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Information Technology Business Plan

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Information Management Hawaii

Executive summary executive summary is a brief introduction to your business plan. it describes your business, the problem that it solves, your target market, and financial highlights.">.

By focusing on its strengths, its key customers, and the underlying values they need, Information Management Hawai’i, Inc. (IMH) will increase sales steadily in its first three years, while also maintaining the gross margin on sales, with a focus on cash management and working capital.

This business plan leads the way. It renews our vision and strategic focus: adding value to our target market segments, and reinforcing our ties with businesses in our local markets. It also provides the step-by-step plan for improving our sales, gross margin, and profitability.

This plan includes this summary, chapters on the company, products and services, market focus, action plans and forecasts, management team, and the financial plan.

1.1 Objectives

1. Achieve healthy earnings (EBIT) in the first year of operation.

2. Maintain a midrange gross margin throughout the entire operation.

3. Maintain just-in-time (JIT) inventory levels, or 11 turns per year.

4. Increase sales modestly but steadily in the second and third years.

1.2 Mission

To provide the Hawai’i business community with quality brand-name Information Technology business information solutions, reliable and professional Technical Support, and unparalleled Customer Service through the application of the principles of Kina`ole and heartfelt aloha, and to earn a fair profit for our employee-owners and stakeholders by embracing sound, ethical business practices.

1.3 Keys to Success

The keys to our success are:

• Customer Satisfaction Goals vs. Results

Company Summary company overview ) is an overview of the most important points about your company—your history, management team, location, mission statement and legal structure.">

Information Management Hawai’i, Inc., will sell and service digital office information systems for Hawai’i’s businesses, with a focus on the Neighbor Island business community. IMH will be formed as the result of the acquisition of three existing businesses: Maui Office Machines, Inc.; Electronics Hawai’i, Inc.; and, Kauai Office Equipment, Inc.

2.1 Company Ownership

IMH will be privately-held [C corporation] owned in majority by the IMH Employee Stock Ownership Trust. There are currently 15 employees, and all will own equal shares in the ESOT. New employees will be given the opportunity to become vested in the Employee Stock Ownership Plan (ESOP) after a suitable probationary period.

2.2 Start-up Summary

Our start-up costs will be $1M, which includes $450,000 for the acquisition of the Maui and Hilo operations of Servco Integrated Office Technology.

The remainder of the funds will be used for:

• Legal, Insurance, Rent & Misc: $125,000

The start-up funding will be financed by loans arranged through the Small Business Development Center, and by the Hawai’i Community Loan Fund, and the Small Business Administration as a guarantor. Start-up assumptions are shown in the following table and chart.

2.3 Company Locations and Facilities

We have two locations, one in Kahului, Maui and the other in Hilo, Hawai’i. The two offices are presently being leased by Servco Pacific, Inc., and we will rent from them on a month-to-month basis until we are able to relocate to more suitable facilities. On Kauai, we have a sub-contractor agreement with Kauai Office Equipment to handle installations and service.

Products and Services

IMH will acquire an existing operation whose primary business has been the sale and service of business appliances (copiers, facsimiles, printers, etc.) and has operated as a part of the office equipment industry. We will build from this base to transform the business into a value-added provider of the emerging services and technologies of the new Information Industry. Following the lead of Canon, USA and other manufacturers which we represent, we will approach the marketplace from a total systems solutions viewpoint.

This new paradigm will begin with an analysis of the client’s existing and planned business processes, and will provide total workflow solutions utilizing multifunctional imaging platforms and information distribution systems. These systems will be backed by professional and reliable technical service and proactive customer service. By forming strategic alliances with local Information Industry Value-Added Resellers, we will be able to offer turnkey Local Area Network (LAN) systems and the ability to retrofit existing LAN and peer-to-peer systems.

3.1 Sales Literature

Copies of our product and sales literature are attached as appendices. Of course, one of our first tasks will be to change the message of our literature to make sure we are selling the company, rather than the product.

3.2 Product and Service Description

IMH will market and sell brand name business information distribution systems and hardware, technical service and support for these products, and the consumable supplies used by these systems. We will be a single-source provider for business information and imaging products and services.

After researching our various manufacturer’s offerings and evaluating our core competencies, we will focus our marketing and sales efforts around the digital products offered by Canon USA and eCopy, Inc. We will supplement this product line with Lexmark and Hewlett Packard printer products. As we continue to transition the company into the digital marketplace, we will form alliances with additional IT manufacturers and suppliers who can round out our product and services line.

Hardware product offerings will include:

• Hewlett Packard Printer products (laser)

Software offerings will include:

• Canon Image Platform (document distribution)

Service Products include:

• Sale of consumable products for all brand names (Canon, Ricoh, Xerox, HP, Lexmark)

Professional Services include:

• Network design and installation (sub-contracted)

3.3 Competitive Comparison

The only way we can hope to differentiate well is to define the vision of the company to be an information technology ally to our clients. We will not be able to compete in any effective way with the large mainland-based office equipment companies by selling boxes or products as appliances. We need to offer a real alliance to our local customers.

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Unfortunately, we cannot sell the products at a higher price just because we offer services; the market has shown that it will not support that concept. We have to also sell the service and consumable supplies and charge for them separately. This monthly recurring revenue is the foundation of our financial stability.

3.4 Technology

New technology has changed almost everything about the traditional office equipment (copier) industry, and for all practical purposes it no longer exists. The new Information Industry has emerged because of the technology of convergence. The primary driver of convergence of different forms of information is technological change, specifically the rapid diffusion of digital technology into an ever-wider array of information businesses. Beyond digitization, dramatic changes in computing and telecommunications industries (mainly in faster microprocessors and increasing bandwidth) are also driving convergence.

IMH will make convergence the theme of its vision, planning, and marketing strategies. We will move into the new Information Industry’s technology with the aim of bringing the most efficient workflow solutions to our clients while providing value-added customer support and service, and earning a reasonable profit in the process.

3.5 Service and Support

Our strategy hinges on providing unparalleled service and support, which is critical to setting us apart from the competition. We need to differentiate on service and support in order to become true partners with our clients. Our service offers will include:

• Upgrade analysis : we will periodically assess our client’s business processes and requirements, and offer cost-effective upgrade solutions to meet changing needs.

3.6 Future Products and Services

Beginning at start up, we will explore and research new information technologies for inclusion in our product offerings. The products which we choose will be in line with our vision to transition the company from being an appliance seller, to being a provider of total information management solutions. These convergent information products will include:

• Media transport and reproduction (distribute and print)

3.7 Fulfillment

We have an established relationship with our manufacturers and suppliers, and will be able to take advantage of all discounts and promotions in order to keep our margins at roughly 49% throughout the operation. We will also implement and employ “just-in-time” inventory strategies for hardware, supplies, and service parts orders to further strengthen our margins.

As we continue to grow the business, we will evaluate other IT industry manufacturers and product lines to strengthen our offerings with a view primarily to quality and margin advantages.

Market Analysis Summary how to do a market analysis for your business plan.">

IMH will focus on local markets, including small offices and home offices (1-9 employees), medium to large businesses (10-99 employees), corporate Hawai’i (multiple locations or 100+ employees), and local government offices.

4.1 Market Segmentation

Our market segmentation scheme is fairly straightforward, and focuses on all Neighbor Island businesses. The information contained in our customer analysis table is taken directly from the 2000 US Census and government directories, and clearly shows that our largest market potential is the small office and home office (SOHO) segment. This segment is largely overlooked by most of our competitors because of its “low end” buying habits, and a reluctance to compete with the major retail chain box movers. We will target the SOHO market segment with value-added and affordable business solutions customized to its unique needs, and offer the same quality of service and support as are afforded the larger businesses.

The next largest market segment is medium to large businesses, and is the arena where we now focus most of our sales efforts. We will continue to target this segment, but with a different approach than our predecessors. The strategy used by former management has been to bring in selected products, and then attempt to find a buyer. This resulted in inventory overstock, and obsolescence. We will work with the medium to large businesses to determine their needs, and design customized solutions before ordering the required systems (JIT inventory strategy). This segment will remain an extremely important part of our marketing mix, and contains a large portion of our current clients. A majority of our systems upgrade opportunities and repeat business will come from this market segment initially.

Although the Corporate Hawai’i market segment is the smallest in numbers, it has the potential to provide a significant share of our revenues and growth (the 80/20 rule). We have a scattering of current clients in the Corporate Hawai’i segment, but we need to do a better job of penetrating this lucrative end of the market. We will accomplish this by offering professional services to include workflow and network design, MIS support, and other value-added support benefits such as “uptime guarantees.” We will develop long-term relationships within this segment, and earn their business.

The local government market segment is unique in that we act primarily as a “middle man” for our manufacturers due to GSA price schedules and other national government-only programs. This segment is fiercely competitive, very price-focused, and buying decisions are often influenced by “who you know,” as well as price. We are fortunate in that we have long-established relationships within the County and State government agencies, and have many loyal clients in this segment. We will increase our share of this market segment by offering the same value-added service and support benefits that we bring to our commercial clients.

4.2 Target Market Segment Strategy

Developing a market strategy is a departure from the way the company has been managed in the past. We will change the paradigm of being a product- and price-focused sales organization, to that of becoming a customer- and market-focused organization, with all departments sharing responsibility for customer satisfaction. We will accomplish this paradigm shift through the implementation of a balanced scorecard philosophy of management, with special attention to employee learning and growth.

As mentioned previously our market segmentation strategy is straightforward, and addresses all components of the Neighbor Island business community. Planning and implementing specific strategies for each of the four identified segments will be an on-going process, and we will consult with marketing specialists, and our manufacturers, to further refine these efforts as we develop our marketing plan.

4.2.1 Market Trends

That is the primary reason that IMH has chosen Canon USA as its preferred manufacturer. Canon has led the way in the industry with it’s digital technology innovations, and its ability to bring both the product and the concept to the marketplace. We will follow Canon’s lead and bring this efficient, productivity-enhancing technology to Neighbor Island businesses.

4.2.2 Market Growth

As computer prices continue to fall, unit sales increase. The published market research on sales of personal computers is astounding, as the United States market alone is absorbing more than 30 million units per year, and sales are growing at more than 20 percent per year. We could quote Dataquest, Infocorp, IDC, or others; it doesn’t matter, they all agree on high growth of CPU sales.

This rapid growth rate holds true for productivity systems which connect to the computers being sold. The stand-alone analog systems and appliances which abound in the business marketplace today, will be replaced by connected digital convergence systems in the coming months and years. IMH will position itself to be a value-added provider of this rapidly emerging technology for new businesses, while continuing to maintain and upgrade our current analog customer base.

4.2.3 Market Needs

All businesses have in common a need to be continuously productive, and they rely on their service providers and vendors to sustain their productivity. Effectively filling this need requires that the vendor bring to the table sound planning, quality products, reliable service, and a true partnership and support relationship.

Specific business needs include the ability to gather, compile, analyze, and distribute information in various media formats. This is where IMH’s strengths will be most beneficial to our clients, both big and small. Anyone can sell the “box” at an attractive price, but only a true value-added provider can offer the peace-of-mind that comes from a customer-focused approach to the relationship.

Primarily due to geographic isolation and smaller populations, the Neighbor Island business community has an additional common need of being able to rely on other locally-based vendors and suppliers for quick, reliable, customer service and support. Having to call someone on Oahu, or the mainland, to place a service call, or to order supplies, or get an answer to a simple billing question, is both an irritant and a hindrance to most Neighbor Island-based businesses. Our primary goal is to fill this need by bringing true pro-active, and total, customer service to the Neighbor Island business community, and to gain their confidence and loyalty. This will become one of our underlying strengths.

4.3 Service Business Analysis

IMH is a part of the Information Industry, and specializes in providing information management systems and technology for business processes. We envision that a converged information industry operating within the context of an advanced information infrastructure will be a huge boost for U.S. businesses. Several Washington think tanks estimate that it could spur more than $300 billion annually in new sales and increase worker productivity by 20 to 40 percent.

At the present time, an estimated two-thirds of all American jobs are information related, and that number will increase as the shift from manufacturing to service industries continues. The convergence of information industries will continue because the technological and business imperatives are compelling. If one company does not see the possibilities, another will.

4.3.1 Competition and Buying Patterns

Business decision makers and finance managers understand the concept and value of service and support, and are much more likely to pay for it when the offering is clearly stated.

There is no doubt that we compete more against the box pushers than against other service providers. We need to effectively compete against the idea that businesses should  buy information platforms as plug-in appliances that don’t need ongoing service, support, and training.

Our research and experience has indicated that our target market segments think about price, but would buy based on quality service if the offering were properly presented. They think about price because that is what is traditionally presented to them first. We have very good indications that many would rather pay 10-20% more for a relationship with a long-term vendor providing back-up and quality service and support. They end up in the box-pusher channels because they are not aware of the alternatives.

Availability is also very important. The business decision makers tend to want immediate, local solutions to problems.

4.3.2 Distributing a Service

Medium to large business segment buyers are accustomed to buying from vendors who visit their offices. They expect the copy machine vendors, office products vendors, and office furniture vendors, as well as the local graphic artists, freelance writers, or whomever, to visit their office to make their sales.

Unfortunately our SOHO target segment buyers may not expect to buy from us. Many of them turn immediately to the retail superstores (office equipment, office supplies, and electronics), the Web, and mail order to look for the best price, without realizing that there is a better option for them for only a little bit more. We will overcome this hurdle through innovative service offerings, and targeted marketing.

4.3.3 Main Competitors

In our higher-end targeted segments (medium to large businesses, corporate Hawai’i, and government offices), the primary competitors are Xerox and Lanier. The secondary “low end” competitors on the Neighbor Islands are Maui Office Machines and Business Equipment on Maui, and Electronics Hawai’i and Stationers on the Big Island. Our overall competitive strategy in these segments will be Canon’s superior technology, and superior value-added service and support.

In our SOHO target segment, the primary competitors are the superstores: Office Max, Office Depot, Sears, and to some extent Costco, Hopaco, and the Web. While these outlets can offer lower prices, they offer no (or very little) aftermarket service or support. That is our competitive advantage in this segment, and will differentiate us from these “box movers.”

4.3.4 Business Participants

The traditional office equipment (copier) industry has been dominated by only a few major manufacturers: Xerox, Canon, Oce, and Ricoh (and its OEM products – Lanier, Savin, and Gestetner); and then come the low-end players: Sharp, Toshiba, and Minolta. With the exception of Xerox, which maintains its own sales force, the other manufacturers distribute and sell mainly through authorized dealers.

The rapidly emerging Information Industry’s digital convergence products will most likely be dominated by the same participants as described above. While Xerox has been a past leader in the manufacture and sales of analog products, Canon has emerged as both an innovator, and the leader, in the new Information Industry with their ImageRunner digital products and Image Platform information distribution systems. Canon is also (and has been for many years) the front runner in color repro-graphic systems, and holds the most patents of any manufacturer in the industry.

Strategy and Implementation Summary

We must differentiate ourselves from the box pushers. We need to establish our business offering as a clear and viable alternative for our target markets, to the price oriented sales pitch to which they are accustomed.

• 30-day sales window – war with competition mainly on price.

The industry’s cheese has been moved. In order to shift to a more contemporary paradigm, our marketing and sales efforts will need:

• A new marketing concept – customer oriented, profit oriented, integrated efforts.

5.1 Competitive Edge

Our competitive edge is our positioning as a strategic ally with our clients, who are clients more than customers. By building a business based on long-standing relationships with satisfied clients, we simultaneously build defenses against competition. The longer the relationship stands, the more we help our clients understand what we offer them and why they should both stay with IMH, and refer us to other businesses. In close-knit communities like the Neighbor Islands, reputation is extremely important, and word-of-mouth advertising is invaluable.

5.2 Strategy Pyramid

Our main strategy will be placing emphasis on service and support, and our main tactics are networking expertise, systems training, and implementing a customer relationship management system (CRM) from e-automate. Our specific programs for networking include mailers and internal training. Specific programs for end user training include direct mail promotion, and on-site customer programs. Implementing the CRM software and training will be coordinated with the e-automate Corporation.

Our second strategy is emphasizing relationships. The tactics are marketing the company (instead of the products), more regular contacts with the customer, and increasing sales per customer. Programs for marketing the company include new sales literature, and direct mail. Programs for more regular contacts include call-backs after installation, direct mail, and sales management. Programs for increasing sales per customer include upgrade mailings and sales training.

5.3 Value Proposition

IMH offers its clients peace-of-mind by being a vendor who acts as a strategic ally, and delivers quality products backed by premium service and support, at a premium price.

5.4 Sales Strategy

We will sell the company and its ability to act as an ally. We will sell IMH, and the reputation of the industry-leading manufacturers it represents.

We will sell our service and support. The hardware is like the razor, and the support, service, software, and training, are the razor blades. We need to serve our customers with total solutions, and not just product features. The products are a means to arriving at end solutions.

The Yearly Total Sales chart summarizes our conservative sales forecast. We expect sales to increase from $3.1 million in the first year to more than $4 million in the third year of this plan.

5.4.1 Sales Forecast

The important elements of the sales forecast are shown in the following Chart, and Table 5.4.1. Non-hardware sales increase to almost $2 million total in the third year, or 47% of total sales.

5.5 Milestones

The following table lists important program milestones, with dates and managers in charge, and budgets for each. The milestone schedule indicates our emphasis on planning for implementation. The most important programs are the sales and marketing programs listed in detail in the previous topics.

5.6 Marketing Strategy

The marketing strategy is the core of our main strategy:

• Develop specific programs for each target market segment:
• Government Offices – workflow/process surveys, uptime guarantees, GSA rates and incentives

5.6.1 Sales Programs

Specific sales programs will be included in our new Marketing Plan, and will be included in this Business Plan as they are finalized. In general however, our sales programs will be centered around conducting workflow and information distribution analyses, direct mail, and placing an emphasis on the benefits which IMH and its manufacturers will be able to offer its clients through “total care” service and support.

5.6.2 Positioning Statement

For businesses who want to be sure their information distribution systems are always working reliably, IMH is a vendor and trusted strategic ally who makes certain their systems work, their people are trained, and their down time is minimal. Unlike the product/price oriented vendors, it knows the customer and goes to their site when needed, and offers proactive support, service, training, and installation.

5.6.3 Pricing Strategy

We must charge appropriately for the high-end, high-quality service and support we offer. Our revenue structure has to match our cost structure, so the salaries we pay to assure good service and support must be balanced by the revenue we charge.

We cannot build the service and support revenue into the price of products. The market can’t bear the higher prices and the buyer feels ill-used when they see a similar product priced lower with the competition. Despite the logic behind this, the market doesn’t support this concept.

5.6.4 Promotion Strategy

We will employ the following general promotional strategies for the various market segments:

• SOHO: We will depend on periodic local newspaper advertising, to reach new buyers in this segment. We will also utilize direct mail and and the resources of the local Chambers of Commerce and other affinity groups to reach this segment. The message will emphasize service first, and “complete product and service packaging” as a secondary theme.
• Medium to Large Businesses: Direct face-to-face contact (direct sales) will continue to be our primary strategy for this market segment. Direct selling will be supplemented by periodic promotional direct mailings and personalized system upgrade opportunities.
• Corporate Hawai’i: This segment will be handled by direct contact and relationship building only. We will make personal presentations to the decision makers in this group, and stress our service and technical benefits and advantages.
• Government Offices: We will utilize a combination of direct mail and face-to-face promotional strategies with this segment, and the message will be the local service and technical advantages of IMH. We will produce an attractive RFQ/RFP response package to accompany our submissions.

5.6.5 Distribution Strategy

IMH is first and foremost a direct sales organization, meaning that we must present our services and products directly to the majority of our customers and clients. Having said that, for our planned penetration into the SOHO market, we will need to establish a presence as a Value-Added Reseller (VAR) for certain low-end product lines which don’t carry the margins necessary to sustain the costs of direct sales. We will plan our new locations accordingly.

5.6.6 Marketing Programs

As we work to complete this Business Plan, we are simultaneously working on our Marketing Plan. As you can see from the milestones table, we anticipate completion of our detailed Marketing Plan by 9/30/01, or one month from start-up. Because we are acquiring an on-going business, the shift to our vision of customer- and market-focused strategies will not happen overnight. We must plan this shift carefully, and implement it judiciously, so as not to disrupt our immediate operations. We have budgeted for, and will utilize, marketing advisors and consultants (including our manufacturers) in the design of our Marketing Plan.

5.7 Strategic Alliances

Our alliances with our manufacturers, and especially Canon USA, will be the most pivotal to our success. We will remain a Canon Authorized Dealer, and continue to enjoy all of the benefits of this long-standing relationship.

We will form alliances with other locally-based VARs and computer network providers to enable us to provide complete turnkey packages for our clients. These relationships will be included in our Marketing Plan.

Management Summary management summary will include information about who's on your team and why they're the right people for the job, as well as your future hiring plans.">

Our management philosophy is simple and is an integral part of our values: doing right things right, the first time (Kina’ole).

IMH will be an employee-owned company and we all share the same vision of providing our clients (who in many cases are friends and neighbors) with the very best in customer service – period. We will encourage personal growth, creativity, and enable individual empowerment to achieve this goal. We will manage the business by setting achievable Balanced Scorecard goals, measuring them, and making mid-stream adjustments as necessary.

6.1 Organizational Structure

Our team includes 15 employees initially, and is organizationally flat. The departmental divisions are sales and marketing, service, and administration. Operational managers include:

• Systems Manager (two positions – Big Island and Maui): Oversees all service issues including service agreements, service call prioritization and response, carry-in service, customer support, and systems training and development. Will be assisted by Systems Engineers, and Systems Technicians.

6.2 Personnel Plan

The total head count moving over from Servco at the time of the acquisition will be 13. We are adding two former employees at startup to round out our team, for a total startup head count of 15.

There are an additional six positions shown as “vacant” in the Personnel plan. During each quarterly business plan review, we will assess the need to fund these positions to sustain our growth, and more evenly distribute the workload.

6.3 Management Team

Bill Harding, president and general manager:  XX years old, and has lived on Maui for 43 years. Joined SIOT in 1998 as Maui branch manager, and became general manager for Neighbor Island operations six months later. Prior management experience includes: BTA market manager of the Neighbor Islands for VoiceStream Wireless, Neighbor Island area sales manager for Central Security Systems, and radar project manager for Telcom International in Nigeria, West Africa. Bill has attended numerous management and sales training courses and seminars throughout his career.

Laurie Watson, secretary/treasurer and administrative manager: XX years old, and local Maui resident. Has been at the same location through three different owners prior to Servco’s acquisition of The Office Place in 1995, for a total of 15 years of local office equipment industry experience. Laurie has extensive knowledge of service procedures and dispatching, A/R and A/P procedures, inventory control and tracking, as well as an intimate knowledge of our customer base. Her experience and knowledge will be invaluable in recovering our customer base, and in growing the business.

Anne Tioganco, office manager (Hilo): XX years old, and local Hilo resident. Anne has also been with the company through all of the acquisitions, and has XX years experience in the office equipment industry. She will assist Laurie by handling the administrative and customer service tasks for our Hilo branch, and will be instrumental in our Big Island customer recovery efforts.

Earle Oshiro, systems manager (Big Island): XX years old, and local Hilo resident. Like Laurie and Anne above, Earle has been with the company through four different owners, and has XX years of local office equipment service management experience. Earle has also completed Canon’s “train the trainer” course, and will be a great asset in the on-going training and development of our systems engineers and technicians.

Joseph Alfonsi, systems manager (Maui): XX years old, and local Maui resident. Joe joined the Maui branch of SIOT in 1999 as field service manager, after transferring from the SIOT Honolulu branch. He has XX years of local office equipment industry service experience, and is familiar with both Canon and Ricoh products. Joe is an asset to the Maui team, and has outstanding customer service skills.

6.4 Management Team Gaps

We believe we have a good team for covering the main points of the business plan. Key members have the experience and knowledge to manage and grow the business, and are highly motivated by the employee-owner concept.

