The Good, The Bad, & The Ugly Of Starting Your Own Business Consulting Firm

The Good, The Bad, & The Ugly Of Starting Your Own Business Consulting Firm

If you are a specialist in a business-related field and want to help out other companies, starting a business consulting firm may just be the career you’re looking for. Business consultants have an ongoing demand from startups and large corporations alike. 

Whether it’s marketing, communications, or business plan writing, expertise in these and other areas can lead you to a lucrative career in business consulting.

But it isn’t all sunshine and rainbows. Being a consultant comes with several added responsibilities and risks. 

At Professional Success South, we help companies and individuals in San Diego, CA, achieve growth and success. Click here to learn more about what we do. 

And in today’s article, we are going to discuss the pros and cons of business consultancy. Here’s the good, the bad, and the ugly of starting your own consulting firm. 

The Good

Here are the best things about having your own consultancy firm:

  • Unlimited Potential

There are countless opportunities for consultants with in-demand skills. Plus, there is always room to learn more skills and expand your firm’s capabilities. 

  • Work From A Home Office

You can start your consulting business at home. This will keep your startup costs low, and working from home can give you benefits when you file your taxes. Of course, having a home office comes with its own challenges, particularly of privacy and self-motivation. 

  • Capitalize On A Niche

With a consulting firm, you can provide a broad range of services or focus on a niche. Businesses usually reach out to experts when they don’t have the expertise in-house, be it recruitment, accounting, sales training, etc.

The Bad

Let’s now go over some less appealing aspects of having a business consulting company. 

  • Lack Of Certification

Along with experience and expertise, many companies require consultancy in areas where you should have the required degree or certification. You need to study the market for consultants in your niche and see whether clients prefer professional certification. Otherwise, it will be difficult to find work. 

  • Networking

Speaking of finding work, new consulting firms have to invest more time to find clients than doing actual consulting. It involves putting yourself out there, networking with different clients from different industries. Your knowledge and experience matter, but you also need to have people skills to thrive in this trade. 

The Ugly

Let’s now take it up a notch and consider a few drawbacks to consulting.

  • Long Hours

Escaping the 9 to 5 routine and working flexible hours is a plus point of consultancy. However, expect long hours to be the norm. You have to take out time for networking, following-up, and meetings. And this in addition to the actual job. That too within the deadline. This is the ugly side of ‘flexibility.’ 

  • No Job Security

Most importantly, consulting firms survive from one project to the next, especially in the nascent stages. You will often have confirmation from a company, but budget cuts or other factors can cause the contract to end unexpectedly.

So there you have it, the pros and cons of becoming a full-time business consultant. Consider these factors before you take the plunge and launch your company in San Diego, CA

At Professional Success South, we can help you gain confidence as an individual and boost your revenue. Click here to learn more.