s way more to a consulting business than just creating a business website and having a solid professional network.
You need to have a cogent sales plan to get leads and convert them like crazy.
You can either start with selling your services yourself or having selling experts.
How will you create? The sales plan could be the difference between startup success and failure.
And this is where you must put in research and efforts to get things right.
Step 6: Find Investors
One of the foremost challenges an enterprise has to deal with is not having enough capital to sustain and grow a business.
In a perfect world, you want to fund your business, but often not the case solely. You need outside financial support.
Angel investors and venture capitalists are the two best options for raising funds for your consulting business. However, you have to be wise to make your prospective investors believe in your company’s financial viability.
This is principally true in the early funding rounds, such as Series A and Series B. You need to create an interesting pitch deck that strongly articulates your brand story to achieve all this.
Fortunately, in this guide, we will also assist you with preparing a winning consulting business investor presentation.
So, With No Further Ado, Let’s Scroll Down and Find Out:-
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Slide 1: The Cover
The title slide in a pitch deck is the first thing potential investors will see, so it's of paramount importance to make a grand impression.
Your cover slide should include your company's name, logo, and a relevant high-grade image of what you do.
You should also use an easy-to-read font and ensure that all of your text is aligned correctly.
If you need help designing a professional-looking cover slide, our team at SlideTeam can help. We have years of experience creating pitch decks for startups and businesses of all sizes.
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Slide 2: Table Of Contents
A Table of Contents Slide is a slide that lists the principal topics covered within the presentation. It appears as a graphical table at the beginning of your pitch deck and helps the audience follow along with your presentation.
To Create a Table of Contents Slide:
- Decide What Topics You Want to Cover in Your Presentation.
- Create a Table With Headings That Match the Topics You Want to Cover.
- Under Each Heading, List the Points You Want to Make About That Topic.
- Add Images or Graphics to Your Table to Help Illustrate Your Points.
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Slide 3: Vision, Purpose, and Mission of Our Company
A company’s vision, purpose, and mission are essential aspects of its business, and they help guide the company and keep them on track.
It is essential to explain these aspects of your company to potential investors on a pitch deck.
Your vision is a long-term goal for your company, and it should be something passionate about and inspire you to work hard.
The purpose of your company is to achieve your vision, which keeps you focused when things are difficult.
Your company’s mission is the task that moves your vision forward, and it should be specific and measurable.
Here is an Example of Our Vision, Purpose, and Mission:-
- Our company’s vision is to make the lives of all people better through technology.
- Our purpose is to solve real-world problems using technologies like robots and 3D printers.
- Our mission is to give our customers the best possible experience while using our products. We strive to make our products easy to use and affordable for everyone.
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Slide 4: The Problem Statement
A problem statement is a vital part of any pitch deck, and it succinctly states the problem your company is trying to solve, and it can be one of the most important sentences in your deck.
If you’re pitching to a VC, it’s unlikely that they’ll invest in a company that doesn’t have a problem statement.
There Are a Few Things to Keep in Mind When Creating a Problem Statement:
Keep It Concise
The problem statement should be brief and to the point.
It should give the Reader a clear understanding of the problem you’re trying to solve — Why it’s an issue and how your solution will improve upon the status quo.
You don’t want to overwhelm the reader with too much information in this one sentence, so be sure to focus on the most critical points.
Make It Relevant to the Reader
When writing a problem statement, it’s essential to tailor it to your investors.
You want to ensure that the problem you’re addressing applies to their interests and concerns.
For example, suppose you’re pitching a company that sells solar panels. In that case, you’ll want to focus on the environmental impact of your product rather than on how it’s going to save the company money.
Explain the Impact
The problem statement should also explain the impact of the problem on your prospective customers. It should cover:
- Why is It a Major Issue?
- What Will Happen if No One Intervenes?
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Slide 5: The Solution Statement
When creating a solution statement, you want to make sure it is concise and to the point. You also want to ensure that it addresses the problem you are trying to solve.
A Solution Statement Should Answer Three Questions:
- What is Your Company?
- What is the Problem You Are Trying to Solve?
- How Do You Plan to Solve It?
The solution slide may also include a general overview of your product and its functions or more specific details about your business model.
If you can succinctly answer these three questions, you will have created a robust solution statement for your pitch deck.
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Slide 6: Our Products and Services
When creating a pitch deck, it’s essential to include a slide that showcases your products and services. This will give investors a better understanding of your business and what you offer.
No matter what you include on the slide, be sure to make
There Are a Few Things to Keep in Mind When Creating This Slide:
Make it Concise:
You only have a limited amount of space on this slide, so list your products and services concisely.
Be Specific:
It’s important to list the benefits your customers will receive when they purchase these products and services.
Keep It Simple:
Slides with too much text can be overwhelming and challenging to understand. Stick to a simple layout and use bullet points to list your products and services.
Keep It Professional:
If you don’t have a design degree, hire a graphic designer to create your slide. You want the font to be professional and easy to read.
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Slide 7: Market Size of the Consulting Industry
According to the US Bureau of Labor Statistics, over 1.5 million consultants in the United States. With a market this big, it’s no wonder that the consulting industry is a $150 billion per year market. There are over 10 million consultants in the United States alone on average. Thus, making the consulting industry one of the biggest and most lucrative globally.
All this information is put forth in a visually engaging market size slide. This will give potential investors a sense of the scale of your business and how much potential there is for growth.
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Slide 8: Competitive Landscape
Creating a competitive landscape can effectively convince an investor that your company has an enormous opportunity in the market.
Highlight the competitive advantage that your company has over other companies in the space.
You will want to keep a few things in mind when creating a landscape. The first thing is to include all the major players in the space, not just your direct competitors. It is important to remember that your direct competitors are just one aspect of the competitive landscape.
The last thing you want to do is be biased in your landscape. This means that you should list the advantages your company has over its direct competitors and list the direct competitors' benefits over your company.
The landscape will be much more effective if you mention both sides of the story.
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Let’s Wrap Up
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