Want to know exactly how much it costs to start a consulting business? here is a detailed analysis of the costs of setting up a consulting and fundraising firm.
By giving you:
- Consulting industry overview
- Market study and feasibility
- Business plan consulting
- Marketing plan of the consulting firm
- Consulting company name ideas
- Licenses and permits for business consulting
- Consulting firm marketing ideas
We’ll take a look at how much it costs to start a consulting business from scratch, including operating costs.
How much does it cost to open a consulting business?
Basically you have to worry about the amount needed to provide a standard office space in a nice and busy business district, the amount needed for office furniture and equipment, the amount needed to pay the bills, promote the business and obtain the appropriate business license and certifications. When it comes to starting a small consulting company, you should focus on the following costs:
- Total business registration fees: 750 USD.
- Budget for liability insurance, permits and licenses: 2500 USD
- Amount required for the purchase of a suitable office space in a business district in 6 months (redevelopment included): $ 40,000.
- The cost of office equipment (computers, printers, fax machines, furniture, telephones, filing cabinets, security devices and electronics, etc.): 2000 dollars
- Cost of running your official website: 600 USD
- Budget to pay at least two employees for 3 months and utility bills: 10,000 USD …
- Additional costs (business cards, signs, advertisements and promotions, etc.): 2500 USD
- Various: 1000 USD
Based on the research and feasibility report, it would take you around $ 60,000 to set up a small consulting firm in the United States of America. You will need over one hundred thousand US dollars to successfully start a mid-sized consulting firm.
If you are planning to start a large consulting firm with multiple payroll professionals and offices in key US cities. States of America and other parts of the world then you should consider a budget of $ 1 million and more.
Financing your consulting activity
Starting a consulting firm can be profitable, especially if you choose to run your business from your home, share office space with a friend, or use a virtual office. Provide a standard office if this is part of what will take up a significant portion of your start-up capital, but if you choose to start your business on a small scale, you may not need to find a source of funding to fund your business. company. p10>
There is no doubt that when it comes to business financing, one of the first and perhaps the main factors to consider is writing a good business plan. If you have an effective and achievable business plan, you might not have to work hard before you convince your bank, investors, and friends to invest in your business.
Here are some of the options you can explore when finding start-up capital for your consulting firm:
- Collect money from personal savings and sell personal stocks and property
- Raise funds from investors and business partners
- Sale of shares to interested investors
- Apply for a loan from your bank / banks
- Submit your business idea and apply for business grants and seed funding from donor organizations and angel investors.
- Source of soft loans from family and friends.