Project engagements are arguably among the key drivers that fuel businesses today. This is one of the reasons why project management professionals are currently in high demand. So, what a great time to start a project management consultancy firm.
If you’re here reading this, you are probably thinking about starting up your very own consultancy firm. But before you do that, make sure to consider these five important points.
Learn project management yourself
When setting up a project management consultancy firm, having a working knowledge of project management is always an advantage. By being knowledgeable on the different aspects of project management, you’ll make better and more informed decisions as the owner of the business. Additionally, getting on the same page with project managers who will work for you is easier, disagreements are minimised and bottlenecks are avoided.
There are a lot of learning institutions that offer classes on project management. You can choose from a number of classes and certificate programs that match your schedule and needs.
Don’t go full time
At least not just yet, anyway. During the infancy stages of your business, you won’t have a lot of clients — certainly not enough to make it your primary source of income. To ensure that you are financially secure, don’t cut off your primary source of income just yet; instead, wait for the business to become established. If you work hard enough, your client base will expand and the number of projects that you’ll handle will increase. Until then, consider it as your secondary source of income.
Focus on a niche
One of the many problems faced by most startups that offer services is whether to accommodate clients from different industries or to focus on a small number of industries. Each of these has its own set of advantages and disadvantages: the former allows more opportunities but there is a higher risk of the business becoming a jack-of-all-trades type, while the latter means better specialisation but fewer opportunities.
For businesses that are just starting out however, being a niche service provider is better than servicing a wide range of industries. This way, your business can develop expertise much easier, which in turn will help you with your positioning and identity. You can then branch out to other industries once you have established a niche.
Use project management software
One of our previously posted blog posts focuses on the numerous benefits of using project management software for businesses. Among these benefits are smoother planning and execution, more documentation processes and real-time monitoring and tracking for tasks. While you can have the best project managers in your consultancy firm, it still wouldn’t hurt to augment your processes with software specifically designed for the job.
Get financial advisory and planning services
Opening a new business is a serious financial responsibility. Make sure you make the right decisions by getting advice from the experts. You don’t have to hire a financial officer full-time. There are a lot of companies today that offer services on demand, which means you’ll only have to pay for the services that you need. You can also look into getting a virtual financial officer so you get all the benefits of having one at a fraction of the cost.
Easdowns Business Specialists provide solutions that enable business owners to make the right decisions when it comes to their finances. Our expert business and financial advice and planning services are guaranteed to help your business achieve its goals and at the same time ensure a secure future financially. To learn more about our services, visit our website or get in touch with our experts via our Contact Us page.
Don't miss out on the latest Finance and Accounting Updates Sign up for our Newsletter and stay in the loop.
Message us now!
© Copyright 2023 - Easdowns Accountants & Advisers
Liability limited by a scheme approved under Professional Standards Legislation.