
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 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
The 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
The license required to set up an online consultancy service is
The investment required to set up an online consultancy service business is ₹50000-₹1lakh
The profits made from an online consultancy service business is ₹5000-₹70000 per month
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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
The area required to set up an online consultancy service is based on the size of operations
The raw materials required to set this business up is
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
Target consumers: The target consumer for this business are
Competitor review: The competitors to your online consulting services are as follows
Marketing strategy: The marketing strategy that can be implemented by your business are
The online consultancy business in India has witnessed and has the potential for the following growth prospects
The profit margin which this business is likely to provide to you is 50-70%
You don’t need to consult and online consultant for this business because it’s just the business you need
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