The obvious management gap is a plan to fill the general manager’s position at some point in the future, before the current GM reaches retirement age. As an employee-owned company, the preferred strategy will be to promote from within, and fill vacancies as they occur. As the company grows, we will seek out additional talent in all operational areas.

Financial Plan investor-ready personnel plan .">

Although we are treating the business as a start-up company, the financial plan is solidly based on past performance. We have taken actual SIOT P&L income and expenses from the past three years, and eliminated corporate overhead expenses such as warehouse and administrative costs, inventory penalties, and corporate nominal interest. We then projected income based on actual past performance, and factored back in the revenue base that was relocated to Honolulu over the past two years (mainly service and supplies).

We approached the financial planning from a conservative standpoint, and based those numbers on achievable gross margins. Also, our actual interest and tax rates will most likely be lower than the assumed rates due to our being structured as an employee-owned corporation (ESOT).

7.1 Important Assumptions

The financial plan depends on important assumptions, most of which are shown in Table 7.1. As mentioned previously, we assumed interest and tax rates based on a “worst case” scenario, and these will be adjusted once we have finalized the initial funding and establish the ESOT. We have also assumed our personnel burden at 30% of payroll in order to allow for above-average benefits for our employees. As we shop around for benefits vendors, this assumption will be subject to revision as well.

Other key business assumptions are:

• We assume access to the start-up funding necessary to re-shape and re-build the company, and to provide adequate initial capitalization.

7.2 Key Financial Indicators

As shown in the Benchmarks chart below, our key financial indicators are:

• Inventory Turnover: We will maintain just-in-time inventory levels, or 11 turns per year. This will require accurate sales forecasting, and working closely with our manufacturers. We have already begun this process under SIOT, and the Neighbor Island inventory levels are well below previous years.

7.3 Break-even Analysis

For our break-even analysis, we assume running costs which include our full payroll, rent, and utilities, and an estimation of other running costs. Payroll alone, at present, is about $65,500 per month (including benefits and taxes).

We will monitor gross margins very closely, and maintain them at a midrange percentage by taking advantage of all promotions and discounts offered by our manufacturers. Canon USA has tentatively agreed to offer us “end column” pricing as a new dealer incentive.

The chart shows what we need to sell per month to break even, according to these assumptions. This is about 78% of our projected sales for our first year, and is well below what we have achieved annually over the past three years under more adverse operating conditions.

7.4 Projected Profit and Loss

Our Pro Forma Profit and Loss statement was constructed from a conservative point-of-view, and is based in large part on past performance. By strengthening our service position, and rebuilding our customer relationships, we will widen our customer base and increase sales.

Month-to-month assumptions for profit and loss are included in the appendix.

7.5 Projected Cash Flow

Because we are treating the new company as a start-up, the cash flow for FY2002 is somewhat exaggerated by the instant influx of new capital. Subsequent years however show a healthy growth in cash flow, mainly due to the short 60-month repayment of the start-up loan and increased sales.

7.6 Projected Balance Sheet

The Projected Balance Sheet is quite solid. We do not project any trouble meeting our debt obligations as long as we achieve our specific objectives.

7.7 Business Ratios

The following table shows our main business ratios, and is compared to national averages. Our SIC industry class is currently: Office equipment, nec – 5044.99.

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IT Company Business Plan: Everything You Need to Know

An IT company business plan is a detailed plan for running and developing an information technology company. 3 min read updated on February 01, 2023

An IT company business plan is a detailed plan for running and developing an information technology company. It should describe all aspects of the business, including the company's description, product description, marketing strategy, and financial analysis, in a clear and precise manner.

Tips for Writing a Great Business Plan

A business plan should set out a clear roadmap for developing and expanding your business. Keep the following points in mind while writing a business plan:

• Test your idea. Avoid the temptation of jumping into a business merely on the basis of the success stories of others. Discuss your idea with prospective customers, vendors, and other people in the industry.
• Study the market to get an idea of industry trends, underlying challenges, and scope of future growth.
• Share your business plan with your employees. It is not something to be kept confidential.
• Write it in a clear and concise manner. Be specific, and cover all areas of the business.
• Put the plan to use; simply filing it away will not serve any purpose. Refer to it whenever possible.
• Revisit and revise your plan as your business grows.

Sections of a Business Plan

A typical business plan includes the following sections:

• Executive summary.
• Description of the company.
• Market research.
• Product or service description.
• Management structure.
• Sales and marketing strategy.
• Financial Analysis.

Benefits of Writing a Business Plan

Writing down your business plan offers the following benefits, among others:

• You get to understand your business better.
• It increases the chances of your business's success.
• It makes it easier to raise capital for a startup.
• Businesses with a written plan grow at a higher rate than those without any written plan.

Steps to Writing a Startup Business Plan

1. Have a Clear Objective

• Make sure that the company description is not ambiguous. The company description can also include your business's mission statement.
• State the reason for choosing that specific business. For example, you might be prompted to open a restaurant because no other restaurants in your area serve the cuisine your restaurant specializes in.
• Discuss the vision and growth prospects of your business in brief.

The summary should be concise and should not exceed four paragraphs.

2. Identify Your Target Market

Narrow down your target market based on geography, demography, psychology, and behavior. Your final target market may look like the following:

• Ages 20 to 35
• Living in the New York area
• With an annual income of $50,000-$60,000
• Who are interested in recycling and sustainable living

3. Analyze the Competition

Perform a competition analysis and differentiate your product accordingly. Price and quality can be two important differentiating factors. You should analyze the competition while simultaneously identifying your target market since both these steps are a part of the market research section of your business plan.

4. Prepare a Budget

Estimate the amount of funds you will need to start and operate the business. Many startups fail due to lack of funds. Preparing a budget beforehand will reduce this risk. When calculating your budget, consider all possible expenses, including the following:

• Cost of equipment.
• Money required for buying or leasing property.
• Legal fees.
• Employees' salaries.
• Insurance premiums.
• Inventory cost.

5. Make Financial Projections

Prepare financial projections based on the size of your target market and your expected market share. Include the expansion strategy in your projections. Keep your projections reasonable and make sure you cover three to five years of operations.

6. Define Your Business Structure

Define the organizational structure of your business. Having a clear hierarchy of power removes unnecessary doubt and debates over jobs and reporting positions. However, avoid adding too many layers in your business structure since that may create confusion and make the communication inefficient.

7. Prepare a Marketing Plan

A well-balanced marketing plan should include a strategy for customer acquisition in line with your target market, budget, and financial projections.

Some of the basic ideas for a marketing plan include the following:

• Launching a website.
• Being active on social media.
• Building a subscribers' list.
• Setting up loyalty programs.

8. Keep It Short and Simple

Although your business plan should be detailed and thorough, make it a point to keep it short and simple. Write it professionally and avoid using jargon. Proofread the plan for grammar, readability, and confusion.

If you need help with IT company business plan, you can post your legal need on UpCounsel's marketplace. UpCounsel accepts only the top 5 percent of lawyers to its site. Lawyers on UpCounsel come from law schools such as Harvard Law and Yale Law and average 14 years of legal experience, including work with or on behalf of companies like Google, Menlo Ventures, and Airbnb.

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Content Approved by UpCounsel

• Creating a Business Plan
• Sample of a Good Business Plan
• Service Business Plan
• Business Plan for Existing Company
• Business Plan for New Company
• Do I Need a Business Plan
• Parts of Business Plan and Definition
• LLC Business Plan Template
• Business Plan Contents Page
• Business Description Outline

IT Consulting Business Plan [Sample Template]

By: Author Tony Martins Ajaero

Home » Business Plans » Technology Sector

Are you about starting an IT consulting business? If YES, here’s a complete sample IT consulting business plan template & feasibility report you can use for FREE to raise money .

If you thinking starting an IT consulting business plan is uppermost on your mind, then you have got to be ready to take the necessary steps required in building a great business. There are various things that is required to be done; chief amongst them is the writing of business plan.

A Sample IT Consulting Firm Business Plan Template

1. industry overview.

When we talk about consulting services, we are perhaps talking about getting practical advice from expects. The consulting industry is indeed a broad industry that covers a wide range of services such as management consulting, strategy consulting technological consulting, marketing consulting, human resource consulting, training consulting, tax consulting, and any other business activities that involves giving advice and expertise et al.

In essence, consulting firms are hired to proffer solutions to the challenges that organizations faces. Organizations don’t just hire consultants for the sake of hiring consultants, but they do so simply because they expect them to help tackle their business challenges and deliver solutions as required.

As a consulting firm, if you good at developing coaching skills, process analysis, technology implementation, strategy development, or operational improvement services, then with little push, you will have more jobs than you can handle.

The IT Consulting industry comprises of businesses that offers IT related consulting services such as writing, testing and supporting custom software; planning and designing integrated hardware, software and communication infrastructure; and on-site management of computer systems and data processing facilities.

Players in this industry may also go the extra mile to offer services such as packaging software and off-site data processing and hosting services.

The IT Consulting industry is a thriving sector of the economy of the united states of America and they generates a whooping sum of well over 3 billion annually from more than 459,808 registered and licensed IT consulting firms scattered all around the United States of America.

The industry is responsible for the employment of well over 2,143,418 people. Experts project the IT consulting industry to grow at a 2.2 percent annual rate. It is important to state that IBM is the market leader in the IT consulting industry in the United States of America – that have the largest market share own by an establishment in the industry.

In the United States of America, the distribution of IT consulting firms generally reflects its population distribution with increased consulting density near technological centers and key demand markets, including financial service companies, large corporations and government clients. Most IT consulting companies are located in the Southeast, closely followed by the Mid-Atlantic and the West.

The Southeast contains the largest number of IT consulting firms, with 23.7 percent of industry establishments. Many IT consulting firms are in this region because 25.6 percent of the US population resides in this region. The State of Virginia accounts for the largest proportion of industry establishments in this region with 6.5 percent in 2015.

The IT consulting industry is a high-paying industry especially if you have been able to cut your teeth in the industry. It gives you the opportunity to work with high and low profile clients and if you are able to proffer IT solutions to business challenges you will be greatly rewarded. In most cases, if you are lucky to be among the few experts in the industry, you will have the privilege of choosing who to work for and the amount you want to charge.

Generally, IT consultants are skilled at conducting research and of course analyzing the results they got from the research. IT Consultants go as far as gathering any related data that will help them come up with workable solutions for the organization they are working for; they ensure that they identify behavioral patterns, production bottle – necks, the market trends and of course customers preference.

With that and other factors, they will be able to create standard operating processes and systems that can help the organization achieve its goals and objectives.

As an IT consulting firm, your core responsibility is to improve your client’s business by effecting changes in response to your analysis; you should be able to change the fortune of the business within an agreed time – line. Corporations are willing to pay expensive fees as long as they are going to get results.

No business person will be willing to pay you for an IT consulting service if you don’t have a track record that shows that you know what you are doing. It is one thing to convince a client to patronize your IT consulting services and it another thing for you to deliver solutions as agreed.

Lastly, one good thing about the IT consulting industry is that there is readily available market for their services simply because organizations naturally would want to improve their performance annually; corporations always seem to want more success. So if you are well positioned and you know how to deliver results, you will always smile to the bank.

2. Executive Summary

Tech Solutions® Consulting, LLP is a standard and world – class IT consulting firm that will be located in New York City, New York. We have been able to secure a standard office facility in a busy business district in New York City.

Our services will cover areas such as; providing information technology expertise for consumers, writing, modifying, testing and supporting software to meet the specific needs of our client, Planning, design and integration of computer or network systems, on-site management and IT functions, computer systems design, development, and integration, computer application design and development, IT technical support services, IT infrastructure and network design services, IT technical consulting services and other related IT consulting and advisory services.

We are aware that businesses these days require diverse and sophisticated approaches. This is why we will position our IT consulting firm to offer a wide range of IT consulting services as requested by our clients. Tech Solutions® Consulting, LLP is a client-focused and result driven IT consulting firm that provides broad-based experience at an affordable fee that won’t in any way put a hole in the pocket of our clients.

We will offer a complete range of IT consulting services to our local, state, national, and multi-national clients and we will ensure that we work hard to provide the required services and business solutions needed by our clients to accomplish their business goals and objectives.

At Tech Solutions® Consulting, LLP our client’s best interest will always come first, and everything we do will be guided by our values and professional ethics. We will ensure that we hold ourselves accountable to the highest standards by meeting our client’s needs precisely and completely.

We will cultivate a working environment that provides a human, sustainable approach to earning a living, and living in our world, for our partners, employees and for our clients.

Tech Solutions® Consulting, LLP will at all times demonstrate her commitment to sustainability, both individually and as a firm, by actively participating in our communities and integrating sustainable business practices wherever possible.

We will ensure that we hold ourselves accountable to the highest standards by meeting our client’s needs precisely and completely. We will cultivate a working environment that provides a human, sustainable approach to earning a living, and living in our world, for our partners, employees and for our clients.

Tech Solutions® Consulting, LLP is founded by Dr. Rendell Downey and his son Clement Downey. The organization will be managed by Dr. Denzel Graham – Douglas, he graduated from University of California – Berkley (First Degree), Brock School of Business at Stamford University (MBA), and University of Harvard (PhD.).

He has extensive experience in a diverse range of IT consulting, and his IT consulting practice is concentrated in the areas of helping both big corporations and start – ups position their business for growth, sustainability and expansion by leveraging on workable IT solutions.

3. Our Products and Services

Tech Solutions® Consulting, LLP is going to offer varieties of services within the scope of the IT consulting industry in the United States of America. Our intention of starting our IT consulting firm is to make profits from the industry and we will do all that is permitted by the law in the United States of America to achieve our aim and ambition.

Our business offering are listed below;

• Providing information technology expertise for consumers
• Writing, modifying, testing and supporting software to meet the specific needs of one client
• Planning, design and integration of computer or network systems
• On-site management and IT functions
• Computer systems design, development, and integration
• Computer application design and development
• IT technical support services
• IT infrastructure and network design services
• IT technical consulting services
• Other related IT consulting and advisory services

4. Our Mission and Vision Statement

• Our vision is to provide our clients with skilled IT consulting solutions in a timely and efficient manner. We strive to handle each client with accountability and responsiveness, as if we were building our own business.
• We focus our attention on the providing workable IT business solutions for our clients so that our clients can focus their attention on the success of their business.
• Our vision reflects our values: integrity, service, excellence and teamwork.
• Our mission is to provide professional and trusted IT consulting services that assist businesses and non-profit organizations in operating sustainably.
• We provide workable IT business solutions in combination with our own business backgrounds, and deliver valuable services in a timely and cost-effective way.

Our Business Structure

Tech Solutions® Consulting, LLP, is an IT consulting firm that intend starting small in New York City, but hope to grow big in order to compete favorably with leading IT consulting firms in the industry both in the United States and on a global stage.

We are aware of the importance of building a solid business structure that can support the picture of the kind of world class business we want to own. This is why we are committed to only hire the best hands within our area of operations.

At Tech Solutions® Consulting, LLP, we will ensure that we hire people that are qualified, hardworking, creative, result driven, customer centric and are ready to work to help us build a prosperous business that will benefit all the stake holders (the owners, workforce, and customers).

As a matter of fact, profit-sharing arrangement will be made available to all our senior management staff and it will be based on their performance for a period of five years or more as agreed by the board of trustees of the company. In view of the above, we have decided to hire qualified and competent hands to occupy the following positions;

• Chief Executive Officer / Lead Consultant
• IT Consultants

Legal Secretary

• Admin and HR Manager

Business Analyst

Business Developer

Front Desk Officer

5. Job Roles and Responsibilities

Chief Executive Office / Lead Consultant:

• Increases management’s effectiveness by recruiting, selecting, orienting, training, coaching, counseling, and disciplining managers; communicating values, strategies, and objectives; assigning accountabilities; planning, monitoring, and appraising job results; developing incentives; developing a climate for offering information and opinions; providing educational opportunities.
• Responsible for providing direction for the business
• Creates, communicates, and implements the organization’s vision, mission, and overall direction – i.e. leading the development and implementation of the overall organization’s strategy.
• Responsible for signing checks and documents on behalf of the company
• Evaluates the success of the organization

Human Resources and Admin Manager

• Responsible for overseeing the smooth running of HR and administrative tasks for the organization
• Updates job knowledge by participating in educational opportunities; reading professional publications; maintaining personal networks; participating in professional organizations.
• Enhances department and organization reputation by accepting ownership for accomplishing new and different requests; exploring opportunities to add value to job accomplishments.
• Defines job positions for recruitment and managing interviewing process
• Carries out staff induction for new team members
• Responsible for training, evaluation and assessment of employees
• Oversees the smooth running of the daily office.
• Responsible for drawing up contracts and other legal documents for the company
• Welcomes guests and clients by greeting them in person or on the telephone; answering or directing inquiries.
• Produces information by transcribing, formatting, inputting, editing, retrieving, copying, and transmitting text, data, and graphics; coordinating case preparation.
• Provides historical reference by developing and utilizing filing and retrieval systems; recording meeting discussions; maintaining transcripts; documenting and maintaining evidence.
• Maintains office supplies by checking stocks; placing and expediting orders; evaluating new products.
• Ensures operation of equipment by completing preventive maintenance requirements; calling for repairs.

IT Consultant

• Responsible for providing information technology expertise for consumers
• Responsible for writing, modifying, testing and supporting software to meet the specific needs of one client
• Responsible for planning, design and integration of computer or network systems
• Handles On-site management and IT functions
• Responsible for computer systems design, development, and integration
• Handles computer application design and development
• Handles all IT technical support services
• Handles all IT infrastructure and network design services
• Handles IT technical consulting services
• Handles other related IT consulting and advisory services
• Writes winning proposal documents, negotiate fees and rates in line with company policy
• Responsible for handling business research, marker surveys and feasibility studies for clients
• Works with the Business consultant in helping clients develop workable business plan documents
• Handles any other duty as assigned by the Chief Executive Officer or Human Resource Manager
• Manages external research and coordinate all the internal sources of information to retain the organizations’ best customers and attract new ones
• Models demographic information and analyze the volumes of transactional data generated by customer
• Identifies development opportunities; follows up on development leads and contacts; participates in the structuring and financing of projects; assures the completion of development projects.
• Writes winning proposal documents, negotiate fees and rates in line with organizations’ policy
• Responsible for handling business research, market surveys and feasibility studies for clients
• Responsible for supervising implementation, advocate for the customer’s needs, and communicate with clients
• Develop, execute and evaluate new plans for expanding increase sales
• Create new markets cum businesses for the organization
• Empower and motivates the sales team to meet and surpass agreed targets
• Responsible for preparing financial reports, budgets, and financial statements for the organization
• Provides managements with financial analyses, development budgets, and accounting reports; analyzes financial feasibility for the most complex proposed projects; conducts market research to forecast trends and business conditions.
• Responsible for financial forecasting and risks analysis.
• Performs cash management, general ledger accounting, and financial reporting for one or more properties.
• Responsible for developing and managing financial systems and policies
• Responsible for administering payrolls
• Ensuring compliance with taxation legislation
• Handles all financial transactions for Tech Solutions® Consulting, LLP
• Serves as internal auditor for Tech Solutions® Consulting, LLP.

Client Service Executive

• Ensures that all contacts with clients (e-mail, walk-In centre, SMS or phone) provides the client with a personalized customer service experience of the highest level
• Through interaction with clients on the phone, uses every opportunity to build client’s interest in the company’s products and services
• Manages administrative duties assigned by the manager in an effective and timely manner
• Consistently stays abreast of any new information on the company’s products, promotional campaigns etc. to ensure accurate and helpful information is supplied to clients when they make enquiries
• Receives Visitors / clients on behalf of the organization
• Receives parcels / documents for the company
• Handles enquiries via e-mail and phone calls for the organization
• Distribute mails in the organization
• Handles any other duties as assigned my the line manager

6. SWOT Analysis

Tech Solutions® Consulting, LLP engaged the services of a core professional in the area of business consulting and structuring to assist the firm in building a solid IT consulting firm that can favorably compete in the highly competitive IT consulting industry.

Part of what the team of business consultant did was to work with the management our firm in conducting a SWOT analysis for Tech Solutions® Consulting, LLP. Here is a summary from the result of the SWOT analysis that was conducted on behalf of Tech Solutions® Consulting, LLP;

Our core strength lies in the power of our team; our workforce. We have a team of creative, result driven and highly proficient IT expert, a team with excellent qualifications and experience various niche areas in the IT Consulting industry and other related industry. Aside from the synergy that exists in our carefully selected IT experts, our services will be measurable, result driven and guided by best practices in the industry.

As a new IT consulting firm in New York City – New York, it might take some time for our organization to break into the market and gain acceptance especially from top profile clients in the already saturated and highly competitive IT Consulting industry; that is perhaps our major weakness.

Another weakness is that we may not have the required cash to pump into promoting our business especially via main stream media (TV, Radio and Newspapers et al) the way we would want to.

• Opportunities:

No doubt, the opportunities available in the IT consulting industry is massive considering the number of corporate organizations and non – profits organizations who cannot successfully run their businesses without the professional assistance of IT firms. As a standard and world class IT firm, we are ready to take advantage of any opportunity that is available in the industry.

Some of the threats that we are likely going to face as an IT consulting firm operating in the United States are unfavorable government policies, the arrival of a competitor within our location of operations and global economic downturn which usually affects purchasing / spending power. There is hardly anything we could do as regards these threats other than to be optimistic that things will continue to work for our good.

7. MARKET ANALYSIS

• Market Trends

Quite a number of distinct trends have emerged in recent time in the IT consulting industry which is why IT consulting firms are positioning their organizations to survive the peaks and troughs of an ailing economy.

As a matter of fact, most of these trends aid IT consulting firms and organizations to become more creative, competitive, efficient, and productive in a global market.  Some other trends in the IT consulting industry could be attributed to changing demographics, attitudes and work styles.

No doubt, as the cost of IT consulting services continues to increase and as corporate spending falls, new IT consulting delivery methods will continue to emerge and gain momentum going forward. In addition, the market for IT consulting services has shifted from a sellers’ market to a buyers’ market. A market where IT consultants provide software solutions that will make it easier for their clients to run their businesses.

Lastly, it is now becoming trendy in the IT consulting industry for smaller IT consulting firms to merge with bigger IT consulting firms and for bigger IT consulting firms to acquire smaller IT consulting firms; mergers and acquisitions. Many IT consulting firms all over the United States are coming to the conclusion that the bigger the better for them.

8. Our Target Market

Although Tech Solutions® Consulting, LLP will initially serve small to medium sized business, from new ventures to well established businesses, but that does not in any way stop us from growing to be able to compete with the leading IT consulting firms in the United States.

We hope to someday merge or acquire other smaller IT consulting firms and expand our IT consulting services beyond the shores of the United States of America. As a full service business IT consulting firm, Tech Solutions® Consulting, LLP have a variety of practice areas to help startups grow.

While we works with a variety of organizations and industries, Tech Solutions® Consulting, LLP will also specialize in working with startups, real estate investors, and contractors, manufacturers and distributors, banks, lending and financial institutions.

Our target market cuts across people of different class and people from all walks of life, local and international organizations as well. We are coming into the industry with a business concept that will enable us work with the highly placed people and companies in the country and at the same with the lowly placed people and smaller businesses.

In other words, our target market is the whole of the United States of America and subsequently other parts of the world. Below is a list of the people and organizations that we have specifically design our products and services for;

• Banks, Insurance Companies and other related Financial Institutions
• Businesses and Entrepreneurs
• Blue Chips Companies
• Corporate Organizations
• Manufacturers and Distributors
• Real Estate Owners, Developers, and Contractors
• Research and Development Companies
• The Government (Public Sector)
• Schools (High Schools, Colleges and Universities)
• Sport Organizations
• Entrepreneurs and Start – Ups

Our Competitive Advantage

Surviving in the business world as an IT consulting firm requires more than, your expertise, knowing how to conduct your business but also how to network with key people that matters; decision makers that can decide who will get a contract or a business deal.

We are quite aware that to be highly competitive in the IT consulting industry means that you are not only expected to be able to deliver consistent and excellent services, but you must be result driven and able to meet set targets. No one would want to continue to hire your services if don’t always meet up with the target sales the organization intends to generate when they hired you.

