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7 Steps to Starting a Consulting Firm in Nigeria

by Ilashe Otuogbai

June 16, 2020 8

Starting a consulting firm in Nigeria can be a heinous task like starting any firm at all but what makes the experience easier for one and more difficult for another is information.

We at SME360 are here to provide that enablement through our articles. Today, we would be sharing 7 steps involved in starting a consulting firm in Nigeria. Be assured that after reading this up you would be better equipped to start that consulting firm of yours. To go into consulting as a business you must understand that companies could need you for guidance in strategic planning, expert knowledge and management skills to fix or improves aspects of their business or lifestyle.

It is important to note that to be a consultant in any field you must be on a permanent quest for knowledge and expertise. This is a business that relies mostly on personal skills, knowledge and experience for it to be successful. You should consider this if you have a good level of experience in any field because today experts are sort after on a daily basis.

The categories of people who will need you are endless, from starting businesses to already established ones also some individuals.  The services of a consultant are needed in all areas and sectors of the economy ranging from education, health, science, banking, fashion, entertainment e.t.c.

1. IDENTIFY YOUR AREA OF SPECIALISATION

Before thinking of starting a consulting business, you must be an expert of some sort and if you are an expert in various fields it is advisable that you decide which you would like to major in. What would you like to consult on?  Most times consulting firms are started by retirees or experts who lose their jobs. This is an opportunity to start on your own. 

2. BE CAPABLE

It is not advisable to start a consulting firm without the necessary knowledge and skill required. This is a business that requires you to have a good amount of knowledge or skill in the area. In clearer terms, if you lack this capacity do not start a consulting firm so you do not jeopardize your clients businesses or companies. This point is the most essential of them all and must be keenly adhered to. All other factors are hinged on this one.

3. BUILD A STRONG NETWORK WITH OTHER EXPERTS: you cannot start a consulting firm without having a network of experts at your disposal. To have an influx of clients’ means you need to have a large network.

4. WRITE YOUR BUSINESS PLAN

This is a crucial ingredient in starting your consulting firm. You have to outline everything and be realistic. This would help you see the feasibility of your business idea and make business planning manageable and effective. In some cases attract investors, this is the point where you dot your Is and cross your ts. Let someone more knowledgeable than you analyze this business plan of yours to cub unforeseen pitfalls to your soon to be firm.

5. REGISTER YOUR BUSINESS 

Before you start this firm ensure you register your business and fulfil all requirements set by the government and law of Nigeria. Adhere to these regulations to avoid any problem in the future. This is where you get to chose your business name. At this juncture, I would like to give a little advice. When choosing a business name, be creative and try as much as possible to keep it simple so it registers easily in the minds your future clients.

6. SET UP AN OFFICE

It is expected that as a start-up you may not need a three-storey building for an office or skyscraper when you can simply go ONLINE!!! Please do not allow the issue of not having a workspace delay your dream of starting this firm get a website, a social media account, an email address something to stand as your office for now. Platforms like LinkedIn, Twitter, Facebook afford you the opportunity to create an image for your firm and attract as many are interested. If you have an office it is still important you exploit the benefits on social media. You can hold meetings at eateries, malls, parks e.t.c if you need to meet your clients on a personal note.

7. CONSULT! CONSULT!!CONSULT!!!

Spread the news! You now have a consulting firm and you need clients. Go out and get them. Print your complimentary card, tell a friend to tell a friend. This just has to work.

With all this knowledge I believe that you are now properly informed and ready to start that consulting firm of yours.