Are you a small business owner looking to branch out to consulting business, offering your expertise and experience distilled from years of running your successful small business? If so, here’s a great small business idea for you: How about starting a niche business consulting? Read on to find out…
I always think that small business owners are superheroes, simply due to the fact that they don’t have access to funding that big businesses have, yet they are able to compete with the big guys – in their own way. With that being said, small business owners are also well-known for their ability to handle many business functions and juggle well between life and work – all at the same time.
Years of hard work and keep things balanced are small business owners’ valuable asset. Today is probably the right time for you to think that there’s a way to use your wealth of experience into yet another business venture.
One of the most common paths for experienced small business owners is business consulting.
Business consulting: General or niche?
Your experience in managing your business – from financial management to business promotion – is proven to be very valuable; yours can help other small business owners to break through the roof and be more successful. You can also help new entrepreneurs to set their foot on the right path to success.
The first and foremost thing you should decide on is this: Should you be going general or niche with your business consulting?
In my opinion, being a multi-faceted small business owner is great, but the trend shows that going niche is the way to go. There are many benefits you can offer as a niche business consultant (these can also be your unique selling proposition) – here is a couple of them:
1. You know your niche inside-out
Sure, you understand how to run a small business properly. But your biggest asset is probably your knowledge of your niche. You’ve done your market research; you’ve done your trial-and-errors, which are different from one niche to another; you’ve plunge yourself in your niche, dealing with your niche-related issues on daily basis.
2. You have niche business network
Your business network is also an invaluable asset, as it consists of people who are also involved in your niche. Your clients can benefit from your niche business network, tapping on the pulse of the industry, as well as the ability for you to link your clients with your network.
Case study: Phoenix BSC
There are some niche business consultants I can relate to as a case study – one of them is Phoenix BSC.
Phoenix BSC is a business consulting agency founded in 2009 that serves in Health and Social Care sector. Clients range from single domiciliary care branches to multi-branch agencies; clients include Prime Care, Village Homecare, TLC Care Ltd., and many others.
The agency’s core services are business sales and consulting, helping Health and Social Care Sector business owners to establish and grow their businesses, as well as to sell their businesses to potential investors whenever they are ready.
Are you ready?
Niche business consulting can be very lucrative for people passionate about helping others to succeed. Without the passion, it just won’t work.
So, are you ready to start a niche business consulting agency that offers on-demand consulting services and can potentially make you millions while helping others to succeed?
If so, be sure you do your due diligence – research your market properly, plan your business accordingly and prepare to serve your first client with excellence.