Our competitive advantage lies in the power of our team; our workforce. We have a team of creative, result driven and highly proficient IT experts, a team with excellent qualifications and experience various niche areas in the IT Consulting industry and other related industry. Aside from the synergy that exists in our carefully selected IT experts, our services will be measurable, result driven and guided by best practices in the industry.

Lastly, all our employees will be well taken care of, and their welfare package will be among the best within our category (startups IT consulting firms in the United States) in the industry. It will enable them to be more than willing to build the business with us and help deliver our set goals and achieve all our business aims and objectives.

9. SALES AND MARKETING STRATEGY

• Sources of Income

Tech Solutions® Consulting, LLP is established with the aim of maximizing profits in the IT Consulting industry and we are going to go all the way to ensure that we do all it takes to attract clients on a regular basis and sign retainer – ship with most of our clients.

Tech Solutions® Consulting, LLP will generate income by offering the following IT consulting services to corporate organizations and non – profits organization;

10. Sales Forecast

One thing is certain; there would always be corporate organizations, government agencies, non – profits and individuals who would need the services of IT consulting firms to help them improve their business system and processes.

We are well positioned to take on the available market in IT consulting industry and we are quite optimistic that we will meet our set target of generating enough income / profits from the first six month of operations and grow our IT consulting firm to enviable heights.

We have been able to critically examine the IT consulting market space and we have analyzed our chances in the industry and we have been able to come up with the following sales forecast. The sales projection is based on information gathered on the field and some assumptions that are peculiar to similar startups in New York City – New York.

Below is the sales projection for Tech Solutions® Consulting, LLP, it is based on the location of our business and of course the wide range of our services and target market;

• First Fiscal Year-: $200,000
• Second Fiscal Year-: $500,000
• Third Fiscal Year-: $750,000

N.B: This projection is done based on what is obtainable in the industry and with the assumption that there won’t be any major economic meltdown and there won’t be any major competitor offering same IT consulting services as we do within same location. Please note that the above projection might be lower and at the same time it might be higher.

• Marketing Strategy and Sales Strategy

We mindful of the fact that there are stiffer competition amongst IT consulting firms in the United States of America, hence we have been able to hire some of the best business developer to handle our sales and marketing. Our sales and marketing team will be recruited base on their vast experience in the industry and they will be trained on a regular basis so as to be well equipped to meet their targets and the overall goal of the organization.

We will also ensure that our excellent job deliveries speaks for us in the market place; we want to build a standard IT consulting business that will leverage on word of mouth advertisement from satisfied clients (both individuals and organizations).

Our goal is to grow our IT consulting firm to become one of the top 20 IT consulting firms in the United States of America which is why we have mapped out strategy that will help us take advantage of the available market and grow to become a major force to reckon with not only in the United States but in the world stage as well.

Tech Solutions® Consulting, LLP is set to make use of the following marketing and sales strategies to attract clients;

• Introduce our business by sending introductory letters alongside our brochure to organizations and key stake holders in New York and other parts of the U.S.
• Promptness in bidding for IT consulting contracts from the government and other cooperate organizations
• Advertise our business in relevant business magazines, newspapers, TV stations, and radio station.
• List our business on yellow pages ads (local directories)
• Attend relevant international and local expos, seminars, and business fairs et al
• Create different packages for different category of clients in order to work with their budgets and still deliver quality IT consulting services to them
• Leverage on the internet to promote our business
• Engage direct marketing approach
• Encourage word of mouth marketing from loyal and satisfied clients

11. Publicity and Advertising Strategy

We have been able to work with our in house brand and publicity consultants to help us map out publicity and advertising strategies that will help us walk our way into the heart of our target market. We are set to become the number one choice for both corporate clients and individual clients in the whole of the United States and beyond which is why we have made provisions for effective publicity and advertisement of our IT consulting firm.

Below are the platforms we intend to leverage on to promote and advertise Tech Solutions® Consulting, LLP;

• Place adverts on both print (newspapers and magazines) and electronic media platforms
• Sponsor relevant community based events / programs
• Leverage on the internet and social media platforms like; Instagram, Facebook , twitter, YouTube, Google + et al to promote our services
• Install our Bill Boards on strategic locations all around New York City – New York
• Engage in road show from time to time in targeted neighborhoods
• Distribute our fliers and handbills in target areas
• Contact corporate organizations, non – profits and government agencies by calling them up and informing them of Tech Solutions® Consulting, LLP and the services we offer
• List our IT consulting firm in local directories / yellow pages
• Advertise our IT consulting firm in our official website and employ strategies that will help us pull traffic to the site.
• Ensure that all our staff members wear our branded shirts and all our vehicles are well branded with our company logo et al.

12. Our Pricing Strategy

Hourly billing for IT consulting services is a long – time tradition in the industry.  However, for some types of IT consultancy services, flat fees make more sense because they allow clients to better predict consultancy costs.  As a result of this, Tech Solutions® Consulting, LLP will charge our clients a flat fee for many basic services such as IT consulting and advisory service et al.

At Tech Solutions® Consulting, LLP we will keep our fees below the average market rate for all of our clients by keeping our overhead low and by collecting payment in advance.  In addition, we will also offer special discounted rates to start – ups, nonprofits, cooperatives, and small social enterprises.

We are aware that there are some clients that would need regular access to IT consultancy and advisory services and assistance, we will offer flat rate for such services that will be tailored to take care of such clients’ needs. So also, there are some one – off jobs or government contracts which are always lucrative, we will ensure that we abide by the pricing model that is expected from contractors or organizations that bid for such contracts.

• Payment Options

Tech Solutions® Consulting, LLP, our payment policy will be all inclusive because we are quite aware that different people prefer different payment options as it suits them. Here are the payment options that we will make available to our clients;

• Payment by via bank transfer
• Payment via online bank transfer
• Payment via check
• Payment via bank draft
• Payment via mobile money
• Payment with cash

In view of the above, we have chosen banking platforms that will help us achieve our plans with little or no itches.

13. Startup Expenditure (Budget)

In setting up any business, the amount or cost will depend on the approach and scale you want to undertake. If you intend to go big by renting a place, then you would need a good amount of capital as you would need to ensure that your employees are well taken care of, and that your facility is conducive enough for workers to be creative and productive.

This means that the start-up can either be low or high depending on your goals, vision and aspirations for your business. The materials and equipment that will be used are nearly the same cost everywhere, and any difference in prices would be minimal and can be overlooked.

As for the detailed cost analysis for starting an IT consulting firm; it might differ in other countries due to the value of their money. Starting an IT consulting firm can be cost effective; this is so because on the average, you are not expected to acquire expensive machines and equipment.

Basically what you should be concerned about is the amount needed to secure a standard office facility in a good and busy business district, the amount needed to furniture and equip the office, the amount needed to pay bills, promote the business and obtain the appropriate business license and certifications.

Basically, this is the area we are looking towards spending our start – up capital on;

• The Total Fee for incorporating the Business in New York – $750.
• Legal expenses for obtaining licenses and permits as well as relevant software applications – $5,000
• Marketing promotion expenses for the grand opening of the business in the amount of $3,500 and as well as flyer printing (2,000 flyers at $0.04 per copy) for the total amount of $3,580.
• The Amount needed to acquire a suitable Office facility in a business district 6 months (Re – Construction of the facility inclusive) – $120,000.
• The Cost for equipping the office (computers, printers, fax machines, furniture, telephones, filing cabins, safety gadgets and electronics et al) – $2,000
• The Cost of Launching your official Website – $600
• Budget for paying  at least two employees for 3 months and utility bills – $30,000
• Additional Expenditure (Business cards, Signage, Adverts and Promotions et al) – $2,500
• Miscellaneous – $1,000

Going by the report from the research and feasibility studies, we will need about $250,000 to set up a medium scale but standard IT consulting firm in the United States of America.

Generating Funding / Startup Capital for Tech Solutions® Consulting, LLP

Tech Solutions® Consulting, LLP is going to start as a private business that will be solely owned by Dr. Rendell Downey and family. He will be the sole financial of the firm, but may likely welcome partners later which is why he has decided to restrict the sourcing of his start – up capital to 3 major sources.

These are the areas we intend generating our start – up capital;

• Generate part of the start – up capital from personal savings
• Source for soft loans from family members and friends
• Apply for loan from my Bank

N.B: We have been able to generate about $100,000 (Personal savings $80,000 and soft loan from family members $20,000) and we are at the final stages of obtaining a loan facility of $150,000 from our bank. All the papers and document has been duly signed and submitted, the loan has been approved and any moment from now our account will be credited.

14. Sustainability and Expansion Strategy

The future of a business lies in the numbers of loyal customers that they have the capacity and competence of the employees, their investment strategy and the business structure. If all of these factors are missing from a business (company), then it won’t be too long before the business close shop.

One of our major goals of starting Tech Solutions® Consulting, LLP is to build a business that will survive off its own cash flow without the need for injecting finance from external sources once the business is officially running.

We know that one of the ways of gaining approval and winning customers over is to offer our IT consulting services and other related IT advisory and consulting services a little bit cheaper than what is obtainable in the market and we are well prepared to survive on lower profit margin for a while.

Tech Solutions® Consulting, LLP will make sure that the right foundation, structures and processes are put in place to ensure that our staff welfare are well taken of. Our company’s corporate culture is designed to drive our business to greater heights and training and re – training of our workforce is at the top burner of our business strategy.

As a matter of fact, profit-sharing arrangement will be made available to all our management staff and it will be based on their performance for a period of three years or more as determined by the board of the organization. We know that if that is put in place, we will be able to successfully hire and retain the best hands we can get in the industry; they will be more committed to help us build the business of our dreams.

Check List / Milestone

• Business Name Availability Check:>Completed
• Business Incorporation: Completed
• Opening of Corporate Bank Accounts various banks in the United States: Completed
• Opening Online Payment Platforms: Completed
• Application and Obtaining Tax Payer’s ID: In Progress
• Application for business license and permit: Completed
• Purchase of All form of Insurance and software apps for the Business: Completed
• Securing and renovated a standard office facility: In Progress
• Conducting Feasibility Studies: Completed
• Generating part of the start – up capital from the founder: Completed
• Applications for Loan from our Bankers: In Progress
• Writing of Business Plan: Completed
• Drafting of Employee’s Handbook: Completed
• Drafting of Contract Documents: In Progress
• Design of The Company’s Logo: Completed
• Graphic Designs and Printing of Packaging Marketing / Promotional Materials: Completed
• Recruitment of employees: In Progress
• Purchase of the Needed furniture, office equipment, electronic appliances and facility facelift: In Progress
• Creating Official Website for the Company: In Progress
• Creating Awareness for the business (Business PR): In Progress
• Health and Safety and Fire Safety Arrangement: In Progress
• Establishing business relationship with key players in the industry: In Progress

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IT Consulting Business Plan

The increasing use of AI and Automation and the rising remote & hybrid work culture have revolutionized the IT consulting industry. The demand for IT consultants is like never before.

Starting and managing an IT consulting firm may involve loads of hard work and a bit of risk, but the benefits are well worth it.

And having a well-prepared business plan could make things a lot easier for you to get started.

Need help writing a business plan for your IT consulting business? You’re at the right place. Our IT consulting business plan template will help you get started.

Free Business Plan Template

Download our free business plan template now and pave the way to success. Let’s turn your vision into an actionable strategy!

• Fill in the blanks – Outline
• Financial Tables

How to Write an IT Consulting Business Plan?

Writing an IT consulting business plan is a crucial step toward the success of your business. Here are the key steps to consider when writing a business plan:

1. Executive Summary

An executive summary is the first section planned to offer an overview of the entire business plan. However, it is written after the entire business plan is ready and summarizes each section of your plan.

Here are a few key components to include in your executive summary:

Introduce your business:

• This section may include the name of your IT consulting, its location, when it was founded, the type of IT consulting business (E.g., cybersecurity consulting, cloud computing consulting, IT project management consulting.), etc.

Market opportunity:

Product and services:.

• For instance, you may provide services, like IT governance & risk management, cybersecurity services, data analytics, and business intelligence, etc.

Marketing & sales strategies:

Financial highlights:, call to action:.

Ensure your executive summary is clear, concise, easy to understand, and jargon-free.

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2. Business Overview

The business overview section of your business plan offers detailed information about your company. The details you add will depend on how important they are to your business. Yet, business name, location, business history, and future goals are some of the foundational elements you must consider adding to this section:

Business description:

Describe your business in this section by providing all the basic information:

• Technology strategy consulting
• Cybersecurity consulting
• IT outsourcing consulting
• Cloud computing consulting
• IT infrastructure consulting
• IT project management consulting
• Describe the legal structure of your consulting company, whether it is a sole proprietorship, LLC, partnership, or others.
• Explain where your business is located and why you selected the place.

Mission statement:

Business history:.

• Additionally, If you have received any awards or recognition for excellent work, describe them.

Future goal:

This section should provide a thorough understanding of your business, its history, and its future plans. Keep this section engaging, precise, and to the point.

3. Market Analysis

The market analysis section of your business plan should offer a thorough understanding of the consulting industry with the target market, competitors, and growth opportunities. You should include the following components in this section.

Target market:

• For instance, You may target SMEs, startups, non-profits, healthcare organizations, and financial institutions if you provide IT consulting services.

Market size and growth potential:

• You may include statistics and information like the number of SMEs and startups in any particular industry if you target a niche market.

Competitive analysis:

Market trends:.

• For instance, there is a growing trend toward cloud computing and digital transformation. More and more businesses are embracing cloud technologies. Describe your plans for dealing with this.

Regulatory environment:

Here are a few tips for writing the market analysis section of your IT services business plan:

• Conduct market research, industry reports, and surveys to gather data.
• Provide specific and detailed information whenever possible.
• Illustrate your points with charts and graphs.
• Write your business plan keeping your target audience in mind.

4. Products And Services

The product and services section should describe the specific services and products that will be offered to customers. To write this section should include the following:

Describe your services:

Mention the consulting services your business will offer. This list may include services like,

• IT outsourcing and vendor management
• Digital transformation services
• IT project management
• Software development & integration
• IT infrastructure services
• Cloud computing services

Describe each service:

Partnerships & alliances:, additional services:.

In short, this section of your IT consulting plan must be informative, precise, and client-focused. By providing a clear and compelling description of your offerings, you can help potential investors and readers understand the value of your business.

5. Sales And Marketing Strategies

Writing the sales and marketing strategies section means a list of strategies you will use to attract and retain your clients. Here are some key elements to include in your sales & marketing plan:

Unique selling proposition (USP):

• For example, a proven track record, responsive and timely service, and specialized expertise could be some of the great USPs for a professional IT consultancy.

Pricing strategy:

Marketing strategies:, sales strategies:.

• Include any sales training or workshops you provide to your sales team.

Customer relationship management:

Overall, this section of your IT consulting or tech support business plan should focus on customer acquisition and retention.

Have a specific, realistic, and data-driven approach while planning sales and marketing strategies for your IT consulting business, and be prepared to adapt or make strategic changes in your strategies based on feedback and results.

6. Operations Plan

The operations plan section of your business plan should outline the processes and procedures involved in your business operations, such as staffing requirements and operational processes. Here are a few components to add to your operations plan:

Staffing & training:

Operational process:.

• Your operational processes may include customer relationship management, project management, personnel management, service delivery, business development, administrative and operational tasks, etc.

Quality assurance:

Adding these components to your operations plan will help you lay out your business operations, which will eventually help you manage your business effectively.

7. Management Team

The management team section provides an overview of your IT consulting business’s management team. This section should provide a detailed description of each manager’s experience and qualifications, as well as their responsibilities and roles.

Founder/CEO:

Key managers:.

• It should include key executives(e.g. COO, CMO.), IT consultants, and other department managers (e.g. operations manager, project manager.) involved in the business operations, including their education, professional background, and any relevant experience in the consulting industry.

Organizational structure:

Compensation plan:, advisors/consultants:.

• So, if you have any advisors or consultants, include them with their names and brief information about their roles and years of experience.

This section should describe the key personnel for your IT consulting services, highlighting how you have the perfect team to succeed.

8. Financial Plan

Your financial plan section should summarize the business’s financial projections for the first few years. Here are some key elements to include in your financial plan:

Profit & loss statement:

Cash flow statement:, balance sheet:, break-even point:.

• This exercise will help you understand how much revenue you need to generate to sustain or be profitable.

Financing needs:

Be realistic with your financial projections, and make sure you offer relevant information and evidence to support your estimates.

9. Appendix

The appendix section of your plan should include any additional information supporting your business plan’s main content, such as market research, legal documentation, financial statements, and other relevant information.

• Add a table of contents for the appendix section to help readers easily find specific information or sections.
• In addition to your financial statements, provide additional financial documents like tax returns, a list of assets within the business, credit history, and more. These statements must be the latest and offer financial projections for at least the first three or five years of business operations.
• Provide data derived from market research, including stats about the IT consulting industry, user demographics, and industry trends.
• Include any legal documents such as permits, licenses, and contracts.
• Include any additional documentation related to your business plan, such as product brochures, marketing materials, operational procedures, etc.

Use clear headings and labels for each section of the appendix so that readers can easily find the necessary information.

Remember, the appendix section of your IT consulting business plan should only include relevant and important information supporting your plan’s main content.

The Quickest Way to turn a Business Idea into a Business Plan

Fill-in-the-blanks and automatic financials make it easy.

This sample IT consulting business plan will provide an idea for writing a successful IT consulting plan, including all the essential components of your business.

After this, if you still need clarification about writing an investment-ready business plan to impress your audience, download our IT consulting business plan pdf .

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Frequently asked questions, why do you need an it consulting business plan.

A business plan is an essential tool for anyone looking to start or run a successful IT consulting business. It helps to get clarity in your business, secures funding, and identifies potential challenges while starting and growing your business.

Overall, a well-written plan can help you make informed decisions, which can contribute to the long-term success of your IT consulting company.

How to get funding for your IT consulting business?

There are several ways to get funding for your IT consulting business, but self-funding is one of the most efficient and speedy funding options. Other options for funding are:

Small Business Administration (SBA) loan

Crowdfunding, angel investors.

Apart from all these options, there are small business grants available, check for the same in your location and you can apply for it.

Where to find business plan writers for your IT consulting business?

There are many business plan writers available, but no one knows your business and ideas better than you, so we recommend you write your computer consulting business plan and outline your vision as you have in your mind.

What is the easiest way to write your IT consulting business plan?

A lot of research is necessary for writing a business plan, but you can write your plan most efficiently with the help of any IT company business plan example and edit it as per your need. You can also quickly finish your plan in just a few hours or less with the help of our business plan software.

About the Author

Upmetrics Team

Upmetrics is the #1 business planning software that helps entrepreneurs and business owners create investment-ready business plans using AI. We regularly share business planning insights on our blog. Check out the Upmetrics blog for such interesting reads. Read more

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Automate Your Consultancy

How to write an it consulting business plan in 8 steps.

The COVID-19 pandemic has rapidly transformed the world of IT consulting. Economic uncertainty, paired with an increased amount of freelance and small specialized consultancies, has resulted in a highly competitive environment. The good news for IT consultants is that their specific services are still in high demand. However, in an increasingly competitive landscape, it’s essential that IT consultants consolidate an in-depth business plan before launching. A well-structured plan must include growth, pay rates, expenses, marketing, equipment costs, training and qualifications, and technology. Like all businesses, you need to get started on the right foot. Here’s how!

Automation Benefits for Consultants

How to Write an IT Consulting Business Plan

Typically, business plans need to be written with banks and investors at top-of-mind, and small businesses generally need start-up funding to get up and running. When writing a business plan for your consultancy, you want to land on something in the middle.

Although consultants setting up their own business might not need much funding, it’s still essential to include in-depth financial components in your business plan – not only to clarify your business’s finances but also to help you understand your business’s potential risks and rewards.

A good business plan will combine elements of both finance and strategy. You may not necessarily need funding for capital equipment expenses or office rent, but you might need a loan to tide you over for the first few months until you have a regular cash flow. You may also decide that you want to make more of an impression by hiring office space, perhaps in a shared office environment. Or you might require funds to spend on marketing and advertising – which is particularly important in the highly competitive IT space. Whether you intend to apply for a bank loan, look for grants, or crowdfunding, it’s important your chosen method includes a solid estimation of what you need to grow strategically.

1. Identify the target market and sector analysis for your consulting businsess

A target market is the pool of customers to whom you want to sell your services, and it’s only made up of the people who are a good fit for your business. Basically, you want to figure out which fish in the ocean you will focus on catching. Establishing a target market will help you realize that you can’t market to everyone, and you shouldn’t waste your time, money, or resources trying to do so. There’s a famous marketing quote by Seth Godin, “When you speak to everyone, you speak to no one”. Make sure you are speaking to the right people.

​​Take time to assess your new target market analysis while deciding on your consultancy pricing ranges. You could use the market data to adjust your consultancy price points to suit your potential customers better. You will also need to distinguish who your customers are and where to find them – in the form of target market segmentation. Once you’ve gathered all the relevant information you can about your customers, you can then make a plan to market to them.

2. Define your consulting business objectives and USP (unique selling proposition)

A USP (unique selling proposition) summarizes what makes your business unique and valuable to your target market. It answers the question: How do your business services benefit your clients better than anyone else can? A USP can provide a great deal of clarity to your business plan, defining your most important business goals in one powerful sentence. Also, be sure to outline your business objectives – specific steps you need to take to fulfill your goals.

3. Estimate and plan startup expenses and assets, including equipment

Like your business plan, estimating your startup costs is part of building a roadmap for your business . Having even a rough estimate can help you avoid unnecessary risks and stay on track during more volatile months. Consider your start-up expenses and assets. Depending on whether you are setting up a remote or in-person consulting business, you will need to take into account the expense.

Expense considerations when starting a Consulting Business

• FF & E (Furniture Fixtures and Equipment)
• Leasehold Improvements
• Initial Marketing Plan/launch
• Legal / Consulting
• Miscellaneous

4. Forecast overheads and fixed costs

Fixed costs are fairly predictable and fixed overhead costs are necessary to keep a company operating smoothly. Profit margins should reflect the costs of fixed overhead, which can include:

• Office rental
• Licenses for software and technology

5. Develop a marketing strategy and budget

Establishing a cohesive marketing strategy is an important component of launching your consulting business. This includes establishing your brand, determining your target audience, creating a professional website, investing in social media marketing, search marketing, and developing a strong professional network. Many businesses make basic mistakes when budgeting for marketing that lead to wasted money and missed opportunities, so it’s important to strategically determine your marketing spend , funding requirements, loan collateral and cost of interest.

Lenders want to understand the roadmap you have in place for your business. You’ll need to be ready to answer questions about your business model, sources of revenue, growth forecasts, and initial startup costs. They need to see that your business is viable and that you’ve thoroughly explored what it will take to start, operate and grow.

Having realistic startup costs laid out is a necessity in this case. And being able to show how you believe expenses will change or remain similar over time will give them a better idea of how you intend to manage your business.

6. Include pay rates, revenue and cash flow projections

Ignoring the books makes you susceptible to cash deficits. To prevent this from occurring, pay attention to your balance sheet , which lets you know how much you own and what you owe. On the assets side are your short-term or “current” assets  plus long-term or “fixed” assets. Also be sure to pay attention to your shareholders’ equity which represents the amount of money shareholders have invested into the business through investments and the cumulative profits you have reinvested in your business via retained earnings. Cash flow projections are another important area of finances that you will need to pay attention to. They are a great way of predicting future cash flows (and cash stagnations). With projections, you can plan ahead to avoid any future stunts in cash flow, and help you time your spending decisions.

7. Forecast sales in monthly intervals

Sales forecasts in monthly intervals will help you understand the future needs of your business – and allow you to fine-tune predictions accordingly. Monthly forecasts may come in the form of production forecasts, profit forecasts, balance sheet forecasts or sales forecasts for a 30-day period, in which you predict performance data for your business for the next month, or any future months. Services businesses can be particularly susceptible to revenue swings. The more predictable you can make your revenue the better.

