How to Start Online consultancy service in 2022

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 .

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

1. Business model and growth

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

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

• No/minimal investment
• High profit margin
• Large target customer base

1. Target consumers: The target consumer for this business are

• Startups
• Online business
• E-commerce websites
•  Social media
• MSMEs

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

• Kelly services India
• ABC job placement
• Randstad

1. 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