Business consulting is an up and coming industry in the global market, having grown from less than $10 billion to its current worth of $100 billion in the last decade. The UK consulting industry makes up 10% of this worldwide business consulting market. As the largest European market for business consulting, the UK consists of 30% of Europe’s business consulting practices.
If you have thought about starting your own business consulting franchise business, read the tips below to get a head start.
- Investing in a business consulting franchise can help you obtain funding. Going it alone in this credit environment will not benefit you, as banks or other lenders may be hesitant to lend to an individual. However, if they see a trusted franchise name behind the individual, there is a stronger likelihood to get funding.
- Pick a franchise that you can afford. Before you decide to invest in a franchise, make sure you are aware of your financial situation. Set aside at least four months worth of living expenses for you and your family, and don’t borrow against assets you can’t afford to lose, like your home. Ask important questions to those that can give you advice or financial assistance.
- Choose a business consulting franchised business that matches your interests. There are general business consulting franchises that offer B2B services for their clients. This can be a lucrative and rewarding career. However, if you are interested in a certain niche, make sure to find out if there are business consulting franchises that match those interests. You can choose from IT consulting, business cost analysis and management, marketing consulting and business training consulting.
- Utilise existing skills. Oftentimes, individuals will have pursued a different career prior to starting their own business. If you have expertise in a certain field, take advantage of your experience and knowledge with your new business consulting franchise. Since niche consulting franchises are taking off, this is the perfect opportunity to use your existing skills to make your business a success.
- Don’t worry about having no prior experience. If you don’t have any experience that is directly related to the consulting industry or in a niche market, don’t fret. The great thing about business consulting franchises is the training they provide their franchisees. You will learn everything you need to know to run your business and get ongoing support for your operation.
- Ask the right questions before making a commitment. Make sure you visit the franchise’s Head Office, talk to current franchisees, research your area to make sure there is a need for the services you will provide and find out about any resale policies for selling your business in the future.
- Learn more about the winning business consulting franchise opportunities available at Franchise Direct.