8. Include growth projections and strategy

A concrete growth strategy is crucial to the future success of your consulting business. Without one, you are susceptible to the perils of a constantly changing consumer base and unpredictable market fluctuations. Execute on the following to determine your strategy:

• Choose your targeted area of growth
• Invest in, or conduct market and industry research
• Set growth goals, plan your course of action
• Determine your growth tools and requirements
• Execute on your plan

Set your consulting business up for success with a great USP, the right technology and a bulletproof business plan

With the increased acceleration of digital disruption in 2021, your IT consulting business plan should show that you are up-to-date with technological developments and digitalization. With virtually every consulting firm incorporating a digital layer in its offering , it’s essential that you weave your digital offerings into both your objectives and USP. Providing digital offerings will also bolster your chance of receiving adequate funding. Alongside a killer business plan, it’s essential that consultants also include the best digital transformation tools in their arsenal – to ensure future success. Technology like Olive, can be a vital differentiator in an often crowded market. To remain competitive, consultants must develop coping skills to deal with and adapt to the fast-evolving digital and technology market. Today’s business strategy is technology-enabled, consultants need to leverage technology to inform strategy instead of the reverse. When technology is used correctly, it can help consultants achieve their business goals and plan for future success.

For consultants, leveraging the benefits of digital transformation requires creating a strategy, getting the input of stakeholders, and deeply understanding business needs. Consultants with the right tools will deliver more with less effort and will see their clients reap the benefits. Olive aims to help consultants digitize their process and release time to build a successful business.

A tool created to help consultants manage and automate the software selection process, Olive allows IT, consultants, to streamline the technology evaluation process and facilitates agile collaboration with key stakeholders. Olive gives consultants an easy way to collect data and requirements from stakeholders. By offering end-to-end digital transformation services with Olive, you can take on more clients and capitalize on digital transformation trends.

Writing – and successfully executing a consulting business plan – is no easy feat. However, with planning, strategy, and foresight – you will have a clear advantage over less-prepared competitors. Utilizing the right automation technology alongside a strategic business plan offers a guaranteed avenue to success – and a better likelihood of building a business ready for a post-pandemic world.

Scale and Grow Your IT Consulting Business

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How to start an it consulting business: a step-by-step guide.

You’ve polished your IT skills to near perfection, gathered valuable experience, and fueled your passion through years of education and practice. Now it’s time to start your IT consulting firm. This article outlines the essential steps to start an IT consulting business. Our aim is to equip you with the knowledge and confidence you need to navigate the initial stages of setting up your own consulting business.

You’ll discover insights on planning, registration, branding, and more. This is more than just a simple walkthrough; it’s a journey into the heart of creating a successful IT consulting firm. Read on to learn how to start a consulting business.

Table of Contents

Understanding the IT Consulting Business Landscape

The IT consulting service market has steadily been gaining traction, courtesy of the relentless pace of technological advancements. Small and large businesses increasingly recognize the necessity of integrating technology into their operations. This is where IT consultants come in, bridging the gap between business needs and the technical expertise required.

IT consulting includes many specific small business ideas . For instance, your offerings may cater to various aspects like cybersecurity, cloud computing, network infrastructure, software development, data analytics, and more. As businesses become more digital, their reliance on IT consulting firms to navigate these complexities surges.

Moreover, amidst the global digitization drive, every industry sector – from healthcare and finance to education and retail – seeks IT consultants to make their technological transitions seamless and effective. Thus, the demand for your IT consulting business will not be restricted to one particular industry.

The IT consulting market also offers immense potential for growth. Market research estimates predict steady growth rates for the sector in the coming years, with the global IT services market size expected to reach significant figures.

Is an IT Consulting Business Profitable?

The answer to whether an IT consulting business is profitable hinges on several dynamic factors including your services, experience, scale of operations, and financial management skills.

To start, the type of IT consulting you provide greatly influences your earning potential. Specialized services, such as cybersecurity or AI consulting, typically yield higher returns due to their advanced skill requirements.

Your professional reputation and demonstrated expertise as an IT consultant are pivotal in shaping your profitability. A robust portfolio can justify premium rates, helping your consulting business flourish.

The scale at which you operate your IT business also impacts your profits. As you expand your consulting firm, tackling larger projects or working with more clients, your profit margins have the potential to grow concurrently.

Efficient financial management remains a cornerstone of a profitable consulting business. By keeping a tight rein on your overhead costs, ensuring wise budget utilization, and making astute financial decisions, you can prevent your expenses from eating into your revenues. .

The Credentials Needed to Become an IT Consultant

To start a consulting business in IT, certain qualifications, skills, and experience are necessary. These credentials not only enhance your service offerings but also boost your reputation and credibility in the IT consulting market. Here’s what you need:

Education and Certifications:

• A bachelor’s degree in computer science, information technology, or a related field is a baseline requirement. A master’s degree can give you an edge.
• Certifications in specialized areas (like CompTIA A+, Network+, Security+, Microsoft Certified: Azure Solutions Architect, AWS Certified Solutions Architect, Certified Information Security Manager, etc.) can significantly increase your market value.
• Technical proficiency is paramount. You should be well-versed in areas like network architecture, programming, database management, cybersecurity, etc., relevant to your consulting focus.
• Strong problem-solving and analytical skills to help clients troubleshoot issues and optimize IT infrastructure.
• Excellent communication and interpersonal skills to clearly articulate complex technical concepts to non-technical clients.
• Project management skills to efficiently handle multiple projects and meet deadlines.
• Business acumen to understand clients’ business models, identify their IT needs, and provide tailored solutions.

Experience:

• Hands-on experience in IT is crucial before starting a consulting business. It’s beneficial to have experience in a variety of sectors and roles.
• A proven track record of successful project execution can improve your credibility and attract more clients.

In essence, when you’re planning to start a consulting business in IT, these credentials serve as your foundation.

The Role of an IT Consulting Firm

An IT consulting firm operates at the intersection of business and technology, providing strategic guidance, technical expertise, and solutions to organizations to help them leverage technology for business growth and efficiency. An IT consulting firm primarily offers the following services:

• Strategic IT Planning: Consultants work with businesses to develop a comprehensive IT strategy aligned with their business goals. They guide firms on technology investments, digital transformation initiatives, and IT infrastructure optimization.
• IT Implementation and Support: From setting up network infrastructures and implementing software systems to providing ongoing technical support, IT consulting firms ensure smooth and efficient IT operations.
• Cybersecurity Solutions: As cyber threats continue to escalate, IT consulting firms offer crucial services like vulnerability assessments, security strategy planning, and disaster recovery plans to protect businesses.
• Cloud Services: IT consultants help businesses navigate cloud computing, assisting with cloud migration, management, and optimization of cloud-based applications and infrastructures.
• Data Management and Analytics: IT consulting firms help businesses manage, secure, and leverage their data. They assist in setting up data management systems, ensuring data compliance, and providing insights from data through analytics.

How IT Consulting Firms Make Money

IT consulting firms generate revenue through a variety of methods, largely depending on their service offerings, client base, and business model.

Here are the most common ways IT consulting businesses make money:

• Project-Based Contracts: Firms charge for specific IT projects, such as setting up a network infrastructure, migrating to the cloud, or implementing a cybersecurity strategy. The fees usually depend on the project’s complexity and duration.
• Retainer Contracts: Some firms work with clients on a retainer basis, where they provide a certain amount of consulting offerings for a fixed fee over a specific period. This arrangement provides a steady income stream.
• Managed IT Services: In this model, firms offer comprehensive IT services, including maintenance, support, and consulting, for a recurring monthly fee. It’s like an outsourced IT department for businesses.
• Hourly Consultation: Particularly for smaller projects or ad-hoc services, firms may charge an hourly rate.
• IT Audits: Businesses often hire consulting firms to conduct IT audits, assessing the effectiveness of their IT systems, security, and processes.
• Training Services: IT consulting firms often provide training services to client teams on new software, technologies, or IT best practices.
• Sale of IT Products: In some cases, consulting firms may also sell or resell IT products like software, hardware, or cloud services, earning a margin on these products.

In a nutshell, start a consulting business that effectively leverages one or more of these revenue streams, and aligns with your unique value proposition and market positioning.

Essential Steps in Starting an IT Consulting Business

IT consulting is an exciting journey that demands meticulous planning and execution. In the following sections, we present a step-by-step guide to help you start a consulting business. From business planning and building your team to marketing your services, we hope this guide illuminates your entrepreneurial path.

Creating a Robust Business Plan

A well-structured business plan serves as the blueprint for your IT consulting business. It not only directs your startup journey but also helps convince investors of your venture’s viability.

Below are the key components you should consider when drafting your business plan:

• Executive Summary: This brief overview outlines your business plan concept, unique selling proposition, and intended market.
• Business Description: Here, you should detail what your IT consulting business will do, the IT services you’ll offer, your business structure, and how your firm fits into the current market landscape.
• Market Analysis: Analyze your industry, target market, and competition. Identify trends, market size, and growth potential. Highlight how your consulting offerings can meet the identified market needs.
• Organization and Management: Describe your business structure, roles, and key personnel. If you’re starting solo, outline potential future roles to show your growth plans.
• Services: Provide a detailed description of your IT consulting offerings. Explain how they benefit your clients and how they stand out from the competition.
• Marketing and Sales Strategy: Detail your strategies for attracting and retaining clients. Identify your ideal client profile, marketing channels, and sales process.
• Financial Projections: Outline your revenue model, financial forecasts, and break-even analysis. This section is crucial for attracting investors.
• Funding Request (if applicable): If you’re seeking external funding, specify in your business plan how much you need and how you intend to use it.

Identifying Your IT Consulting Niche

Finding your niche in the IT consulting industry is a pivotal step when starting your own consulting business. It allows you to focus your expertise, stand out in a competitive market, and cater to a specific client base more effectively.

Here are some tips to guide you in choosing your IT consulting niche:

• Assess Your Expertise: Reflect on your strengths, skills, and experiences in the IT sector. Are you adept at cybersecurity? Is network management your forte? Leverage your unique expertise to define your niche.
• Analyze Market Demand: Investigate which IT services businesses frequently need and are willing to pay for. Market research is key to identifying lucrative opportunities.
• Understand the Competition: Look at what other IT consulting firms are doing. Identify gaps in their service offerings or client segments they may be overlooking. These could present potential niches for your business.
• Consider Future Trends: The IT landscape evolves rapidly. Think about upcoming trends like AI, machine learning, or quantum computing. Could you position yourself as an expert in an emerging field?

Choosing a niche doesn’t mean limiting your business. Instead, it’s about honing your services to become a go-to expert in a particular area.

Building Your Team

Assembling a reliable and competent team is crucial. The right team enhances your service offerings, improves customer satisfaction, and contributes to your firm’s growth. Here are the key roles you might need and tips on hiring the right people:

Roles to Consider:

• IT Consultants: These are the core of your business. You need individuals with expertise in your chosen niche, whether it’s network management, cybersecurity, data analysis, or software development.
• Project Managers: They ensure your projects run smoothly, on time, and within budget. Look for people with strong organizational skills and experience in IT project management.
• Sales and Marketing Professionals: These team members will promote your services, attract clients, and maintain relationships. Prior experience in IT services marketing is a plus.
• Administrative Staff: Roles like finance, HR, and office management may be necessary depending on the size of your business.

Tips for Hiring:

• Assess Skills and Experience: Beyond their resumes, assess candidates’ problem-solving abilities, technical skills, and industry knowledge through tests or practical assignments.
• Consider Cultural Fit: Hire people who share your business values and can blend well with your workplace culture.
• Look for Continuous Learners: In the rapidly evolving IT industry, a commitment to ongoing learning is vital. Look for candidates who demonstrate a propensity for keeping up-to-date with the latest tech trends.
• Don’t Neglect Soft Skills: Communication, teamwork, and customer service skills are just as important in an IT consulting business as technical know-how.

Securing Funding for Your IT Consulting Service

Starting an IT consulting business can require a significant upfront investment. From office space and equipment to software and salaries, your startup costs can add up. To cover these expenses, you may need to secure external funding. Here are some popular avenues to consider:

• Self-Financing: This includes personal savings, retirement funds, or home equity loans. Self-financing gives you more control over your business but also comes with personal financial risk.
• Friends and Family: You might consider approaching friends or family who believe in your business idea and are willing to invest in your startup.
• Bank Loans: Traditional bank loans are a common source of funding. To qualify, you’ll need a solid business plan, a good credit score, and potentially some collateral.
• Small Business Grants: Federal, state, and local governments often offer grants to encourage small businesses. These are essentially free money but can be competitive.
• Crowdfunding: Platforms like Kickstarter or GoFundMe allow you to raise money from the public. In return, you typically provide product samples, discounts, or equity.
• Venture Capital: If you have a particularly high-growth business model, you might attract venture capital investors. These firms typically invest large sums in exchange for equity in your business.
• Angel Investors: These are wealthy individuals who provide capital for startups, often in exchange for equity or debt repayment.

In your quest for funding, remember that each source comes with its terms and responsibilities. Thoroughly evaluate all your options, and choose the one that aligns best with your business goals, risk appetite, and long-term growth plans.

Establishing Your Own Consulting Business

Once you’ve laid the groundwork – identified your niche, built your team, and secured funding – it’s time to set up your IT consulting business. Here’s a two-pronged approach, focusing on your physical and online presence:

Physical Setup:

• Office Space: Depending on your business model, you might need a physical office. Co-working spaces are a flexible option, or you could consider a traditional lease. If most work will be remote or on client sites, a home office might suffice.
• Equipment and Tools: You’ll likely need computers, servers, project management software, and communication tools. Consider also specialized equipment related to your IT niche.
• Legal and Administrative Setup: Register your business, obtain necessary licenses or permits, and set up your business accounting. Consult with an attorney or accountant to ensure you meet all legal and tax requirements.

Online Setup:

• Website: Your website is your online business card. It should clearly outline your services, showcase your expertise, and provide contact information. Consider hiring a professional for website development and SEO optimization to boost your visibility.
• Social Media: Establish your presence on relevant social media platforms. LinkedIn, for instance, is crucial for B2B businesses. Regularly share insightful content to engage your audience and position yourself as an expert.
• Online Tools: Leverage cloud-based tools for project management, customer relationship management (CRM), and collaboration. These tools will help streamline your operations and enhance productivity.

Remember, whether physical or online, every aspect of your business setup should reflect your brand and the professional IT consulting offerings you provide.

Setting Up Your Office

Establishing a professional office, whether physical or virtual, is crucial for an IT consulting business. An office not only serves as your business hub but also helps to convey a professional image to your clients. Here are some tips to guide you in setting up your office:

Physical Office Setup:

• Choose the Right Location: Consider an office space that’s easily accessible to your team and clients, and aligns with your brand image.
• Design for Productivity: Organize your workspace to foster collaboration, concentration, and comfort. You might include meeting rooms, quiet areas, and ergonomic furniture.
• Equip Your Office: Besides basic office furniture and IT equipment, think about tools your team needs to serve clients effectively. Specialized hardware or software might be necessary depending on your consulting niche.

Virtual Office Setup:

• Select Reliable Technology: Invest in high-quality computers, stable internet connections, and secure cloud-based storage systems. For video conferencing, choose a professional and reliable platform.
• Create a Dedicated Workspace: Encourage your team to have a specific area in their homes dedicated to work. This separation helps maintain work-life balance and boosts productivity.
• Implement Communication Tools: Use effective online tools for project management, team collaboration, and communication. Options like Slack, Microsoft Teams, or Asana can keep your team connected and organized.

Building a Strong Online Presence

A strong online presence is essential for any business and especially for an IT consulting business. It not only expands your reach but also establishes your credibility in the industry. Here’s how you can build an effective online presence:

Website Development:

• User-Friendly Design: Your website should be intuitive and easy to navigate. Make sure it loads quickly, is mobile-responsive, and offers a user-friendly experience.
• Clear Information: Clearly display essential information about your business – the IT consulting services you provide, your team, your achievements, and how potential clients can reach you.
• Showcase Your Expertise: Use your website as a platform to share valuable content – case studies, blogs, white papers. This not only helps with SEO but also positions your business as an industry expert.
• Strong SEO Practices: Implement SEO strategies to enhance your website’s visibility in search engine results. This might involve keyword optimization, link-building, and regularly updating your content.

Social Media Presence:

• Choose the Right Platforms: Not every social media platform is right for every business. LinkedIn is great for B2B interactions, while Twitter or Facebook might help you reach a wider audience.
• Consistent Branding: Ensure your branding is consistent across all platforms. This includes your logo, color scheme, voice, and messaging.
• Engaging Content: Regularly share content that is valuable to your followers. This could be industry news, tips and advice, or insights from your own work.
• Interaction: Social media is a two-way street. Engage with your followers by responding to comments and messages, and participate in relevant industry discussions.

Building a strong online presence is not a one-time task. It requires continuous effort and adaptation as technology and audience preferences evolve.

Offering Stellar IT Consulting Services

The quality of your IT consulting services can make or break your business. Delivering top-notch services will not only satisfy your clients but also earn you referrals, repeat business, and a solid reputation in the industry.

Here’s how you can offer stellar IT consulting services:

• Understand Client Needs: Every client is unique. Take the time to understand each client’s specific needs, challenges, and goals. Only then can you provide truly customized solutions.
• Leverage Your Expertise: Your clients hire you for your expertise. Stay updated with the latest trends, tools, and best practices in your niche to ensure you’re offering the most effective solutions.
• Clear Communication: Keep your clients informed throughout the consulting process. Regular updates, reports, and meetings will ensure everyone is on the same page and any issues are addressed promptly.
• Deliver on Promises: If you promise a client a certain result, make sure you deliver. Meeting or exceeding your clients’ expectations will help you build a strong reputation and a loyal client base.
• Continuous Improvement: Seek regular feedback from your clients and use it to improve your services. This shows clients that you value their input and are committed to meeting their needs.
• Follow-up Services: After a project is completed, follow up with the client to ensure they are satisfied and to address any questions they may have. This can lead to additional work and a long-term client relationship.

Developing Your IT Consulting Skills

The IT consulting industry demands a mix of technical, business, and soft skills.

Here are the key skills needed and how to develop them:

• Technical Expertise: Stay updated on the latest technology trends, tools, and best practices in your IT niche. This can be achieved through continuous learning via online courses, workshops, and certifications.
• Business Acumen: Understanding how businesses operate, their key drivers, and their strategic objectives will allow you to offer relevant IT solutions. Enroll in business courses or MBA programs to enhance your knowledge.
• Project Management: Master the art of planning, executing, and closing projects successfully. Consider gaining a Project Management Professional (PMP) or PRINCE2 certification.
• Problem-Solving: Develop your ability to identify problems and devise effective solutions. Regularly challenging yourself with complex tasks or brain teasers can help improve this skill.
• Communication: Strengthen your ability to convey technical information clearly to non-technical audiences. Public speaking clubs, writing workshops, or even improv classes can help enhance this skill.
• Leadership: Cultivate your ability to lead and motivate your team. Leadership training programs or mentorship from experienced leaders can be beneficial.
• Negotiation: Improve your capacity to negotiate terms with clients or vendors. Negotiation skills courses or reading books on the subject can be useful.
• Networking: Build your network within the IT and business communities. Attend industry events, join professional organizations, and participate in online forums.

Developing these skills will not only increase your value to clients but also help you navigate challenges in running your own consulting business.

Maintaining Client Relationships

Building and maintaining strong relationships with your clients is critical to the long-term success of your IT consulting business.

Here are some tips:

• Understand Client Needs: Spend time getting to know each client, their business, and their specific IT needs. This understanding forms the basis of a strong working relationship.
• Communicate Regularly and Clearly: Regular updates on project progress, quick responses to queries, and clarity in all communications build trust and rapport.
• Deliver Excellent Service: Always aim to exceed client expectations with your IT solutions. Delivering quality work on time and within budget speaks volumes about your reliability.
• Ask for Feedback: Regularly seek client feedback on your services. This not only helps you improve but also shows clients that you value their opinions.
• Be Transparent: If there are issues or delays, let your clients know as soon as possible. Clients appreciate honesty and transparency.
• Offer Ongoing Support: Even after a project ends, stay in touch and offer continued support. This fosters loyalty and opens doors for future projects.
• Appreciate Your Clients: Small gestures of appreciation like thank you notes or occasional gifts can go a long way in making clients feel valued.

Leveraging Tools for Remote IT Management

Below are some essential remote IT management tools that can enhance productivity, collaboration, and service delivery in your consulting business:

• TeamViewer : This tool offers secure remote access, file sharing, and system control. It allows you to troubleshoot client issues from anywhere, making service delivery swift and efficient.
• SolarWinds : This comprehensive platform provides a suite of tools for remote device monitoring, maintenance, reporting, and automation. It helps you stay proactive and ensure optimal client system performance.
• Microsoft Teams : Primarily a communication platform, Teams also offers features for file sharing, video meetings, and integrations with other Microsoft services, promoting efficient collaboration and client communication.
• Slack : This collaboration tool offers real-time messaging, file sharing, and third-party integrations, helping keep your team coordinated and client projects organized.
• Asana : A robust project management tool, Asana helps you plan, organize, and track the progress of tasks. It boosts productivity by keeping everyone on the same page about project timelines and responsibilities.
• LastPass : As a password manager, LastPass securely stores and auto-fills passwords across your devices, reinforcing security practices in your IT consulting business.
• Zoho Assist : This cloud-based software provides remote support and access, including features like file transfer, instant chat, and multi-monitor navigation. It simplifies remote IT management, enhancing service responsiveness.

Market Trends in The IT Business

The IT industry is constantly evolving, shaped by technological advancements and shifts in business needs. Understanding these trends can help IT consulting businesses stay relevant and competitive.

Here are some current trends and future predictions:

• Artificial Intelligence (AI) and Machine Learning (ML): AI and ML continue to make significant strides, influencing everything from data analysis to customer service. Businesses are increasingly seeking IT consultants who can guide them in leveraging these technologies for improved efficiency and decision-making.
• Cybersecurity: As businesses become more digital, the need for robust cybersecurity measures increases. This trend is expected to continue, with demand for IT consultants with cybersecurity expertise likely to rise.
• Cloud Computing: The move towards cloud-based solutions is unabated. More businesses are realizing the cost, accessibility, and scalability benefits of the cloud, which presents opportunities for IT consultants proficient in various cloud technologies.
• Remote Work Technologies: The shift towards remote work driven by the pandemic has emphasized the need for reliable, secure remote work technologies. IT consultants knowledgeable in this area are in high demand.
• Data Privacy and Ethics: As businesses collect more data, there’s increased focus on privacy regulations and ethical data handling. IT consultants offering guidance in these areas will be increasingly sought after.
• Sustainability and Green IT: With growing concern for the environment, businesses are looking for ways to reduce their carbon footprint, leading to an increased demand for green IT strategies and solutions.

Building a Profitable Consulting Business

Transforming your IT consulting firm into a profitable business involves a blend of strategic planning, financial management, and quality service delivery.

Here are some strategies and best practices to consider:

• Identify Your Niche: Specializing in a particular IT sector can allow your firm to become a go-to expert, command higher fees, and differentiate yourself from competitors.
• Prioritize High-Value Clients: Targeting clients who value and are willing to pay for premium IT consulting services can significantly increase profitability.
• Upsell and Cross-Sell: Offer additional valuable services to your existing clients. A satisfied client is more likely to purchase additional services when they’re presented as ways to solve their business problems.
• Streamline Your Operations: Use IT management tools and methodologies to enhance operational efficiency. Automating routine tasks can help reduce costs and free up your time to focus on high-value activities.
• Leverage Digital Marketing: A well-optimized website, engaging social media presence, and strategic SEO can attract potential clients. Effective online visibility can lead to increased inquiries and higher conversion rates.
• Establish a Referral Program: Encourage satisfied clients to refer others by offering them incentives. This can be a cost-effective way to acquire new business.
• Continual Learning and Improvement: Stay updated with the latest trends and technologies in IT. This not only enhances your consulting service offerings but also increases your value proposition to clients.
• Optimize Your Pricing Strategy: Ensure your pricing reflects the value you provide and covers your costs. Regularly review your pricing strategy to accommodate changes in the market and your business costs.

