Consultancy is a business that doesn’t require a lot of capital to start and can reward you by generating substantial revenue. While your pricing point entirely depends on your expertise in a subject, there’s a certain assurance associated with consultancy as a career when managed well.
However, the consultancy industry is wide and the types of consultancies that you could choose are many. There are certain types of consultancies that don’t require certification and can be started right away, provided you are able to create a valuable offering. This post describes such consultancy niches that you could explore as a career from home, provided you consider important formalities such as consultant insurance.
What qualifies as consultancy?
Consultancy is a service through which you offer expert advice to those who demand it in various plausible areas. You could be a consultant on anything from mental health and corporate psychology to finance and organizational management. The goal of a consultant is to help a client achieve his or her goals through strategies created from expert knowledge. Consultants can be part of Forbes 500 organizations such as Mckinsey or work on their own as independent parties. This post focuses on the latter type of consultant.
Here are six types of consultancy businesses that you can start at home:
1. HR/manpower consultancy
Companies of all types and sizes struggle to hire the right candidates at low cost. While they can’t afford the time or resources to spend on hiring, you can. As an HR or manpower consultant, you can provide hiring and human resource management services across all sectors. You could target local, national, and international companies across any industry. You could specialize in startup recruitment or temporary hiring. You could focus on the skilled or unskilled labor sectors. The options open to you are endless.
2. Management consultancy
Again, management consultancy is a wide area that holds many opportunities for you to exploit. From strategy to operations, there are several areas in which you can provide assistance or an outside eye to management-level executives. Organizations lose substantial revenue on processes that aren’t streamlined and strategies that aren’t well-researched. You could specialize in such areas and bridge the gap that exists within most organizations of all sizes, across any industry.
3. IT infrastructure consultancy
IT is at the heart of every business. Without the right IT infrastructure, a company cannot function to its full potential. There’s a lot you could offer as an IT consultant, from the management and operations of IT systems to the creation and review of IT infrastructure strategy. There are also hyper-specific niches such as business continuity planning and client-side representation that you could explore as areas to target. The key to succeeding in IT infrastructure is being aware of the latest in technology and providing your expertise to businesses that require it.
4. Career consultancy
With education becoming more specialized, graduates are facing more hurdles in finding jobs best-suited to them. The need for career consultancy becomes heightened especially when the economy is suffering. Career consultants offer many services, from assessing client needs to help them acquire their dream jobs by creating resumes and cover letters. They also offer clients advice on how they can prepare themselves for their dream jobs by developing the necessary skills or getting ideally certified.
5. Leadership/team building consultancy
The goal of business ultimately is to generate more revenue. One hurdle to generating more revenue is leadership and team dynamics, and company culture. This is where leadership and team building consultants enter the game. Leadership/team building consultants work with management-level employees to help them acquire skills that drive their workforce. Team building consultants work to streamline organizational hierarchy and relationships that exist within them.
6. Organization/efficiency consultancy
Efficiency affects a business’ bottom line. Organization or efficiency consultants specialize in understanding how an organization works so it can be streamlined for better performance. These consultants are well-versed in automation software, agile principles, and building trust and rapport between team members. As an organization efficiency expert, there’s no definite job description that you need to follow. There’s room for you to get creative when increasing the efficiency of any business or organization.
Consultancy is a great business to start from home because it requires little to no investment or infrastructure. However, there are certain types of consultancies that are perfect to run from the comfort of your home. This post describes such consultancy areas and what you can focus on in them.