How to Start Online consultancy service in 2021

Overview

The increasing competition among nations in terms of GDP, Per-capita, Infrastructure and standards of living

Then the increasing competition among the individuals in terms of self actualisation, social standing, status, need for recognition etc are the main reasons behind the development of various businesses, startups and professions

These aspects today would have been otherwise if it wasn’t for the assistance these businesses have earned in terms of consultancy, a business which involves pushing up other businesses

The consulting industry in India is worth ₹19,000 crore today with 2.2 lakh people working in it. The highly concentrated consulting services are present in Delhi-25.7%, Mumbai-25.5%, Chennai-12.1% and Calcutta-9.1%.

Because of the growing needs of constant assistance in the dynamically changing economical, political, demographical, legal and social environment the consulting service has now paved its way online, a business opportunity you cannot afford to miss out on

Online consultancy business, here’s how

Fill the form below if you need any help starting this business, we will reach you and assist you regarding this business.

Market potential and uses

Online consultancy service, it involves helping people who specialise in helping clients resolve any issues, projects and problems which are business or profession oriented at an online space or platform

If you have the skills for analysing information and identifying the best and the most profitable path for a business undergoing any change then you are all set to get started with this business

Th online consultancy business is venture based, your project and your deal with the company gets over as soon as your advice, suggestion and consultancy has been comprehended by the client

The market potential for this business can be elaborated on the basis of the types of online consultancy services

Types of consultancy services

Strategy consulting
Marketing consulting
Operation consulting
Financial consulting
HR consulting
Compliance consulting
Technology consulting
Legal consulting
Sustainability consulting
Sales consulting
Wellness consultancy
Growth marketing consultancy
Wellness coaching consultancy
Career coaching consultancy
PR consultancy

On the basis of use of online consultancy services

For seeking an independent advice
For keeping with the changes in the business environment
For seeking financial and HR advise
Economical and cheap
For starting up a new business immediately
Source for temporary expertise
For decision making
For time saving purposes

Advantages of consultancy services

Fast paced
Constant learning
Challenging and rewarding

Process of establishing an online consultancy service

Identify your expertise
Get the license you need
Identify your target market
Build your profile
Get started with your work

Licenses required

The license required to set up an online consultancy service is

Company registration
GST registration
Trademark registration

Investment required

The investment required to set up an online consultancy service business is ₹50000-₹1lakh

Profits made

The profits made from an online consultancy service business is ₹5000-₹70000 per month

Target consumers

The target consumers for this business are as follows

Startups: The major target customers for your business are startups who require assistance in terms of tax, funding, HR, strategy and legal consultancy
MSME: The medium and small scale enterprises also require your consultancy service for the pupated of expanding their business in terms of marketing and strategy consultancy
Online businesses: The newly established e-commerce business are the major target customers for your online consultancy business in terms of seeking consultancy for the purpose of compliance, sales etc
Students: Students from colleges and schools are also your target customers for the purpose of seeking career oriented advice in terms of further education like masters, PG courses etc through your online consultancy services
Social media: Platforms like LinkedIn are also your target customers which aim to boost the presence of their business on that platform and could use your consultancy services to broaden it

Area required

The area required to set up an online consultancy service is based on the size of operations

Can be done from home
An office set up would require 200-600sq ft

Raw materials required

The raw materials required to set this business up is

Computers
Printers
Software
Logo and brand

Manpower required

The manpower required to set up this online consultancy service is 5-10 skilled employees

Business model and growth

The business model of an online consultancy service can be defined using these four variants

Value proposition: The value which this business is likely to provide to you is

No/minimal investment
High profit margin
Large target customer base

Target consumers: The target consumer for this business are

Startups
Online business
E-commerce websites
Social media
MSMEs

Competitor review: The competitors to your online consulting services are as follows

Kelly services India
ABC job placement
Randstad

Marketing strategy: The marketing strategy that can be implemented by your business are

Google listings
Presence on social media
Pamphlets and hoardings

Growth

The online consultancy business in India has witnessed and has the potential for the following growth prospects

The online consultancy service in India is expected to grow at a CAGR of 30%
The increasing number of startups and e-commerce based business has increased the presence of online consultancy businesses

Profit margin

The profit margin which this business is likely to provide to you is 50-70%

Suggestions

You don’t need to consult and online consultant for this business because it’s just the business you need

Firstly, This business comes with minimal or no investment and yields a higher profit margin
Secondly, the target customers this business/service has to cater to is wide its as easy as picking a niche and adhering to it
Lastly, this business opportunity is likely to help you cater to the global needs as well