Strategies for Profit Maximization

Establishing an IT consulting business with high profitability requires a strategic approach to operational efficiency, marketing, and service delivery.

Here are a few strategies for maximizing your profits:

• Develop Proprietary Technologies: Creating proprietary software or hardware solutions exclusive to your firm can attract clients seeking unique, customized solutions. This approach can boost profitability due to the premium attached to these exclusive offerings.
• Offer Consultation Packages: Rather than charging per hour or project, consider providing clients with comprehensive consultation packages. This can enhance revenue predictability and improve client retention.
• Partner with Other IT Businesses: Strategic partnerships with other IT businesses can create mutual referral systems, increase your service offerings, and enable resource sharing, all of which can contribute to increased profitability.
• Enter New Markets: Expanding your firm’s reach to new geographical markets or industries can increase your potential client base and revenue. Digital technologies make it easier to provide consulting services globally.
• Implement Performance-Based Pricing: Tying a portion of your fees to the results you achieve for clients can justify higher prices, particularly if your solutions lead to significant client cost savings or revenue increases.
• Diversify Your Income Streams: Look for opportunities to diversify. This could involve offering new services, creating digital products related to your field of expertise, or even offering training and workshops.

Case Studies of Successful IT Consulting Businesses

Examining successful IT consulting firms can provide valuable insights into effective strategies for achieving profitability and growth. Let’s look at a few examples:

• Accenture : As a global IT consulting powerhouse, Accenture leverages diverse service offerings to achieve profitability. Its broad array of services, from strategy and consulting to technology and operations services, allows it to cater to a wide range of client needs. This comprehensive approach helps Accenture attract large, high-value projects.Key Strategy: Offering diverse, comprehensive services can attract larger clients and projects, leading to increased profitability.
• IBM Global Business Services : IBM’s consulting division profits from its integration with the broader IBM ecosystem. It frequently implements IBM technologies in its consulting projects, increasing demand for these products and creating a symbiotic relationship between the two.Key Strategy: Developing or leveraging proprietary technologies can create unique, high-value service offerings, enhancing profitability.
• Slalom: This US-based IT consulting company has achieved success by focusing on local markets. Slalom operates through local teams that build strong relationships with local businesses, providing on-site consultants who understand their clients’ specific needs and contexts.Key Strategy: Building strong local relationships can lead to repeat business and client loyalty, both of which are profitable in the long term.
• Infosys Consulting : Infosys found success by specializing in cost-effective IT solutions. Their strategic focus on efficiency and affordability helped them attract a vast array of clients seeking to optimize their IT expenditures.Key Strategy: Positioning your services to cater to a specific market need, such as cost efficiency, can help you attract a dedicated client base and maintain steady profitability.

FAQs: How to Start an IT Consulting Business

How much capital do i need to start an it consulting business.

The initial capital required to start a consulting business can vary greatly, depending on the business model. An IT consulting business can start on a lean budget, especially if it’s home-based and has few employees. Direct expenses include marketing, professional certifications, website development, and operational costs.

How can I differentiate my IT consulting business from competitors?

Differentiation comes from creating unique value. You could specialize in a niche area of IT, develop proprietary methodologies or technologies, or offer superior customer service. Building a strong personal brand through thought leadership, like writing articles or hosting webinars, can also set you apart.

What are some common challenges in starting an IT consulting business and how can I overcome them?

Acquiring new clients, keeping up-to-date with rapid IT changes, and maintaining a steady cash flow are common challenges. Effective networking, continuous learning and professional development, and careful financial planning are solutions. You might also consider a mentor or joining professional groups for support and advice.

How long does it take to start making a profit in an IT consulting business?

The time to profitability can vary widely. It depends on factors such as initial investment, operating expenses, your pricing strategy, and how quickly you can attract clients. Generally, it might take several months to a year to start generating a steady profit, but this can vary based on your individual circumstances. IT consulting often falls under the umbrella of businesses you can start with $1,000 or less. So if you can stick to a minimal investment, you may turn a profit quickly.

How do I Become an IT Consultant?

Starting as an IT consultant generally requires a combination of education (often a degree in IT or a related field), relevant work experience, and professional IT certifications. Soft skills, like communication and problem-solving, are also important. Networking, understanding market needs, and maintaining up-to-date knowledge through ongoing learning are crucial for success. Once you have the necessary skills and experience, there are many ways to get a consulting job , including applying online, advertising your skills on freelance marketplaces, or networking with local business owners.

How much should I charge as an IT consultant?

As with many other service business ideas , setting competitive rates is one of the most important yet complicated steps. Rates can vary based on your expertise, project complexity, and market standards. Some consultants charge an hourly rate, others a project fee or a retainer. Researching what others in your field charge and understanding your own business costs and desired income can help you set appropriate rates.

How can IT consulting services benefit small businesses?

IT consulting can guide small businesses through digital transformation, helping them leverage technology for increased efficiency and competitiveness. Consultants provide expertise in areas like cybersecurity, software implementation, and IT strategy, which can lead to cost savings, risk reduction, and improved business operations.

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IT Consulting Business Plan Template

Published Dec.13, 2021

Updated Apr.23, 2024

By: Jakub Babkins

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Table of Content

Do you want to start an IT Consulting business plan?

Do you want to start an IT consulting business? It’s a great idea If you are thinking about it, especially if you want to start a small but profitable business. It requires fundamental knowledge of IT and an understanding of customer dealing. And you can start it on your own or with a small team too.

Even though it is a relatively simple business to start, you should still use a business plan for IT consulting as a guiding tool. It is a significant step when you wonder how to start an IT consulting business. Business plans are always helpful even if you’re reading a sample life coaching business plan .

So, it’s up to you. Either hire business plan writing services or write your own business plan using this document as a guide.

Executive Summary of IT Consulting Firm

2.1 the business.

Hampton’s IT Consulting will be an IT consulting startup owned by Ruby Hampton. The company will provide IT consultation services in and around the Brooklyn area. It will offer a wide variety of services ranging from simple consultations to system development, implementation and management.

2.2 Management of IT Consulting Company

Ever wondered how to start your own IT consulting business? The best start is to read a lot of business plans for IT consulting and then develop one of your own. The best business plan strategy ensures success with adequate human and technical resources planning.

So, if you want to do IT consulting for small business, you need to go through the trouble of writing a business plan like this one.

2.3 Customers of IT Consulting Company

To start a IT consulting business, you need to identify your customers. Our customers will come from all walks of life:

• Small and Large Businesses
• Government Facilities
• Educational Facilities
• Small and Large Stores

2.4 Business Target

Our target is to become the most trusted and demanded consulting company in Brooklyn for customers who need help achieving their business goals through IT.

We want to achieve the below-mentioned financial targets for the first two years of our launch:

Company Summary of IT Consulting Firm

3.1 company owner.

Ruby Hampton will be the owner of Hampton’s IT Consulting. Ruby completed her Master’s in IT about two years back. Afterwards, she worked for an IT consultation company in Manhattan. After that, she left the job to start her own endeavour in the field.

3.2 Why the IT Consulting company is being started

Ruby noticed that many businesses around her Brooklyn hometown were struggling to make adequate use of their IT resources for improving their work. She realized that she could use her knowledge and experience to improve the functions of businesses in Brooklyn. And so, she decided to start her own IT consulting firm.

3.3 How the IT Consulting company will be started

Step1: Plan Everything

The first step in learning how to start a IT consulting business of your own is to develop a business plan for IT consulting firm. To help you figure out how to set up an IT consulting business, we are providing a sample business plan here. Ruby decided to offer consultations services to every business under the sun, so you can use this plan for IT consulting business ideas for any business. You can also hire business plan experts to handle everything for you.

Step2: Define the Brand

You need to develop a brand for your business that can help you stand out. In this phase, you highlight your professional values and policies towards your customers to show your competitive advantage.

Step3: Establish Your Corporate Office

Ruby decided to rent out an office in a Brooklyn commercial building for starting the firm. But, first, she will put together a small team and procure the computing equipment needed.

Step4: Establish a Web Presence

Online advertisement is a huge part of the marketing of any business. Understanding this, Ruby decided to create social media profiles for her business and get a website developed. She expects that it will help her stay connected to her clients.

Step5: Promote and Market

In the final phase, a comprehensive marketing plan needs to be executed to promote the business.

Services of IT Consulting Firm

Before you start an IT consulting business company, you need to figure out what your services will be. That way, you can plan your business around these services you will provide to the customers.

A strong IT consulting business model contains detailed information about the services of an IT business consulting group.

Since Ruby decided to offer a wide variety of services, this IT consulting services business plan can be used as a reference for any business plan. Even a   private counseling practice business plan .

So if you want to start your own IT consulting business, you can take help from this document. Here, we are describing all the services offered by Hampton’s IT consulting briefly:

IT Infrastructure Planning

We will provide a basic infrastructure consultation service. In this service, we will analyze the client’s business requirements and provide them with a comprehensive plan to develop their infrastructure resources around their business.

Security Consulting

We will also offer security IT security consultation, which will include:

• Security Planning against future attacks
• Security reinforcements
• Development and Implementation of a Security System if required

Risk Assessment Analysis

Our firm will also provide analysis and risk assessment of the IT infrastructure of the business. The client can then avail of our resources further to alleviate the concerns uncovered by the analysis.

Disaster Recovery Planning

IT systems are prone to disasters. Our firm will ensure a system that can recover from any unexpected disaster at a quick pace so that our customers don’t have to face any troubles.

Marketing Analysis of IT Consulting Firm

When you want to start an IT consulting business or any other business, you should have a good idea of who your customer base and competition will be. This information is usually added as a part of IT consulting firm business plan for an IT firm or a business plan for business consulting .

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You can gain insights about your customers and competition through a marketing analysis. Any expert will tell you that marketing analysis is a crucial part of a business plan, let it be a sample IT consulting business plan or a mortgage business plan template .

In case you don’t know how to conduct marketing analysis, you can reach out to some IT business consulting experts. You can also use this document as a learning point for developing a business plan for IT consulting business software. Below, we have presented a detailed marketing analysis of Hampton’s IT Consulting Firm.

5.1 Market Trends

According to IBISWorld, the IT Consultation business in the US has a bold market share of $525.3 Billion. And as of 2021, it continues to grow at a rate of 2.4% every year. Taking a general view, the involvement of digital devices and systems is increasing day by day in every industry. As a result, businesses are looking for ways to shift their old infrastructures to the digital realm. It means that the demand for IT consultation services is not about to go down any time soon.

5.2 Marketing Segmentation

The expected customer base of Hampton’s IT Consulting is divided into the following groups:

Business plan for investors

5.2.1 government facilities.

The primary area of the shift to digital services is the government facilities. These facilities require a lot of assistance to shift their systems online or improve existing systems without affecting their operations too much. So they are expected to be our long time customers.

5.2.2 Small/ Large Businesses

Our second biggest customers will be the businesses that want to stay up-to-date with the newest technology. They are expected to utilize our services regularly as well.

5.2.3 Educational Facilities

Educational facilities also require developments in their IT systems quite regularly. So, they are also expected to use our services from time to time.

5.2.4 Commercial Stores of Every Scale

Last but not least, most retail stores are going online and need robust systems for that purpose. We expect to provide our services to these clients as well.

5.3 Business Target

• To become the most trusted IT consultation firm in all of Manhattan
• To increase the scale and reach of the business over the next five years
• To achieve a profit margin of $100k per month by the end of the second year
• To maintain customer satisfaction above 95%

5.4 Product Pricing

Our prices will be dependent on the range of services required by the customers. They will be along the same lines as the market standard. But we will maintain continuous communication with the clients to ensure satisfaction till the end.

Marketing Strategy of IT Consulting Firm

To start own IT consulting business, you need a solid marketing plan to stand out in the industry. To gain this prominence, and for marketing IT consulting business, you need to find promising areas of your businesses that will help customers recognize you as a better option.

Like a freelance business plan , you need to showcase your distinctions. In this IT consulting startup business plan, we are detailing a marketing plan for Hampton’s IT Consulting:

6.1 Competitive Analysis

• We have excellent customer care and support services. We will ensure to take feedback from our customers to improve our performance regularly.
• Our clients can reach us at any time through our contact, website or social media, and we will get back to them at the earliest possible time.
• We will not only implement systems but also guide our customers in how to use them. We will also offer standing support to help the clients whenever they need it.

6.2 Sales Strategy

• We will offer free maintenance and support to our recurring customers over two years.
• We will advertise our services through Google ads, word of mouth and social media.
• We will also offer discounts to our new customers.

6.3 Sales Monthly

6.4 Sales Yearly

6.5 Sales Forecast

Personnel plan of IT Consulting Firm

An IT consulting business proposal contains information about business personnel as well. This is because the success of a business is highly dependent on the workforce, especially for big IT consulting business names. Wanting to uphold these standards and to become a part of IT consulting business slogans, Ruby detailed the team requirements and selection criterion in the business plan:

7.1 Company Staff

• 1 Co Manager
• 6 IT Executives combined in 3 teams to handle client systems developments
• 1 Technician to upkeep the machinery
• 1 Web Developer/ Mobile App Developer to manage online sites
• 1 Sales Executive to organize and promote contracts
• 1 Accountant
• 1 Receptionist

7.2 Average Salary of Employees

Financial plan of it consulting firm.

The success of a business isn’t just ensured by sales. Every business needs a financial plan to make sure that the business is working on the correct route and providing a profit. A financial plan is as important to It consulting definition business as it is to a business plan for recruitment firm .

A financial plan doesn’t only help you in managing your expenses. It also helps to answer fundamental questions like how much does it cost to start a consulting business.

Here we’re providing the detailed financial plan of Hampton’s IT Consulting. You can get an idea of the business finances through this plan.

8.1 Important Assumptions

8.2 break-even analysis.

8.3 Projected Profit and Loss

8.3.1 profit monthly.

8.3.2 Profit Yearly

8.3.3 Gross Margin Monthly

8.3.4 Gross Margin Yearly

8.4 Projected Cash Flow

8.5 Projected Balance Sheet

8.6 business ratios.

How do I write a business plan for a consulting business?

A business plan is critical if you are wondering how do I start a consulting business. You can take help from this document for writing a consulting business plan.

What does an IT business consultant do?

An IT consultant has many job roles such as system development and implementation, maintenance, security and analysis of systems.

How much does it cost to start a IT consulting business?

The costs of starting an IT business depends on the scale of the business and requirements. But if you want to know how much does it cost to do a business plan, it generally ranges between $5k to $10k.

How do I start a computer consulting business?

If you want to start a computer consulting, you will need a computer consulting business plan. You can refer to this document for help in that matter.

Download IT Consulting Business Plan Sample in pdf

OGSCapital’s team has assisted thousands of entrepreneurs with top-rate business plan development, consultancy and analysis. They’ve helped thousands of SME owners secure more than $1.5 billion in funding, and they can do the same for you.

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What Is a Business Plan?

Understanding business plans, how to write a business plan, common elements of a business plan, how often should a business plan be updated, the bottom line, business plan: what it is, what's included, and how to write one.

Adam Hayes, Ph.D., CFA, is a financial writer with 15+ years Wall Street experience as a derivatives trader. Besides his extensive derivative trading expertise, Adam is an expert in economics and behavioral finance. Adam received his master's in economics from The New School for Social Research and his Ph.D. from the University of Wisconsin-Madison in sociology. He is a CFA charterholder as well as holding FINRA Series 7, 55 & 63 licenses. He currently researches and teaches economic sociology and the social studies of finance at the Hebrew University in Jerusalem.

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A business plan is a document that details a company's goals and how it intends to achieve them. Business plans can be of benefit to both startups and well-established companies. For startups, a business plan can be essential for winning over potential lenders and investors. Established businesses can find one useful for staying on track and not losing sight of their goals. This article explains what an effective business plan needs to include and how to write one.

Key Takeaways

• A business plan is a document describing a company's business activities and how it plans to achieve its goals.
• Startup companies use business plans to get off the ground and attract outside investors.
• For established companies, a business plan can help keep the executive team focused on and working toward the company's short- and long-term objectives.
• There is no single format that a business plan must follow, but there are certain key elements that most companies will want to include.

Investopedia / Ryan Oakley

Any new business should have a business plan in place prior to beginning operations. In fact, banks and venture capital firms often want to see a business plan before they'll consider making a loan or providing capital to new businesses.

Even if a business isn't looking to raise additional money, a business plan can help it focus on its goals. A 2017 Harvard Business Review article reported that, "Entrepreneurs who write formal plans are 16% more likely to achieve viability than the otherwise identical nonplanning entrepreneurs."

Ideally, a business plan should be reviewed and updated periodically to reflect any goals that have been achieved or that may have changed. An established business that has decided to move in a new direction might create an entirely new business plan for itself.

There are numerous benefits to creating (and sticking to) a well-conceived business plan. These include being able to think through ideas before investing too much money in them and highlighting any potential obstacles to success. A company might also share its business plan with trusted outsiders to get their objective feedback. In addition, a business plan can help keep a company's executive team on the same page about strategic action items and priorities.

Business plans, even among competitors in the same industry, are rarely identical. However, they often have some of the same basic elements, as we describe below.

While it's a good idea to provide as much detail as necessary, it's also important that a business plan be concise enough to hold a reader's attention to the end.

While there are any number of templates that you can use to write a business plan, it's best to try to avoid producing a generic-looking one. Let your plan reflect the unique personality of your business.

Many business plans use some combination of the sections below, with varying levels of detail, depending on the company.

The length of a business plan can vary greatly from business to business. Regardless, it's best to fit the basic information into a 15- to 25-page document. Other crucial elements that take up a lot of space—such as applications for patents—can be referenced in the main document and attached as appendices.

These are some of the most common elements in many business plans:

• Executive summary: This section introduces the company and includes its mission statement along with relevant information about the company's leadership, employees, operations, and locations.
• Products and services: Here, the company should describe the products and services it offers or plans to introduce. That might include details on pricing, product lifespan, and unique benefits to the consumer. Other factors that could go into this section include production and manufacturing processes, any relevant patents the company may have, as well as proprietary technology . Information about research and development (R&D) can also be included here.
• Market analysis: A company needs to have a good handle on the current state of its industry and the existing competition. This section should explain where the company fits in, what types of customers it plans to target, and how easy or difficult it may be to take market share from incumbents.
• Marketing strategy: This section can describe how the company plans to attract and keep customers, including any anticipated advertising and marketing campaigns. It should also describe the distribution channel or channels it will use to get its products or services to consumers.
• Financial plans and projections: Established businesses can include financial statements, balance sheets, and other relevant financial information. New businesses can provide financial targets and estimates for the first few years. Your plan might also include any funding requests you're making.

The best business plans aren't generic ones created from easily accessed templates. A company should aim to entice readers with a plan that demonstrates its uniqueness and potential for success.

2 Types of Business Plans

Business plans can take many forms, but they are sometimes divided into two basic categories: traditional and lean startup. According to the U.S. Small Business Administration (SBA) , the traditional business plan is the more common of the two.

• Traditional business plans : These plans tend to be much longer than lean startup plans and contain considerably more detail. As a result they require more work on the part of the business, but they can also be more persuasive (and reassuring) to potential investors.
• Lean startup business plans : These use an abbreviated structure that highlights key elements. These business plans are short—as short as one page—and provide only the most basic detail. If a company wants to use this kind of plan, it should be prepared to provide more detail if an investor or a lender requests it.

Why Do Business Plans Fail?

A business plan is not a surefire recipe for success. The plan may have been unrealistic in its assumptions and projections to begin with. Markets and the overall economy might change in ways that couldn't have been foreseen. A competitor might introduce a revolutionary new product or service. All of this calls for building some flexibility into your plan, so you can pivot to a new course if needed.

How frequently a business plan needs to be revised will depend on the nature of the business. A well-established business might want to review its plan once a year and make changes if necessary. A new or fast-growing business in a fiercely competitive market might want to revise it more often, such as quarterly.

What Does a Lean Startup Business Plan Include?

The lean startup business plan is an option when a company prefers to give a quick explanation of its business. For example, a brand-new company may feel that it doesn't have a lot of information to provide yet.

Sections can include: a value proposition ; the company's major activities and advantages; resources such as staff, intellectual property, and capital; a list of partnerships; customer segments; and revenue sources.

A business plan can be useful to companies of all kinds. But as a company grows and the world around it changes, so too should its business plan. So don't think of your business plan as carved in granite but as a living document designed to evolve with your business.

Harvard Business Review. " Research: Writing a Business Plan Makes Your Startup More Likely to Succeed ."

U.S. Small Business Administration. " Write Your Business Plan ."

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Consulting Business Plan: 5-Step Plan For A Successful Firm

If you want to start a consulting business , then you need to write your consulting business plan.

I’ve watched countless starry-eyed entrepreneurs “start” their business with a 50-100 page business plan.

They spend weeks — or even months — toiling away at their desk after their 9-5 detailing everything about their future business.

After they’ve written it, they beam with pride.

“This plan is the key to my success in consulting! With this plan, I can’t fail.”

Then, they take their plan out to the real world.

The real world isn’t as perfect and pretty when starting your business.

And that golden business plan? Well, it almost always doesn’t work the way they’d hoped.

All of the projections they made? Naw, not even close.

So they scurry back to their desk to revise the plan — and the cycle continues.

Here’s the truth about consulting business plans…

You don’t need a long, complex business plan.

If your business plan is more than 5 pages, every extra page you write is almost certainly wasting your time.

All you need is a 1-3 page document to cover the foundations of your business.

By the end of this post, you’ll write your 5-part entrepreneurial consulting business plan — and have everything you need to start a successful consulting business.

Let’s begin with the first part: your consulting business model.

1. Consulting Business Model

• “What kind of consulting business do you want to build?”

That’s the first question you want to answer for your consulting business plan.

Understand what type of business you want to build first before you start building it.

Six-Figure Blueprint

That way, you’re building a business to support your lifestyle and not the other way around.

At Consulting Success®, we believe that your business shouldn’t consume your life .

Your consulting business should enrich your life and create a fulfilling lifestyle for you and your family.

For your consulting business model, you have 4 options:

1. Solo Model : The classic independent consultant . Your business is just you (and maybe a few contractors). From delivering projects to marketing and sales, you are responsible for every part of the business.

(To see the pros and cons of each model, see our post on The 3 PROVEN Consulting Business Models .)

2. Firm Model : The typical large consulting firm. Your firm consists of consultants, associations, junior and senior people. Your role starts off as doing a bit of everything — but eventually, your role becomes hiring, training, and managing your team.

3. Productized Model : This model comes out of one of the above models. You identify a particular problem your clients have, and you build your business around solving that problem with a focus on efficiency. This model is all about systems, efficiency, and scale.

4. Hybrid Model : The hybrid model is a mix of the models above. For example, you might offer a productized consulting offer — but also do some solo custom consulting. Once you’ve mastered one of these models, the hybrid model helps you add new products and services to create more revenue.

Pick one of the models above. If you’re unsure about which one to use, start with the solo model. You can always change it in the future. Chances are, your business will evolve in the future anyways.

With your consulting business model selected, let’s move to the next part of your consulting business plan — clarity around your ideal client.

For every hour you spend on planning, you should spend 4 hours on putting your plan into action.

2. Ideal Client Clarity

• “Who is the ideal client my consulting business will serve?”

That’s the second question you’ll answer with your consulting business plan.

This is all about how you’re going to specialize .

As an entrepreneurial consultant, specialization is crucial.

You can’t offer everything to anybody.

You’ll have to begin by choosing a specific type of client to serve — your niche.

A niche is a certain subset of people whom you might potentially serve — SaaS companies, manufacturing, pharmaceuticals, etc.

To find your ideal client, you’ll have to test out different niches.

This is why we teach the Niche Scoring Method in our Clarity Coaching Program .

Using this scorecard, you score each potential niche from 1 to 5 based on the following factors:

• EXPERIENCE . How would you rate your experience with this niche?
• EXPERTISE . How would you rate your status as an expert within this niche?
• RESULTS . How would you rate your confidence that you can deliver results for this niche?
• POTENTIAL . How would you rate this niche’s growth and how willing they are to hire consultants?
• INTEREST . How would you rate your interest in this niche?
• ACCESS . How would you rate your ability to speak with ideal clients in this niche?

