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What would be the best way to approach starting a small consulting company designed to help start-ups and small businesses?

Veteran

Joshua Torres Enfield, CT

- Proper strategic approach
- Outline for start-up
- Best way to expand
- Things to avoid to increase chance of success

21 May 2020 2 replies Small Business

Answers

Advisor

Stalin Michael Phoenix, AZ

Greetings,

Hello Joshua, as a first step, I would follow Jason's suggestions.

Next, define yourself, what is "consulting company designed to help start-ups and small businesses"?

1- Proper strategic approach
- What is your service?
- What value you could add to the existing businesses?
- How are you differentiating yourself with others?
- Your consulting is solely of what you posses? or what you put together?

2 - Outline for start-up
- Here you could apply Jason's suggestions
-

3. - Best way to expand
- Thorough market research / Competitor analysis /Identifying Niche area /
- Find the best spot: is it Business Consulting, Technology Consulting, Service Consulting, or Governance Consulting or Solution Consulting?

4 - Things to avoid to increase chance of success
- I am sure you have the ingredients of attitude, ethics and diligence to be successful, apart from that think of 'what if' scenarios.... can you support yourself for 6 months without salary...are you disciplined in managing bank loans/business loans/personal finances if needed. Do you need partnership? Do you need brick and mortar? Can you make your business availability through online? How much time you need to bring in the first dollar?
Do you have exit strategy?
- Most(at least 80%) small companies fail in the first year, a company sustains more than a year will have 80% chance to survive.

Joshua, above all, listen to your inner voice and do the right thing. It is easy to make mistake but hard to maintain the fidelity.

I was in the startup(Technology) mode in the past, learned a lot.

All the best
Stalin Michael

Advisor

Jason Hipp East Hartford, CT

Hello Joshua,

I know in Meriden, CT, the State of Connecticut has the Connecticut Small Business Development Center which provides individuals who want to start up a business in Connecticut direction and the "how to's" here in the state.

I know you will need to have: a Business Plan illustrating a Statement of Purpose, Company Summary, the products and services the company will offer, the current state of the Market you want to get into, a Market Analysis and future outlook of this market, your Company's target market, a Competitor Analysis, Marketing and Sales Strategy and how you are going to implement this, current and future Demand Analysis, the Company's Management and Personnel Summary, and current and future projected Financial Statements for the Company for at least three years out.

Here is the website:
https://ctsbdc.com/

Also, there are professors at the University of Connecticut (in the Business School) that are also looking for business to conduct case studies for their classes, too, which might help you, too. Students may look for opportunities to conduct a report on.

I hope this will help!

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