Startup Costs: $2,000 – $10,000
Home Based: Can be operated from home.
Part Time: Can be operated part-time.
Franchises Available? No
Online Operation? No
If you start a management training and consulting business, your role would be to come in to see how well a business is functioning and devise a plan to improve internal operations from HR to shipping. You would observe how employees are using their skills and time and then arrange training sessions and provide resources to fill in any gaps, and set goals to help everyone from executives to entry-level staffers lead with their strengths and boost their performance. Depending on your background, you could focus on a particular industry like technology or finance. Though not required, management consultants often have an MBA or an undergraduate degree in business.
ASK THE PROS:
How much money can you make?
The average salary for a management consultant is $105,461 a year in the United States according to careers site Glassdoor.
What’s the most important thing to know about this business?
“The first contract is always the hardest, but if you deliver value that business owner will recommend you to other businesses owners. Make sure they’re happy with your work and ask for referrals and a testimonial. These are the steps, but they’re meaningless if you don’t take action. This week, identify some companies where you live that you can approach. Figure out what problem you can solve at these companies and how much your time is worth. Get a meeting and prove why you’re the best person for the job…. Don’t let mindset traps or self-limiting beliefs convince you that this isn’t possible. You’ll never know until you try. All a company can do is say No.” – Kimanzi Constable, consultant and entrepreneur.