In the Clarity Coaching Program for Consultants , we also teach you about the different layers of specialization, how to find and validate your ideal client’s potential, how to do outreach to potential clients, and more.

By going through these exercises, you’ll figure out which niche is best for you to start with.

Picking a niche and defining your ideal client is the foundation on which you’ll build your business — and get clients.

You shouldn’t move on with your consulting business plan until you’ve defined your ideal client.

Once you’ve done that, you can move on to the next part: Magnetic Messaging.

3. Magnetic Messaging

• “What message will get my ideal client’s attention?”

That’s the third question you’ll answer on your consulting business plan.

You’ve picked your business model.

You’ve defined your ideal client.

Now, you’ll write a message designed to get your ideal client’s attention.

We’ve created a formula to make writing this message as simple as possible: Magnetic Messaging.

Here’s the formula:

I help [WHO] to [solve WHAT problem] so they can [see WHAT results]. My [WHY choose me]…

Let’s break each part of the formula down.

• WHO : Who you serve.
• WHAT (Problem): What problem you solve for them.
• WHAT (Result): What result you create for them.
• WHY : Why they should choose you.

Why does this message grab your ideal client’s attention?

• It speaks to who they are.
• It mentions what problem they have.
• It showcases what result they can get.
• It differentiates you from others who might provide a similar service.

When your message contains these 4 elements, it will draw interest from your ideal clients. They’ll want to learn more.

They’ll browse your marketing materials, read your articles, sign up for your email list, and reach out to you for conversations.

Effective messaging is the foundation of your marketing: what you communicate to the marketplace to get your ideal client’s attention.

You won’t write the perfect message on your first try.

But you do need to write a first draft — and actually put it to work in the marketplace.

Once you’ve written down your first magnetic message, it’s time to start planning your strategic offer.

4. Strategic Offers

• “What can I offer my ideal client — and at what price point?”

That’s the 4th question you’ll answer on your consulting business plan.

With clarity around your ideal client and a message that grabs their attention…

…you must create an offer — a service — that solves their problems and gets them the result that they want.

The classic custom consulting service is the “full engagement.”

After you engage in a meaningful sales conversation with your prospective client, you’ll send them a consulting proposal .

In your proposal, instead of including one option, you’ll include three:

Option 1 – $

• Basic offer
• Minimum effort required
• Provides value
• Lowest investment

Option 2 – $$

• Help them reach results quicker than option 1
• Provides more value than option 1 (ideally, without having to spend more time)
• Higher investment

Option 3 – $$$

• If money isn’t an issue
• Best results
• Shortest time to result
• Highest investment

Map out the different options you’ll offer your prospects.

Take a look at the marketing consulting example below for an idea of how the 3 different options might look:

However, we recommend you start with a discovery offer .

A discovery offer is a smaller service (priced at $1.5K to $15K). You design it to get your client a quick, low-risk win.

Your discovery offer helps get your “foot in the door” with the client. Once you get them that quick, low-risk win, they’ll trust your expertise. This will open the door for larger projects with the same client.

Discovery offers are easier to sell, create, and deliver.

Here’s our discovery offer checklist:

• Align with what the buyer wants
• Is a logical first step
• Leads to the next steps
• Ranges between $1.5K to $15K
• Provides tangible benefits (growth, clarity, etc)

Of course, you’ll also have to set your consulting fees .

You can use the hourly method, the fixed-rate method, the value-based method , or the retainer method.

Pricing is an incredibly complex and deep topic. But you’ll have to pick a price to start with and adjust it based on the feedback you get.

Never sell yourself short. Remember: pricing is marketing. If you can deliver your clients results, then charge what you’d feel good about.

Once you’ve mapped out your 3 engagement options and a discovery offer, you’re ready to take your offers to the marketplace — and start winning consulting business.

5. Marketing Engine/Sales Pipeline

• “How am I going to create conversations with my ideal client?”

This is the final question you’ll answer on your consulting business plan.

And it’s where you start to see real results: winning clients, delivering projects, and earning revenue.

However, according to our How To Become A Consultant Study , marketing and sales are where consultants struggle the most.

Your Marketing Engine is what you’re doing every day to get in front of your ideal clients.

Your Sales Pipeline organizes all of the leads who come into contact with you.

Let’s start with your pipeline.

Your pipeline is organized into 6 columns:

• LEAD . You’ve identified the prospective client and have begun reaching out to them to set-up a conversation.
• CONVERSATION . You’ve had a sales conversation with the prospective client.
• PROPOSAL . You’ve sent a proposal to the prospective client.
• WIN . The prospective client has accepted your proposal and you won the business.
• LOSS . The prospective client has declined your proposal and you lost the business.
• NURTURE . Most people you reach out to won’t be ready to buy or make a decision right away. In fact, even people who say ‘No’ to a proposal now, may buy from you later as long as you stay top of mind through your nurture process.

All of your prospective clients fit into one of these 6 categories.

Using a CRM to create and organize this pipeline will help you organize your marketing and sales efforts.

Marketing is what fills up your “lead” column.

Without marketing, you won’t have any leads. And without leads, you won’t have the chance to win new business.

We organize marketing for consultants in 3 different categories:

• Outreach: Reaching out to your ideal clients to initiate conversations.
• Follow-Ups: Following up with your ideal clients to initiative conversations.
• Authority Building : Creating content for your ideal clients that demonstrates your expertise and adds value — and helps create conversations.

A basic Marketing Engine will have you doing a mix of these different methods every day.

Every day, you want to be reaching out to new clients, following up with your leads, and creating content that demonstrates your expertise and adds value.

The type of marketing you focus on also depends on the stage of your business .

If you’re a newer consultant, you’ll rely more on outreach. You don’t have as much of an audience for authority content to work yet.

But if you’re a later-stage consultant, you’ll rely more on content. Your content and consulting website has a farther reach, and can generate leads at scale.

For your business plan, focus on setting up a pipeline that is easy to track, and creating the right marketing habits to fill up your leads column.

At this stage, your plan is done.

It’s time to start taking action.

Imperfect Action: Write Your Entrepreneurial Consultant Business Plan

By answering these 5 questions…

…you’ll write a consulting business plan that enables you to take action.

We’ve included dozens of articles, case studies , and guides on how to answer these 5 questions.

However, in consulting, execution is more important than your plan.

So, use our resources to help answer these 5 questions — and go build your consulting business.

Ready to Take Your Consulting Business to the Next Level?

Apply to join our Clarity Coaching Program , the place where dedicated consultants go to get a personalized plan, strategy, coaching and support to grow a successful consulting business.

If you’re committed and serious about growing your consulting business, then this customized coaching program is for you.

We’ll work hands on with you to develop a strategic plan and then dive deep and work through your ideal client clarity, strategic messaging, consulting offers, fees, and pricing, business model optimization, and help you to set up your marketing engine and lead generation system to consistently attract ideal clients.

Schedule a FREE growth session today to apply for our limited-capacity Clarity Coaching Program by clicking here .

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BUSINESS STRATEGIES

How to create a consultant business plan

• Nirit Braun
• Oct 30, 2023
• 12 min read

When launching your consulting business, one of the essential first steps is crafting a well-structured and detailed business plan. Your consulting business plan is like a strategic playbook that lays out your goals, tactics and financial projections. It not only steers you toward success but also equips you to adapt and thrive in the dynamic world of consulting.

Keep reading for tips on how to build a strong business plan for your business. Use the template provided at the end to get started on your own plan.

Looking to kick off your consultancy business? Create a business website today with Wix.

Why create a consultant business plan? Top benefits to consider

A business plan forces entrepreneurs to thoroughly evaluate their business idea, target audience and competitive landscape. This process clarifies their vision and mission, ensuring that they have a clear understanding of how their consultancy will provide value to clients. A business plan helps you in the following ways:

Create a business blueprint : With a business plan in place, entrepreneurs looking to start a business can make informed decisions based on a solid foundation of research and analysis. They can choose the most effective strategies for marketing, pricing and service delivery, enhancing their chances of success. Your business plan can also be used to explain what type of business you'll start - whether that's an LLC, Corporation or something else. Learn more about how to start an LLC .

Secure funding : The cost to start a consultancy business can range from around $60 to several thousand dollars . For those seeking external funding, a well-developed business plan demonstrates credibility and professionalism. Investors and lenders are more likely to support a venture with a thought-out plan that showcases its potential for growth and profitability.

Set measurable goals : A business plan sets measurable goals and performance metrics, which is vital with this type of business . This allows entrepreneurs to track their progress, adapt strategies as needed and celebrate milestones along the way.

Want to remind yourself of the basics? Learn more about how to start a service business .

How to create a successful consultant business plan in 6 steps

In this section, we'll break down the key components involved in crafting a successful consultant business plan in six steps.

Executive summary

Business and domain names

Market analysis and research

Operations plan

Marketing and advertising plan

Financial plan

01. Executive summary

An executive summary serves as a concise overview of the consultant's business plan, providing a snapshot of the key components and the business' essence. It's usually the first section investors, lenders and stakeholders read, so it must encapsulate the business' value proposition, objectives, strategies and projected growth. To write a clear executive summary for a consultant business make sure to keep it succinct yet informative. Clearly state the purpose of the business, the services offered, the target market and the unique value proposition. Avoid technical jargon that may confuse readers.

Then you can mention the business' strengths, such as the expertise of the consultants, unique methodologies or specialized services. Emphasize factors that set your consultancy apart from competitors.

Briefly discuss the market need for your services and how your consultancy plans to fulfill it. It’s worth noting that strategy and management consulting, as well as technology consulting, financial consulting and HR consulting are in high demand . Highlight any trends or changes in the industry that your business can capitalize on.

Remember to include a snapshot of your financial projections, indicating expected revenue, costs and profitability. This provides a glimpse into the business' potential financial success.

Example of an executive summary for a consultant business

"XYZ Consulting is a boutique consultancy firm specializing in digital transformation for small and medium-sized enterprises (SMEs). With a team of seasoned professionals, we offer tailored solutions to help businesses harness the power of technology for growth. Our unique approach blends strategic consulting with hands-on implementation, ensuring tangible results. In a rapidly evolving tech landscape, XYZ Consulting is poised to be the partner SMEs need to thrive. Our financial projections forecast a steady growth trajectory, with a focus on achieving profitability within the first two years. With a proven track record and a finger on the pulse of industry trends, XYZ Consulting is well-equipped to guide businesses toward digital success."

02. Business and domain names

Knowing how to name a business is crucial for a consultancy venture and a key step before you register your business . It's the foundation of your brand and influences how clients perceive your services. With Wix , you can use a free business name generator or consulting company name generator as helpful tools for brainstorming unique and memorable names. Ensure the name reflects your expertise and the services you offer.

Similarly, the domain name for your business website is vital. It should be easy to remember, relevant to your services and ideally, match your company name. Check the domain's availability using domain registration platforms. Ensure the domain name aligns with your consultancy's focus and services. Generally, this means keeping it short and easy to spell and pronounce.

Learn more: How to make a consulting website

03. Market analysis and research

Incorporating a thorough market analysis within your consultant business plan is essential. Understand the competitive landscape, target audience and market trends. Research your competitors' strengths and weaknesses, pricing strategies and client base. This information will shape your business strategies and help you identify gaps in the market that your consultancy can fill.

04. Operations plan

The operations plan outlines the logistical aspects of your consultancy. It covers location, premises, equipment and staffing requirements. Determine whether your consultancy will be home-based, have a physical office or operate virtually. Define the equipment and software needed to deliver services effectively. Outline your staffing needs, including the roles and expertise required.

05. Marketing and advertising plan

Your marketing and advertising plan outlines how you will promote your consultant business. Identify the most effective strategies to reach your target audience. Consider content marketing, social media campaigns, networking events and speaking engagements to showcase your expertise. Emphasize how your marketing efforts will build brand awareness and attract clients.

You’ll need to develop a suite of brand assets to use in your marketing as well, starting with a company logo. You can use a free logo maker to get a professional logo in minutes.

06. Financial plan

The financial plan is a critical component of any business plan. It outlines how you will raise money for your business initially and provides a timeline for reaching profitability. Detail your startup costs, including equipment, marketing expenses and personnel. Present your revenue projections, taking into account different pricing models and growth scenarios. Highlight your break-even point and the strategies you'll employ to achieve profitability.

By addressing each part of their plan, entrepreneurs can create a robust business plan that guides them toward achieving their business goals and building a reputable consulting brand.

Consultant business plan examples

These templates illustrate two hypothetical consultant business plans, each tailored to a specific niche. These are just templates and should be adapted to your specific business goals and industry dynamics.

Consultant business plan template 1: XYZ Digital Consultants

XYZ Digital Consultants is a pioneering consultancy firm focused on digital transformation for businesses seeking to thrive in the digital age. Our team of experienced professionals offers strategic guidance and hands-on implementation to drive growth through technology adoption. With projected profitability within two years and a commitment to excellence, XYZ Digital Consultants is poised to lead businesses into a successful digital future.

Company and domain name

Company name: XYZ Digital Consultants

Domain name: xyzdigitalconsultants.com

Market opportunity: The rapid shift toward digital operations has created a substantial demand for expert guidance. Our analysis reveals a gap in the market for holistic digital transformation solutions tailored to the needs of SMEs.

Competitor research: We've identified key competitors and their strengths, which informs our strategy to emphasize personalized service and comprehensive implementation.

Location: Primarily virtual, with occasional in-person consultations as needed.

Premises: Home-based setup with access to modern communication tools.

Equipment: High-speed internet, latest software tools and virtual meeting platforms.

Staffing: Founder and lead consultant, supported by contract specialists as projects demand.

Content marketing: Regular blog posts on digital transformation trends, case studies and client success stories.

Social media campaigns: Active presence on LinkedIn and X to engage with potential clients and share valuable insights.

Networking events: Participation in industry webinars, seminars and local business events to showcase expertise.

Speaking engagements: Leveraging speaking opportunities at conferences and workshops to establish authority in the field.

Startup costs (equipment, website development, marketing materials): $15,000

Revenue projections (year one): $150,000

Revenue projections (year two) : $300,000

Break-even point: Achieved by the end of year one

Funding: Initial investment and savings from the founder

Consultant business plan template 2: LeadersEdge Consultants

LeadersEdge Consultants is a dynamic consultancy dedicated to leadership development and organizational excellence. Our experienced team offers customized programs that empower leaders to drive positive change. With a projected growth trajectory and a commitment to fostering impactful leadership, LeadersEdge Consultants is poised to transform organizations and elevate their success.

Company name: LeadersEdge Consultants

Domain name: leadersedgeconsultants.com

Market opportunity: Our analysis reveals a growing need for leadership development programs in diverse industries.

Competitor research: We've identified competitors' offerings and recognized an opportunity to provide a unique blend of coaching, training and strategy implementation.

Location: Virtual consultations, with the option for on-site workshops

Premises: Virtual office setup with video conferencing capabilities

Equipment: High-quality audiovisual tools, assessment software and learning platforms

Staffing : Founder will serve as the lead consultant, supported by certified leadership coaches

Customized workshops: Designing tailored leadership development programs for individual organizations.

Webinars: Hosting webinars on leadership best practices to showcase expertise and engage potential clients.

Thought leadership content: Publishing whitepapers, eBooks and video content on leadership topics.

Collaborations: Partnering with HR and talent development professionals to expand reach.

Startup costs ( making a website , training materials) : $10,000

Revenue projections (year one): $120,000

Revenue projections (year two): $250,000

Break-even point: Achieved within the first six months

Funding: Initial investment from the founder.

How much should you be charging as a consultant?

The amount you charge as a consultant will depend on a number of factors, including:

Your experience and expertise

The type of consulting services you offer

The value you provide to your clients

The market rate for consulting services in your field

In general, consultants charge between $100 and $500 per hour. However, some experienced and highly specialized consultants can charge upwards of $1,000 per hour.

To determine your consulting rate, you can use the following formula:

Consulting rate = Hourly rate * Value multiplier

Your hourly rate should reflect your experience and expertise, as well as the type of consulting services you offer. For example, if you have 10 years of experience and you offer specialized consulting services, you can charge a higher hourly rate than a consultant with less experience and who offers more general consulting services.

Your value multiplier should reflect the value you provide to your clients. For example, if you can help your clients to achieve significant results, you can charge a higher value multiplier.

Here is an example of how to use the formula:

Consultant: Experienced consultant with 10 years of experience offering specialized consulting services

Hourly rate: $200 per hour

Value multiplier: 2

Consulting rate: $200 per hour * 2 = $400 per hour

Can a consulting business be profitable?

Yes, a consulting business can be profitable. In fact, consulting is one of the most profitable industries in the world. According to a report by IBISWorld, the average profit margin for consulting businesses is 20%. This means that for every $100 in revenue, consulting businesses generate $20 in profit.

There are a number of factors that contribute to the profitability of consulting businesses. First, consultants are able to charge high fees for their services. Second, consulting businesses have relatively low overhead costs. Third, the demand for consulting services is high, and it's only expected to grow in the coming years.

Of course, not all consulting businesses are successful. Some consultants struggle to find clients or to charge high enough fees. Others may not be able to deliver the results that their clients expect. However, for consultants who are able to overcome these challenges, the potential rewards are great.

Here are some tips for increasing your chances of success as a consultant:

Specialize in a high-demand area of consulting. This will allow you to charge higher fees and attract more clients.

Build a strong reputation and network of clients. This will help you to generate word-of-mouth referrals and land new clients.

Market your services effectively. Make sure that potential clients know about your services and how you can help them.

Deliver high-quality results. This is the most important thing you can do to ensure that your clients are satisfied and that they continue to use your services in the future.

How much does it cost to start a consulting business?

The cost to start a consulting business can vary depending on a number of factors, such as the type of consulting services you offer, the size of your business and your location. However, in general, you can expect to spend between $10,000 and $50,000 to start a consulting business.

Here is a breakdown of some of the typical start-up costs for a consulting business:

Business formation: $100 to $1,000

Website and domain name: $100 to $2,500

Marketing and advertising: $500 to $5,000

Office equipment and supplies: $500 to $5,000

Professional liability insurance: $500 to $1,000

Other miscellaneous expenses: $500 to $5,000

Total start-up costs: $10,000 to $50,000

You can reduce your start-up costs by working from home, using free or low-cost marketing tools and purchasing used equipment. You can also start your consulting business part-time while you continue to work your full-time job. This will give you a chance to generate revenue and build a client base before you leave your full-time job.

If you need financial assistance to start your consulting business, you may be able to qualify for a loan from a bank or credit union. You may also be able to find investors who are willing to invest in your business.

Which clients to avoid and which to take on?

Here are some tips on which clients to avoid and which to take on in a consulting business:

Clients to avoid

Clients who aren't willing to pay your rates. If a client isn't willing to pay your rates, it's a sign that they don't value your services.

Clients who are unrealistic about their expectations. If a client has unrealistic expectations about what you can achieve, you're likely to set yourself up for failure.

Clients who are difficult to work with. If a client is demanding, rude or disrespectful, it's best to avoid them.

Clients who aren't a good fit for your business. If a client isn't in your target market or if their business isn't aligned with your values, it's best to decline working with them.

Clients to take on

Clients who are willing to pay your rates. This shows that they value your services and are committed to working with you.

Clients who have realistic expectations. This makes it more likely that you will be able to meet their needs and exceed their expectations.

Clients who are easy to work with. This will make the consulting process more enjoyable and productive for both of you.

Clients who are a good fit for your business. This means that they're in your target market and that their business is aligned with your values.

In addition to the above, here are some other factors to consider when deciding which clients to take on:

Your own skills and experience. Make sure that you have the skills and experience to help the client achieve their goals.

The client's budget. Make sure that the client has a budget that's sufficient to cover your fees.

The client's timeline. Make sure that you have the time and resources to meet the client's timeline.

Your gut feeling. If you have a bad feeling about a client, it's best to trust your gut and decline working with them.

It's important to be selective about the clients you take on. By avoiding difficult clients and focusing on good-fit clients, you can set yourself up for success in your consulting business.

Consultant business plan FAQ

What qualifies you as a consultant.

To qualify as a consultant, you need to have the expertise and experience in the area that you're consulting in. You also need to be able to communicate your ideas effectively and build relationships with clients.

How do you start off as a consultant?

How to make 6 figures as a consultant, how do you pay yourself as a consultant, do consultants pay their own taxes, want to create another business plan.

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What is a Business Plan? Definition, Tips, and Templates

Published: June 07, 2023

In an era where more than 20% of small enterprises fail in their first year, having a clear, defined, and well-thought-out business plan is a crucial first step for setting up a business for long-term success.

Business plans are a required tool for all entrepreneurs, business owners, business acquirers, and even business school students. But … what exactly is a business plan?

In this post, we'll explain what a business plan is, the reasons why you'd need one, identify different types of business plans, and what you should include in yours.

What is a business plan?

A business plan is a documented strategy for a business that highlights its goals and its plans for achieving them. It outlines a company's go-to-market plan, financial projections, market research, business purpose, and mission statement. Key staff who are responsible for achieving the goals may also be included in the business plan along with a timeline.

The business plan is an undeniably critical component to getting any company off the ground. It's key to securing financing, documenting your business model, outlining your financial projections, and turning that nugget of a business idea into a reality.

What is a business plan used for?

The purpose of a business plan is three-fold: It summarizes the organization’s strategy in order to execute it long term, secures financing from investors, and helps forecast future business demands.

Business Plan Template [ Download Now ]

Working on your business plan? Try using our Business Plan Template . Pre-filled with the sections a great business plan needs, the template will give aspiring entrepreneurs a feel for what a business plan is, what should be in it, and how it can be used to establish and grow a business from the ground up.

Purposes of a Business Plan

Chances are, someone drafting a business plan will be doing so for one or more of the following reasons:

1. Securing financing from investors.

Since its contents revolve around how businesses succeed, break even, and turn a profit, a business plan is used as a tool for sourcing capital. This document is an entrepreneur's way of showing potential investors or lenders how their capital will be put to work and how it will help the business thrive.

All banks, investors, and venture capital firms will want to see a business plan before handing over their money, and investors typically expect a 10% ROI or more from the capital they invest in a business.

Therefore, these investors need to know if — and when — they'll be making their money back (and then some). Additionally, they'll want to read about the process and strategy for how the business will reach those financial goals, which is where the context provided by sales, marketing, and operations plans come into play.

2. Documenting a company's strategy and goals.

A business plan should leave no stone unturned.

Business plans can span dozens or even hundreds of pages, affording their drafters the opportunity to explain what a business' goals are and how the business will achieve them.

To show potential investors that they've addressed every question and thought through every possible scenario, entrepreneurs should thoroughly explain their marketing, sales, and operations strategies — from acquiring a physical location for the business to explaining a tactical approach for marketing penetration.

These explanations should ultimately lead to a business' break-even point supported by a sales forecast and financial projections, with the business plan writer being able to speak to the why behind anything outlined in the plan.

Free Business Plan Template

The essential document for starting a business -- custom built for your needs.

• Outline your idea.
• Pitch to investors.
• Secure funding.
• Get to work!

You're all set!

Click this link to access this resource at any time.

Free Business Plan [Template]

Fill out the form to access your free business plan., 3. legitimizing a business idea..

Everyone's got a great idea for a company — until they put pen to paper and realize that it's not exactly feasible.

A business plan is an aspiring entrepreneur's way to prove that a business idea is actually worth pursuing.

As entrepreneurs document their go-to-market process, capital needs, and expected return on investment, entrepreneurs likely come across a few hiccups that will make them second guess their strategies and metrics — and that's exactly what the business plan is for.

It ensures an entrepreneur's ducks are in a row before bringing their business idea to the world and reassures the readers that whoever wrote the plan is serious about the idea, having put hours into thinking of the business idea, fleshing out growth tactics, and calculating financial projections.

4. Getting an A in your business class.

Speaking from personal experience, there's a chance you're here to get business plan ideas for your Business 101 class project.

