Updated: Apr 25, 2021
Running a consulting business can bring you many benefits. It can be a very lucrative business that offers you a great deal of flexibility in determining they types of jobs you take on and the people you will work with, as well as where and when you work, and the rates you will charge for your time and expertise. Most consulting businesses require minimal overhead to get started and can be easily scaled up (or down) to meet your changing financial and lifestyle requirements.
Starting a consulting business is good option for many people who have developed an expertise in a specific area of business and apply that expertise in helping business owners overcome specific challenges in running and growing their company. While there are lots of consulting business ideas to choose from, you will only want to consider in-demand areas where you can add value and, ideally, enjoy the work you will be performing.
Types of Consulting Business Ideas
Most consulting business ideas fall under the category of “management consulting”, which refers to those consulting companies that that assemble a group of people that work with business owners and management teams to identify and solve complex business problems.
Management consulting can be generally segmented into five distinct areas:
Strategy consultants tend to work with the highest level of company management (the “C-suite”). In strategy consulting, you take a top-down view of the business to assess market opportunities and help to set company direction accordingly.
For any business to survive and prosper, it must make informed financial decisions which often consider numerous complex variables. Financial consultants work closely with their clients to provide expertise and guidance in areas such as risk management, restructuring, and corporate finance.
Businesses are constantly exploring ways to optimize their operational processes. This can include such things as decreasing costs, improving quality, and enhancing overall efficiency. Operations consultants typically delve into areas that include process management, outsourcing opportunities, supply chain management, and procurement procedures.
Today, many businesses operate in industries that have strict (and growing) compliance requirements. Compliance consultants help to create awareness regarding compliance issues and how they can impact specific departments and job roles. Effective compliance consulting often incorporates some level of employee training.
Human Resources Consulting
Human resources consultants can play a critical role in helping to train and manage employees effectively for the long-term benefit of their clients. Businesses today must have clear and effective processes in place to onboard new employees and help them to effectively perform their job roles while working well within the company’s corporate culture.
eLearning to Support Your Consulting Business Ideas
Almost every type of consulting engagement can benefit from an eLearning component through which your company includes employee awareness and training as part of the engagement. By incorporating employee training, you help to ensure that employees understand any changes that are to be implemented as a result of your consulting engagement and that they understand how these changes will impact their job roles.
LMS Portals provides a cloud-based, multi-tenant learning management system (LMS) that our consulting partners utilize to build private eLearning environments for their clients to support and enhance their consulting engagements. Using the LMS Portals platform, you are able to launch and manage new customized eLearning portals on-demand and incorporate eLearning as a revenue stream for your consulting business ideas.
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