If that's the case, might we suggest checking out this post on How to Write a Business Plan — providing a section-by-section guide on creating your plan?

What does a business plan need to include?

• Business Plan Subtitle
• Executive Summary
• Company Description
• The Business Opportunity
• Competitive Analysis
• Target Market
• Marketing Plan
• Financial Summary
• Funding Requirements

1. Business Plan Subtitle

Every great business plan starts with a captivating title and subtitle. You’ll want to make it clear that the document is, in fact, a business plan, but the subtitle can help tell the story of your business in just a short sentence.

2. Executive Summary

Although this is the last part of the business plan that you’ll write, it’s the first section (and maybe the only section) that stakeholders will read. The executive summary of a business plan sets the stage for the rest of the document. It includes your company’s mission or vision statement, value proposition, and long-term goals.

3. Company Description

This brief part of your business plan will detail your business name, years in operation, key offerings, and positioning statement. You might even add core values or a short history of the company. The company description’s role in a business plan is to introduce your business to the reader in a compelling and concise way.

4. The Business Opportunity

The business opportunity should convince investors that your organization meets the needs of the market in a way that no other company can. This section explains the specific problem your business solves within the marketplace and how it solves them. It will include your value proposition as well as some high-level information about your target market.

5. Competitive Analysis

Just about every industry has more than one player in the market. Even if your business owns the majority of the market share in your industry or your business concept is the first of its kind, you still have competition. In the competitive analysis section, you’ll take an objective look at the industry landscape to determine where your business fits. A SWOT analysis is an organized way to format this section.

6. Target Market

Who are the core customers of your business and why? The target market portion of your business plan outlines this in detail. The target market should explain the demographics, psychographics, behavioristics, and geographics of the ideal customer.

7. Marketing Plan

Marketing is expansive, and it’ll be tempting to cover every type of marketing possible, but a brief overview of how you’ll market your unique value proposition to your target audience, followed by a tactical plan will suffice.

Think broadly and narrow down from there: Will you focus on a slow-and-steady play where you make an upfront investment in organic customer acquisition? Or will you generate lots of quick customers using a pay-to-play advertising strategy? This kind of information should guide the marketing plan section of your business plan.

8. Financial Summary

Money doesn’t grow on trees and even the most digital, sustainable businesses have expenses. Outlining a financial summary of where your business is currently and where you’d like it to be in the future will substantiate this section. Consider including any monetary information that will give potential investors a glimpse into the financial health of your business. Assets, liabilities, expenses, debt, investments, revenue, and more are all useful adds here.

So, you’ve outlined some great goals, the business opportunity is valid, and the industry is ready for what you have to offer. Who’s responsible for turning all this high-level talk into results? The "team" section of your business plan answers that question by providing an overview of the roles responsible for each goal. Don’t worry if you don’t have every team member on board yet, knowing what roles to hire for is helpful as you seek funding from investors.

10. Funding Requirements

Remember that one of the goals of a business plan is to secure funding from investors, so you’ll need to include funding requirements you’d like them to fulfill. The amount your business needs, for what reasons, and for how long will meet the requirement for this section.

Types of Business Plans

• Startup Business Plan
• Feasibility Business Plan
• Internal Business Plan
• Strategic Business Plan
• Business Acquisition Plan
• Business Repositioning Plan
• Expansion or Growth Business Plan

There’s no one size fits all business plan as there are several types of businesses in the market today. From startups with just one founder to historic household names that need to stay competitive, every type of business needs a business plan that’s tailored to its needs. Below are a few of the most common types of business plans.

For even more examples, check out these sample business plans to help you write your own .

1. Startup Business Plan

As one of the most common types of business plans, a startup business plan is for new business ideas. This plan lays the foundation for the eventual success of a business.

The biggest challenge with the startup business plan is that it’s written completely from scratch. Startup business plans often reference existing industry data. They also explain unique business strategies and go-to-market plans.

Because startup business plans expand on an original idea, the contents will vary by the top priority goals.

For example, say a startup is looking for funding. If capital is a priority, this business plan might focus more on financial projections than marketing or company culture.

2. Feasibility Business Plan

This type of business plan focuses on a single essential aspect of the business — the product or service. It may be part of a startup business plan or a standalone plan for an existing organization. This comprehensive plan may include:

• A detailed product description
• Market analysis
• Technology needs
• Production needs
• Financial sources
• Production operations

According to CBInsights research, 35% of startups fail because of a lack of market need. Another 10% fail because of mistimed products.

Some businesses will complete a feasibility study to explore ideas and narrow product plans to the best choice. They conduct these studies before completing the feasibility business plan. Then the feasibility plan centers on that one product or service.

3. Internal Business Plan

Internal business plans help leaders communicate company goals, strategy, and performance. This helps the business align and work toward objectives more effectively.

Besides the typical elements in a startup business plan, an internal business plan may also include:

• Department-specific budgets
• Target demographic analysis
• Market size and share of voice analysis
• Action plans
• Sustainability plans

Most external-facing business plans focus on raising capital and support for a business. But an internal business plan helps keep the business mission consistent in the face of change.

4. Strategic Business Plan

Strategic business plans focus on long-term objectives for your business. They usually cover the first three to five years of operations. This is different from the typical startup business plan which focuses on the first one to three years. The audience for this plan is also primarily internal stakeholders.

These types of business plans may include:

• Relevant data and analysis
• Assessments of company resources
• Vision and mission statements

It's important to remember that, while many businesses create a strategic plan before launching, some business owners just jump in. So, this business plan can add value by outlining how your business plans to reach specific goals. This type of planning can also help a business anticipate future challenges.

5. Business Acquisition Plan

Investors use business plans to acquire existing businesses, too — not just new businesses.

A business acquisition plan may include costs, schedules, or management requirements. This data will come from an acquisition strategy.

A business plan for an existing company will explain:

• How an acquisition will change its operating model
• What will stay the same under new ownership
• Why things will change or stay the same
• Acquisition planning documentation
• Timelines for acquisition

Additionally, the business plan should speak to the current state of the business and why it's up for sale.

For example, if someone is purchasing a failing business, the business plan should explain why the business is being purchased. It should also include:

• What the new owner will do to turn the business around
• Historic business metrics
• Sales projections after the acquisition
• Justification for those projections

6. Business Repositioning Plan

When a business wants to avoid acquisition, reposition its brand, or try something new, CEOs or owners will develop a business repositioning plan.

This plan will:

• Acknowledge the current state of the company.
• State a vision for the future of the company.
• Explain why the business needs to reposition itself.
• Outline a process for how the company will adjust.

Companies planning for a business reposition often do so — proactively or retroactively — due to a shift in market trends and customer needs.

For example, shoe brand AllBirds plans to refocus its brand on core customers and shift its go-to-market strategy. These decisions are a reaction to lackluster sales following product changes and other missteps.

7. Expansion or Growth Business Plan

When your business is ready to expand, a growth business plan creates a useful structure for reaching specific targets.

For example, a successful business expanding into another location can use a growth business plan. This is because it may also mean the business needs to focus on a new target market or generate more capital.

This type of plan usually covers the next year or two of growth. It often references current sales, revenue, and successes. It may also include:

• SWOT analysis
• Growth opportunity studies
• Financial goals and plans
• Marketing plans
• Capability planning

These types of business plans will vary by business, but they can help businesses quickly rally around new priorities to drive growth.

Getting Started With Your Business Plan

At the end of the day, a business plan is simply an explanation of a business idea and why it will be successful. The more detail and thought you put into it, the more successful your plan — and the business it outlines — will be.

When writing your business plan, you’ll benefit from extensive research, feedback from your team or board of directors, and a solid template to organize your thoughts. If you need one of these, download HubSpot's Free Business Plan Template below to get started.

Editor's note: This post was originally published in August 2020 and has been updated for comprehensiveness.

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Is your firm at risk because you didn’t plan for a slowdown?

Business Blueprint | May 29, 2024

Few of us like to think about what could go wrong. Contingency planning isn’t sexy. It’s your Plan B just in case things don’t go as expected—which seems to happen every three to seven years. And when we don’t plan for this, it can bite us hard.

Last year offered a prime example: The Fed raised interest rates four times (after raising them seven times in 2022); interest rates hit a 23-year high; there were 9 percent fewer home starts; and the 30-year mortgage rate doubled. These economic factors resulted in fewer new construction projects, more remodels with smaller budgets, and many stopped or stalled jobs.

The slump came on the heels of a time when business was abundant. Throughout 2020 and 2021, when interest rates hit record lows, many designers were so busy there was little time to focus on marketing their business and sourcing new project leads. They had all but forgotten the lessons learned in the 2008 recession when the phones quit ringing.

When you don’t market consistently, your pipeline eventually empties—not immediately, but at some point in the near future. That’s why it’s vital to market when you’re the busiest, to build a stream of steady inquiries, no matter the economic climate.

WHY CONSTANT MARKETING MATTERS

It’s easy to quit marketing when you’re busy. But for however long you pause promoting your business, you should expect an equivalent period down the road that will be fallow. If you have big cycles and ebbs and flows in your business, it’s because you haven’t established a consistent marketing pattern to ensure you’re constantly filling that pipeline.

Relying on referrals alone isn’t always going to work, either. Especially at the very high end, there’s a cliff from lots of referrals to none, and you’ll reach an echelon of clients where many of them won’t refer you. They are private and don’t want to share who’s doing their work. There will be projects you can never photograph—and if you can’t photograph it, you can assume those clients also won’t tell their friends who their designer is. That’s why a project pipeline must be the business owner’s top priority, even when it seems it should be last on the to-do list.

HOW TO REFRAME YOUR THINKING

It’s not fun to think about something going wrong, especially when you’re busy and the cash is freely flowing. Thankfully, we’re starting to see glimmers of hope despite 2024 being a stress-inducing election year, with many of our clients getting amazing new projects.

This time, when business rebounds, remember these six tips to avoid stress and survive most business challenges with ease:

• Market the most when you’re the busiest. Don’t wait for the phone to stop ringing!
• Don’t simply rely on referrals. Actively look for new business leads.
• Stay lean. Save cash for major investments like a new website, and only invest when you have cash reserves in addition to the required cash outlay.
• Put 10 percent of every check into a savings account in order to build a cash reserve for three to six months of operating expenses.
• Once you have a safety net, keep saving that 10 percent—this time, to reinvest in the business. Maybe you’re buying equipment, maybe you’re hiring people, maybe you’re saving for office space—you are building the cash reserves for that.
• Hire billable team members before hiring nonbillable ones.

For insights and analysis on how designers across the country run their firms, download the 2023 Interior Design Business Survey report , presented by Pearl Collective , Interior Talent and Business of Home .

____________

Gail Doby is co-founder of Pearl Collective (formerly Gail Doby Coaching & Consulting), an interior design business consultancy that helps designers, architects and other creatives increase their profitability. Doby ran her own design firm in Denver for nearly 20 years and has a degree in finance and banking. Since 2008, she has been helping designers scale their businesses profitably and reach financial freedom. As a coach, mentor and business transformation specialist, she shares innovative ways to overcome the roadblocks, challenges and detours creative entrepreneurs face. She is also the bestselling author of Business Breakthrough: Your Creative Value Blueprint to Get Paid What You’re Worth . Her goal is to empower design industry clients to differentiate themselves, drive measurable results, achieve business projections, and create personal satisfaction through game-changing strategies and business practices.

More: Business Blueprint

Want to stay informed? Sign up for our newsletter, which recaps the week’s stories, and get in-depth industry news and analysis each quarter by subscribing to our print magazine. Join BOH Insider for discounts, workshops and access to special events such as the Future of Home conference.

IT Consulting Business Plan Template

Written by Dave Lavinsky

IT Consulting Business Plan

Over the past 20+ years, we have helped over 500 entrepreneurs and business owners create business plans to start and grow their IT consulting firms. 

If you’re unfamiliar with creating an IT consulting business plan, you may think creating one will be a time-consuming and frustrating process. For most entrepreneurs it is, but for you, it won’t be since we’re here to help. We have the experience, resources, and knowledge to help you create a great business plan.

In this article, you will learn some background information on why business planning is important. Then, you will learn how to write a IT consulting business plan step-by-step so you can create your plan today.

Download our Ultimate Business Plan Template here >

What is an IT Consulting Business Plan?

A business plan provides a snapshot of your IT consulting business as it stands today, and lays out your growth plan for the next five years. It explains your business goals and your strategies for reaching them. It also includes market research to support your plans.

Why You Need a Business Plan for an IT Consulting Firm

If you’re looking to start an IT consulting business or grow your existing IT consulting company, you need a business plan. A business plan will help you raise funding, if needed, and plan out the growth of your IT consulting business to improve your chances of success. Your IT consulting business plan is a living document that should be updated annually as your company grows and changes.

Sources of Funding for an IT Consulting Businesses

With regards to funding, the main sources of funding for an IT consulting business are personal savings, credit cards, bank loans, and angel investors. When it comes to bank loans, banks will want to review your business plan and gain confidence that you will be able to repay your loan and interest. To acquire this confidence, the loan officer will not only want to ensure that your financials are reasonable, but they will also want to see a professional plan. Such a plan will give them the confidence that you can successfully and professionally operate a business. Personal savings and bank loans are the most common funding paths for IT consulting companies.

Finish Your Business Plan Today!

How to write a business plan for an it consulting business.

If you want to start an IT consulting business or expand your current one, you need a business plan. The guide below details the necessary information for how to write each essential component of your IT consulting business plan.

Executive Summary

Your executive summary provides an introduction to your business plan, but it is normally the last section you write because it provides a summary of each key section of your plan.

The goal of your executive summary is to quickly engage the reader. Explain to them the kind of IT consulting business you are running and the status. For example, are you a startup, do you have an IT consulting business that you would like to grow, or are you operating an established IT consulting business that you would like to sell?

Next, provide an overview of each of the subsequent sections of your plan. 

• Give a brief overv iew of the IT consulting industry. 
• Discuss the type of IT consulting business you are operating. 
• Detail your direct competitors. Give an overview of your target customers. 
• Provide a snapshot of your marketing strategy. Identify the key members of your team. 
• Offer an overview of your financial plan.

Company Overview

In your company overview, you will detail the type of IT consulting business you are operating.

For example, you might specialize in one of the following types of IT consulting businesses:

• Strategic planning : offers IT consulting services to help clients assess their IT needs and formulate plans for system implementation.
• Architecture planning: offers IT consulting services to create a system and supporting infrastructure.
• Operational assessment: offers IT consulting services to assess the IT operating efficiency. 
• Implementation planning: offers IT consulting services to help clients rollout and test new IT solutions.

In addition to explaining the type of IT consulting business you will operate, the company overview needs to provide background on the business.

Include answers to questions such as:

• When and why did you start the business?
• What milestones have you achieved to date? Milestones could include the number of clients served, the number of consultations with positive outcomes, reaching $X amount of revenue. 
• Your legal business structure. Are you incorporated as an S-Corp? An LLC? A sole proprietorship? Explain your legal structure here.

Industry Analysis

In your industry or market analysis, you need to provide an overview of the IT consulting industry.

While this may seem unnecessary, it serves multiple purposes.

First, researching the IT consulting industry educates you. It helps you understand the market in which you are operating. 

Secondly, market research can improve your marketing strategy, particularly if your analysis identifies market trends.

The third reason is to prove to readers that you are an expert in your industry. By conducting the research and presenting it in your plan, you achieve just that.

The following questions should be answered in the industry analysis section of your IT consulting business plan:

• How big is the IT consulting industry (in dollars)?
• Is the market declining or increasing?
• Who are the key competitors in the market?
• Who are the key suppliers in the market?
• What trends are affecting the industry?
• What is the industry’s growth forecast over the next 5 – 10 years?
• What is the relevant market size? That is, how big is the potential target market for your IT consulting business? You can extrapolate such a figure by assessing the size of the market in the entire country and then applying that figure to your local population.

Customer Analysis

The customer analysis section of your IT consulting business plan must detail the customers you serve and/or expect to serve.

The following are examples of customer segments: individuals, schools, families, and corporations.

As you can imagine, the customer segment(s) you choose will have a great impact on the type of IT consulting business you operate. Clearly, individuals would respond to different marketing promotions than corporations, for example.

Try to break out your target customers in terms of their demographic and psychographic profiles. With regards to demographics, including a discussion of the ages, genders, locations, and income levels of the potential customers you seek to serve.

Psychographic profiles explain the wants and needs of your target customers. The more you can recognize and define these needs, the better you will do in attracting and retaining your customers.

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With Growthink’s Ultimate Business Plan Template you can finish your plan in just 8 hours or less!

Competitive Analysis

Your competitive analysis should identify the indirect and direct competitors your business faces and then focus on the latter.

Direct competitors are othe r IT consulting businesses. 

Indirect competitors are other options that customers have to purchase from that aren’t directly competing with your product or service. This includes other types of IT specialists, business consultants, and internal IT staff. You need to mention such competition as well.

For each such competitor, provide an overview of their business and document their strengths and weaknesses. Unless you once worked at your competitors’ businesses, it will be impossible to know everything about them. But you should be able to find out key things about them such as

• What types of customers do they serve?
• What type of IT consulting business are they?
• What is their pricing (premium, low, etc.)?
• What are they good at?
• What are their weaknesses?

With regards to the last two questions, think about your answers from the customers’ perspective. And don’t be afraid to ask your competitors’ customers what they like most and least about them.

The final part of your competitive analysis section is to document your areas of competitive advantage. For example:

• Will you make it easier for new customers to obtain your services?
• Will you offer products or services that your competition doesn’t?
• Will you provide better customer service?
• Will you offer better pricing?

Think about ways you will outperform your competition and document them in this section of your plan.  

Marketing Plan

Traditionally, a marketing plan includes the four P’s: Product, Price, Place, and Promotion. For a IT consulting business plan, your marketing strategy should include the following:

Product : In the product section, you should reiterate the type o f IT consulting company that you documented in your company overview. Then, detail the specific products or services you will be offering. For example, will you provide consulting services for cloud applications, cybersecurity and compliance, IT solutions management, or network operations?

Price : Document the prices you will offer and how they compare to your competitors. Essentially in the product and price sub-sections of yo ur plan, yo u are presenting the services you offer and their prices.

Place : Place refers to the site of your IT consulting company. Document where your company is situated and mention how the site will impact your success. For example, is your IT consulting business located in a busy retail district, a business district, a standalone office, or purely online? Discuss how your site might be the ideal location for your customers.

Promotions : The final part of your IT consulting marketing plan is where you will document how you will drive potential customers to your location(s). The following are some promotional methods you might consider:

• Advertise in local papers, radio stations and/or magazines
• Reach out to websites 
• Distribute flyers
• Engage in email marketing
• Advertise on social media platforms
• Improve the SEO (search engine optimization) on your website for targeted keywords

Operations Plan

While the earlier sections of your business plan explained your goals, your operations plan describes how you will meet them. Your operations plan should have two distinct sections as follows.

Everyday short-term processes include all of the tasks involved in running your IT consulting business, including answering calls, scheduling meetings with clients, billing and collecting payments, etc. 

Long-term goals are the milestones you hope to achieve. These could include the dates when you expect to acquire your Xth client, or when you hope to reach $X in revenue. It could also be when you expect to expand your IT consulting business to a new city.  

Management Team

To demonstrate your IT consulting business’ potential to succeed, a strong management team is essential. Highlight your key players’ backgrounds, emphasizing those skills and experiences that prove their ability to grow a company. 

Ideally, you and/or your team members have direct experience in managing IT consulting businesses. If so, highlight this experience and expertise. But also highlight any experience that you think will help your business succeed.

If your team is lacking, consider assembling an advisory board. An advisory board would include 2 to 8 individuals who would act as mentors to your business. They would help answer questions and provide strategic guidance. If needed, look for advisory board members with experience in managing an IT consulting business.  

Financial Plan

Your financial plan should include your 5-year financial statement broken out both monthly or quarterly for the first year and then annually. Your financial statements include your income statement, balance s heet, and cash flow statements.

Income Statement

An income statement is more commonly called a Profit and Loss statement or P&L. It shows your revenue and then subtracts your costs to show whether you turned a profit or not.

In developing your income statement, you need to devise assumptions. For example, will you meet with 5 clients per day, and offer discounts for referrals ? And will sales grow by 2% or 10% per year? As you can imagine, your choice of assumptions will greatly impact the financial forecasts for your business. As much as possible, conduct research to try to root your assumptions in reality.

Balance Sheets

Balance sheets show your assets and liabilities. While balance sheets can include much information, try to simplify them to the key items you need to know about. For instance, if you spend $50,000 on building out your IT consulting business, this will not give you immediate profits. Rather it is an asset that will hopefully help you generate profits for years to come. Likewise, if a lender writes you a check for $50,000, you don’t need to pay it back immediately. Rather, that is a liability you will pay back over time.

Cash Flow Statement

Your cash flow statement will help determine how much money you need to start or grow your business, and ensure you never run out of money. What most entrepreneurs and business owners don’t realize is that you can turn a profit but run out of money and go bankrupt. 

When creating your Income Statement and Balance Sheets be sure to include several of the key costs needed in starting or growing a IT consulting business:

• Cost of equipment and office supplies
• Payroll or salaries paid to staff
• Business insurance
• Other start-up expenses (if you’re a new business) like legal expenses, permits, computer software, and equipment

Attach your full financial projections in the appendix of your plan along with any supporting documents that make your plan more compelling. For example, you might include your office location lease or a diagram of an IT system you’ve implemented. 

Writing a business plan for your IT consulting business is a worthwhile endeavor. If you follow the template above, by the time you are done, you will truly be an expert. You will understand the IT consulting industry, your competition, and your customers. You will develop a marketing strategy and will understand what it takes to launch and grow a successful IT consulting business.  

IT Consulting Business Plan Template FAQs

What is the easiest way to complete my it consulting business plan.

Growthink's Ultimate Business Plan Template allows you to quickly and easily write your IT consulting business plan.

Where Can I Download an IT Consulting Business Plan PDF?

You can download our IT Consulting business plan PDF here. This is a business plan template you can use in PDF format.

How Do You Start an IT Consulting Business?

Starting an IT consulting business is easy with these 14 steps:

• Choose the Name for Your IT Consulting Business
• Create Your IT Consulting Business Plan
• Choose the Legal Structure for Your IT Consulting Business
• Secure Startup Funding for Your IT Consulting Business (If Needed)
• Secure a Location for Your Business
• Register Your IT Consulting Business with the IRS
• Open a Business Bank Account
• Get a Business Credit Card
• Get the Required Business Licenses and Permits
• Get Business Insurance for Your IT Consulting Business
• Buy or Lease the Right IT Consulting Business Equipment
• Develop Your IT Consulting Business Marketing Materials
• Purchase and Setup the Software Needed to Run Your IT Consulting Business
• Open for Business

Don’t you wish there was a faster, easier way to finish your IT Consulting business plan?

OR, Let Us Develop Your Plan For You

Since 1999, Growthink has developed business plans for thousands of companies who have gone on to achieve tremendous success.   Click here to see how Growthink’s business plan writers can create your business plan for you.

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Senators See Possible Conflicts of Interest in Health Care Pricing Tools

A data analytics firm that helps insurers collect big fees while leaving some patients with unpaid bills has been summoned to explain its business model.

By Chris Hamby

Chris Hamby has been investigating the lucrative business of out-of-network medical claims.

The chairmen of two Senate committees overseeing health policy, concerned about companies “padding their own profits” at the expense of patients, are looking into the practices of a data analytics firm that works with big insurers to cut payments to medical providers.

The firm, MultiPlan, recommends what it says are fair payments for medical care, but the firm and the insurers can collect higher fees when payouts are lower. This business model could “result in an improper conflict of interest,” the chairmen of the two committees, Ron Wyden of Oregon and Bernie Sanders of Vermont, wrote in a letter to the firm’s chief executive that was released on Tuesday.

The senators called on MultiPlan to meet with the committees’ staffs to discuss an investigation last month by The New York Times that found the firm’s pricing tools could leave patients with unexpectedly large bills when they see doctors outside their health plans’ networks.

“Our committees are engaged in ongoing legislative work to put a stop to practices by plan service providers that drive up health care costs for consumers while padding their own profits,” the letter to Travis Dalton, the MultiPlan chief executive, said.

In a statement, MultiPlan said it was working with the Senate committees “to address their questions and explain the cost and complexity patients can face” when choosing high-priced care outside their networks. “We are committed to helping make health care transparent, fair and affordable for all,” the statement said.

The committees’ inquiry reflects growing scrutiny of the New York-based firm, which has largely remained out of the limelight even as it has staked out a dominant position in a lucrative corner of health care.

Another senator, Amy Klobuchar of Minnesota, this month asked federal antitrust regulators to investigate whether insurers and MultiPlan were colluding to fix prices, and multiple health systems have sued the firm, accusing it of similar anticompetitive behavior.

Separately, the Department of Labor said Tuesday that it had “a number of open investigations” into the type of pricing services MultiPlan provides, but declined to name specific companies. The agency, the primary regulator of employer-based health insurance, stressed in a statement that companies were legally obligated to ensure the firms processing medical claims acted in their employees’ best interest.

The letter from Mr. Wyden, a Democrat, and Mr. Sanders, an independent, also steps up attention on employer-based health insurance, which is the most common way Americans get coverage and a major component of MultiPlan’s business.

As health care costs climb, some employers are looking more closely at what they pay insurance companies to administer their plans, but they are often frustrated by contracts that limit access to their own claims data. To address this, a bipartisan group of senators, including Mr. Sanders, introduced legislation in December that would require insurers to turn over this data .

“Most businesses do their best to manage the ever-increasing cost of their group health plan, but it should be easier,” Senator Mike Braun, an Indiana Republican and cosponsor of the bill, said in a statement.

A majority of employers choose to pay medical claims with their own money and use an insurer to administer their plans. This setup, known as “self-funding,” can be lucrative for insurers like UnitedHealthcare, Cigna and Aetna, as well as specialized firms like MultiPlan.

The insurers pitch MultiPlan’s tools as a way to save employers money when their employees see a medical provider outside the plan’s network. The bills for these out-of-network providers are subject to negotiation, and insurers often send the claims to MultiPlan, which recommends an amount to pay.

Both MultiPlan and insurers typically collect a fee from the employer based on the size of what they call the “savings” — the provider’s list price minus the recommended payment. Lower payouts can mean bigger fees. Meanwhile, patients can be stuck with the unpaid balance, The Times investigation found.

Companies are legally obligated to ensure the insurers act in employees’ best interest, and a closely watched lawsuit filed last year could force them to become more active monitors.

A worker at Johnson & Johnson sued the company, saying it had failed to adequately oversee the administrator of its drug benefits plan. By paying too much — in one instance, $10,000 for a drug that was available for as little as $28.40 — the company had allowed the administrator, the Cigna subsidiary Express Scripts, to profit at employees’ expense, the suit claimed.

In a statement, Johnson & Johnson called the claims “meritless” and said, “We are committed to our employees and seek to provide the best coverage.”

A small industry of consultants, lawyers and data analysts has arisen to help companies step up monitoring and negotiate better deals with the insurers administering their plans.

Kraft Heinz last year sued Aetna, claiming the insurer improperly paid claims and kept millions in undisclosed fees. Trustees for a union health plan in Massachusetts sued Blue Cross Blue Shield of Massachusetts in 2021, accusing the insurer of repeatedly overpaying claims and then charging a fee to correct the errors. And in January the Department of Labor sued Blue Cross and Blue Shield of Minnesota, claiming the company forced multiple employers to pay medical providers’ tax bills without disclosing the charges.

(Aetna declined to comment on the case but said it worked with employers “to facilitate access to quality, affordable and convenient health care.” Blue Cross and Blue Shield of Minnesota said the government’s allegations were “without merit” and “based on unsupported interpretations” of the law. A court dismissed the Massachusetts case.)

The success of the employers’ efforts sometimes hinges on an unsettled legal question: Does a company’s duty to act solely in its employees’ best interest extend to insurers and firms like MultiPlan? Courts have reached different conclusions.

MultiPlan has argued that the answer is no, and in March a federal judge in California agreed, dismissing the company from a lawsuit filed by medical providers. The case against the insurer, Cigna, was allowed to go forward.

In pitches to investors, MultiPlan has highlighted its murky legal obligations. Because the firm doesn’t provide insurance or pay claims, it noted in a public filing, “we generally are not directly regulated and face significantly lower levels of regulatory complexity.”

Chris Hamby is an investigative reporter for The Times, based in Washington. More about Chris Hamby

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How to Write an IT Consulting Business Plan [Sample Template]

Are you about starting an IT consulting business? If YES, here’s a complete sample IT consulting business plan template & feasibility report you can use for FREE to raise money . If you thinking starting an IT consulting business plan is uppermost on your mind, then you have got to be ready to take the necessary steps required in building a great business. There are various things that is required to be done; chief amongst them is the writing of business plan.

A Sample IT Consulting Firm Business Plan Template

1. industry overview.

When we talk about consulting services, we are perhaps talking about getting practical advice from expects. The consulting industry is indeed a broad industry that covers a wide range of services such as management consulting, strategy consulting technological consulting, marketing consulting, human resource consulting, training consulting, tax consulting, and any other business activities that involves giving advice and expertise et al.

In essence, consulting firms are hired to proffer solutions to the challenges that organizations faces. Organizations don’t just hire consultants for the sake of hiring consultants, but they do so simply because they expect them to help tackle their business challenges and deliver solutions as required.

As a consulting firm, if you good at developing coaching skills, process analysis, technology implementation, strategy development, or operational improvement services, then with little push, you will have more jobs than you can handle.

The IT Consulting industry comprises of businesses that offers IT related consulting services such as writing, testing and supporting custom software; planning and designing integrated hardware, software and communication infrastructure; and on-site management of computer systems and data processing facilities. Players in this industry may also go the extra mile to offer services such as packaging software and off-site data processing and hosting services.

The IT Consulting industry is a thriving sector of the economy of the united states of America and they generates a whooping sum of well over 3 billion annually from more than 459,808 registered and licensed IT consulting firms scattered all around the United States of America.

The industry is responsible for the employment of well over 2,143,418 people. Experts project the IT consulting industry to grow at a 2.2 percent annual rate. It is important to state that IBM is the market leader in the IT consulting industry in the United States of America – that have the largest market share own by an establishment in the industry.

In the United States of America, the distribution of IT consulting firms generally reflects its population distribution with increased consulting density near technological centers and key demand markets, including financial service companies, large corporations and government clients. Most IT consulting companies are located in the Southeast, closely followed by the Mid-Atlantic and the West.

The Southeast contains the largest number of IT consulting firms, with 23.7 percent of industry establishments. Many IT consulting firms are in this region because 25.6 percent of the US population resides in this region. The State of Virginia accounts for the largest proportion of industry establishments in this region with 6.5 percent in 2015.

The IT consulting industry is a high-paying industry especially if you have been able to cut your teeth in the industry. It gives you the opportunity to work with high and low profile clients and if you are able to proffer IT solutions to business challenges you will be greatly rewarded. In most cases, if you are lucky to be among the few experts in the industry, you will have the privilege of choosing who to work for and the amount you want to charge.

Generally, IT consultants are skilled at conducting research and of course analyzing the results they got from the research. IT Consultants go as far as gathering any related data that will help them come up with workable solutions for the organization they are working for; they ensure that they identify behavioral patterns, production bottle – necks, the market trends and of course customers preference.

With that and other factors, they will be able to create standard operating processes and systems that can help the organization achieve its goals and objectives.

As an IT consulting firm, your core responsibility is to improve your client’s business by effecting changes in response to your analysis; you should be able to change the fortune of the business within an agreed time – line. Corporations are willing to pay expensive fees as long as they are going to get results.

No business person will be willing to pay you for an IT consulting service if you don’t have a track record that shows that you know what you are doing. It is one thing to convince a client to patronize your IT consulting services and it another thing for you to deliver solutions as agreed.

Lastly, one good thing about the IT consulting industry is that there is readily available market for their services simply because organizations naturally would want to improve their performance annually; corporations always seem to want more success. So if you are well positioned and you know how to deliver results, you will always smile to the bank.

2. Executive Summary

Tech Solutions® Consulting, LLP is a standard and world – class IT consulting firm that will be located in New York City, New York. We have been able to secure a standard office facility in a busy business district in New York City.

Our services will cover areas such as; providing information technology expertise for consumers, writing, modifying, testing and supporting software to meet the specific needs of our client, Planning, design and integration of computer or network systems, on-site management and IT functions, computer systems design, development, and integration, computer application design and development, IT technical support services, IT infrastructure and network design services, IT technical consulting services and other related IT consulting and advisory services.

We are aware that businesses these days require diverse and sophisticated approaches. This is why we will position our IT consulting firm to offer a wide range of IT consulting services as requested by our clients. Tech Solutions® Consulting, LLP is a client-focused and result driven IT consulting firm that provides broad-based experience at an affordable fee that won’t in any way put a hole in the pocket of our clients.

We will offer a complete range of IT consulting services to our local, state, national, and multi-national clients and we will ensure that we work hard to provide the required services and business solutions needed by our clients to accomplish their business goals and objectives.

At Tech Solutions® Consulting, LLP our client’s best interest will always come first, and everything we do will be guided by our values and professional ethics. We will ensure that we hold ourselves accountable to the highest standards by meeting our client’s needs precisely and completely.

We will cultivate a working environment that provides a human, sustainable approach to earning a living, and living in our world, for our partners, employees and for our clients.

Tech Solutions® Consulting, LLP will at all times demonstrate her commitment to sustainability, both individually and as a firm, by actively participating in our communities and integrating sustainable business practices wherever possible.

We will ensure that we hold ourselves accountable to the highest standards by meeting our client’s needs precisely and completely. We will cultivate a working environment that provides a human, sustainable approach to earning a living, and living in our world, for our partners, employees and for our clients.

Tech Solutions® Consulting, LLP is founded by Dr. Rendell Downey and his son Clement Downey. The organization will be managed by Dr. Denzel Graham – Douglas, he graduated from University of California – Berkley (First Degree), Brock School of Business at Stamford University (MBA), and University of Harvard (PhD.).

He has extensive experience in a diverse range of IT consulting, and his IT consulting practice is concentrated in the areas of helping both big corporations and start – ups position their business for growth, sustainability and expansion by leveraging on workable IT solutions.

3. Our Products and Services

Tech Solutions® Consulting, LLP is going to offer varieties of services within the scope of the IT consulting industry in the United States of America. Our intention of starting our IT consulting firm is to make profits from the industry and we will do all that is permitted by the law in the United States of America to achieve our aim and ambition.

Our business offering are listed below;

• Providing information technology expertise for consumers
• Writing, modifying, testing and supporting software to meet the specific needs of one client
• Planning, design and integration of computer or network systems
• On-site management and IT functions
• Computer systems design, development, and integration
• Computer application design and development
• IT technical support services
• IT infrastructure and network design services
• IT technical consulting services
• Other related IT consulting and advisory services

4. Our Mission and Vision Statement

• Our vision is to provide our clients with skilled IT consulting solutions in a timely and efficient manner. We strive to handle each client with accountability and responsiveness, as if we were building our own business.
• We focus our attention on the providing workable IT business solutions for our clients so that our clients can focus their attention on the success of their business.
• Our vision reflects our values: integrity, service, excellence and teamwork.
• Our mission is to provide professional and trusted IT consulting services that assist businesses and non-profit organizations in operating sustainably.
• We provide workable IT business solutions in combination with our own business backgrounds, and deliver valuable services in a timely and cost-effective way.

Our Business Structure

Tech Solutions® Consulting, LLP, is an IT consulting firm that intend starting small in New York City, but hope to grow big in order to compete favorably with leading IT consulting firms in the industry both in the United States and on a global stage.

We are aware of the importance of building a solid business structure that can support the picture of the kind of world class business we want to own. This is why we are committed to only hire the best hands within our area of operations.

At Tech Solutions® Consulting, LLP, we will ensure that we hire people that are qualified, hardworking, creative, result driven, customer centric and are ready to work to help us build a prosperous business that will benefit all the stake holders (the owners, workforce, and customers).

As a matter of fact, profit-sharing arrangement will be made available to all our senior management staff and it will be based on their performance for a period of five years or more as agreed by the board of trustees of the company. In view of the above, we have decided to hire qualified and competent hands to occupy the following positions;

• Chief Executive Officer / Lead Consultant
• IT Consultants

Legal Secretary

• Admin and HR Manager

Business Analyst

Business Developer

Front Desk Officer

5. Job Roles and Responsibilities

Chief Executive Office / Lead Consultant:

• Increases management’s effectiveness by recruiting, selecting, orienting, training, coaching, counseling, and disciplining managers; communicating values, strategies, and objectives; assigning accountabilities; planning, monitoring, and appraising job results; developing incentives; developing a climate for offering information and opinions; providing educational opportunities.
• Responsible for providing direction for the business
• Creates, communicates, and implements the organization’s vision, mission, and overall direction – i.e. leading the development and implementation of the overall organization’s strategy.
• Responsible for signing checks and documents on behalf of the company
• Evaluates the success of the organization

Human Resources and Admin Manager

• Responsible for overseeing the smooth running of HR and administrative tasks for the organization
• Updates job knowledge by participating in educational opportunities; reading professional publications; maintaining personal networks; participating in professional organizations.
• Enhances department and organization reputation by accepting ownership for accomplishing new and different requests; exploring opportunities to add value to job accomplishments.
• Defines job positions for recruitment and managing interviewing process
• Carries out staff induction for new team members
• Responsible for training, evaluation and assessment of employees
• Oversees the smooth running of the daily office.
• Responsible for drawing up contracts and other legal documents for the company
• Welcomes guests and clients by greeting them in person or on the telephone; answering or directing inquiries.
• Produces information by transcribing, formatting, inputting, editing, retrieving, copying, and transmitting text, data, and graphics; coordinating case preparation.
• Provides historical reference by developing and utilizing filing and retrieval systems; recording meeting discussions; maintaining transcripts; documenting and maintaining evidence.
• Maintains office supplies by checking stocks; placing and expediting orders; evaluating new products.
• Ensures operation of equipment by completing preventive maintenance requirements; calling for repairs.

IT Consultant

• Responsible for providing information technology expertise for consumers
• Responsible for writing, modifying, testing and supporting software to meet the specific needs of one client
• Responsible for planning, design and integration of computer or network systems
• Handles On-site management and IT functions
• Responsible for computer systems design, development, and integration
• Handles computer application design and development
• Handles all IT technical support services
• Handles all IT infrastructure and network design services
• Handles IT technical consulting services
• Handles other related IT consulting and advisory services
• Writes winning proposal documents, negotiate fees and rates in line with company policy
• Responsible for handling business research, marker surveys and feasibility studies for clients
• Works with the Business consultant in helping clients develop workable business plan documents
• Handles any other duty as assigned by the Chief Executive Officer or Human Resource Manager
• Manages external research and coordinate all the internal sources of information to retain the organizations’ best customers and attract new ones
• Models demographic information and analyze the volumes of transactional data generated by customer
• Identifies development opportunities; follows up on development leads and contacts; participates in the structuring and financing of projects; assures the completion of development projects.
• Writes winning proposal documents, negotiate fees and rates in line with organizations’ policy
• Responsible for handling business research, market surveys and feasibility studies for clients
• Responsible for supervising implementation, advocate for the customer’s needs, and communicate with clients
• Develop, execute and evaluate new plans for expanding increase sales
• Create new markets cum businesses for the organization
• Empower and motivates the sales team to meet and surpass agreed targets
• Responsible for preparing financial reports, budgets, and financial statements for the organization
• Provides managements with financial analyses, development budgets, and accounting reports; analyzes financial feasibility for the most complex proposed projects; conducts market research to forecast trends and business conditions.
• Responsible for financial forecasting and risks analysis.
• Performs cash management, general ledger accounting, and financial reporting for one or more properties.
• Responsible for developing and managing financial systems and policies
• Responsible for administering payrolls
• Ensuring compliance with taxation legislation
• Handles all financial transactions for Tech Solutions® Consulting, LLP
• Serves as internal auditor for Tech Solutions® Consulting, LLP.

Client Service Executive

• Ensures that all contacts with clients (e-mail, walk-In centre, SMS or phone) provides the client with a personalized customer service experience of the highest level
• Through interaction with clients on the phone, uses every opportunity to build client’s interest in the company’s products and services
• Manages administrative duties assigned by the manager in an effective and timely manner
• Consistently stays abreast of any new information on the company’s products, promotional campaigns etc. to ensure accurate and helpful information is supplied to clients when they make enquiries
• Receives Visitors / clients on behalf of the organization
• Receives parcels / documents for the company
• Handles enquiries via e-mail and phone calls for the organization
• Distribute mails in the organization
• Handles any other duties as assigned my the line manager

6. SWOT Analysis

Tech Solutions® Consulting, LLP engaged the services of a core professional in the area of business consulting and structuring to assist the firm in building a solid IT consulting firm that can favorably compete in the highly competitive IT consulting industry.

Part of what the team of business consultant did was to work with the management our firm in conducting a SWOT analysis for Tech Solutions® Consulting, LLP. Here is a summary from the result of the SWOT analysis that was conducted on behalf of Tech Solutions® Consulting, LLP;

Our core strength lies in the power of our team; our workforce. We have a team of creative, result driven and highly proficient IT expert, a team with excellent qualifications and experience various niche areas in the IT Consulting industry and other related industry. Aside from the synergy that exists in our carefully selected IT experts, our services will be measurable, result driven and guided by best practices in the industry.

As a new IT consulting firm in New York City – New York, it might take some time for our organization to break into the market and gain acceptance especially from top profile clients in the already saturated and highly competitive IT Consulting industry; that is perhaps our major weakness.

Another weakness is that we may not have the required cash to pump into promoting our business especially via main stream media (TV, Radio and Newspapers et al) the way we would want to.

• Opportunities:

No doubt, the opportunities available in the IT consulting industry is massive considering the number of corporate organizations and non – profits organizations who cannot successfully run their businesses without the professional assistance of IT firms. As a standard and world class IT firm, we are ready to take advantage of any opportunity that is available in the industry.

Some of the threats that we are likely going to face as an IT consulting firm operating in the United States are unfavorable government policies, the arrival of a competitor within our location of operations and global economic downturn which usually affects purchasing / spending power. There is hardly anything we could do as regards these threats other than to be optimistic that things will continue to work for our good.

7. MARKET ANALYSIS

• Market Trends

Quite a number of distinct trends have emerged in recent time in the IT consulting industry which is why IT consulting firms are positioning their organizations to survive the peaks and troughs of an ailing economy.

As a matter of fact, most of these trends aid IT consulting firms and organizations to become more creative, competitive, efficient, and productive in a global market.  Some other trends in the IT consulting industry could be attributed to changing demographics, attitudes and work styles.

No doubt, as the cost of IT consulting services continues to increase and as corporate spending falls, new IT consulting delivery methods will continue to emerge and gain momentum going forward. In addition, the market for IT consulting services has shifted from a sellers’ market to a buyers’ market. A market where IT consultants provide software solutions that will make it easier for their clients to run their businesses.

Lastly, it is now becoming trendy in the IT consulting industry for smaller IT consulting firms to merge with bigger IT consulting firms and for bigger IT consulting firms to acquire smaller IT consulting firms; mergers and acquisitions. Many IT consulting firms all over the United States are coming to the conclusion that the bigger the better for them.

8. Our Target Market

Although Tech Solutions® Consulting, LLP will initially serve small to medium sized business, from new ventures to well established businesses, but that does not in any way stop us from growing to be able to compete with the leading IT consulting firms in the United States.

We hope to someday merge or acquire other smaller IT consulting firms and expand our IT consulting services beyond the shores of the United States of America. As a full service business IT consulting firm, Tech Solutions® Consulting, LLP have a variety of practice areas to help startups grow.

While we works with a variety of organizations and industries, Tech Solutions® Consulting, LLP will also specialize in working with startups, real estate investors, and contractors, manufacturers and distributors, banks, lending and financial institutions.

Our target market cuts across people of different class and people from all walks of life, local and international organizations as well. We are coming into the industry with a business concept that will enable us work with the highly placed people and companies in the country and at the same with the lowly placed people and smaller businesses.

In other words, our target market is the whole of the United States of America and subsequently other parts of the world. Below is a list of the people and organizations that we have specifically design our products and services for;

• Banks, Insurance Companies and other related Financial Institutions
• Businesses and Entrepreneurs
• Blue Chips Companies
• Corporate Organizations
• Manufacturers and Distributors
• Real Estate Owners, Developers, and Contractors
• Research and Development Companies
• The Government (Public Sector)
• Schools (High Schools, Colleges and Universities)
• Sport Organizations
• Entrepreneurs and Start – Ups

Our Competitive Advantage

Surviving in the business world as an IT consulting firm requires more than, your expertise, knowing how to conduct your business but also how to network with key people that matters; decision makers that can decide who will get a contract or a business deal.

We are quite aware that to be highly competitive in the IT consulting industry means that you are not only expected to be able to deliver consistent and excellent services, but you must be result driven and able to meet set targets. No one would want to continue to hire your services if don’t always meet up with the target sales the organization intends to generate when they hired you.

Our competitive advantage lies in the power of our team; our workforce. We have a team of creative, result driven and highly proficient IT experts, a team with excellent qualifications and experience various niche areas in the IT Consulting industry and other related industry. Aside from the synergy that exists in our carefully selected IT experts, our services will be measurable, result driven and guided by best practices in the industry.

Lastly, all our employees will be well taken care of, and their welfare package will be among the best within our category (startups IT consulting firms in the United States) in the industry. It will enable them to be more than willing to build the business with us and help deliver our set goals and achieve all our business aims and objectives.

9. SALES AND MARKETING STRATEGY

• Sources of Income

Tech Solutions® Consulting, LLP is established with the aim of maximizing profits in the IT Consulting industry and we are going to go all the way to ensure that we do all it takes to attract clients on a regular basis and sign retainer – ship with most of our clients.

Tech Solutions® Consulting, LLP will generate income by offering the following IT consulting services to corporate organizations and non – profits organization;

10. Sales Forecast

One thing is certain; there would always be corporate organizations, government agencies, non – profits and individuals who would need the services of IT consulting firms to help them improve their business system and processes.

We are well positioned to take on the available market in IT consulting industry and we are quite optimistic that we will meet our set target of generating enough income / profits from the first six month of operations and grow our IT consulting firm to enviable heights.

We have been able to critically examine the IT consulting market space and we have analyzed our chances in the industry and we have been able to come up with the following sales forecast. The sales projection is based on information gathered on the field and some assumptions that are peculiar to similar startups in New York City – New York.

Below is the sales projection for Tech Solutions® Consulting, LLP, it is based on the location of our business and of course the wide range of our services and target market;

• First Fiscal Year-: $200,000
• Second Fiscal Year-: $500,000
• Third Fiscal Year-: $750,000

N.B: This projection is done based on what is obtainable in the industry and with the assumption that there won’t be any major economic meltdown and there won’t be any major competitor offering same IT consulting services as we do within same location. Please note that the above projection might be lower and at the same time it might be higher.

• Marketing Strategy and Sales Strategy

We mindful of the fact that there are stiffer competition amongst IT consulting firms in the United States of America, hence we have been able to hire some of the best business developer to handle our sales and marketing. Our sales and marketing team will be recruited base on their vast experience in the industry and they will be trained on a regular basis so as to be well equipped to meet their targets and the overall goal of the organization.

We will also ensure that our excellent job deliveries speaks for us in the market place; we want to build a standard IT consulting business that will leverage on word of mouth advertisement from satisfied clients (both individuals and organizations).

Our goal is to grow our IT consulting firm to become one of the top 20 IT consulting firms in the United States of America which is why we have mapped out strategy that will help us take advantage of the available market and grow to become a major force to reckon with not only in the United States but in the world stage as well.

Tech Solutions® Consulting, LLP is set to make use of the following marketing and sales strategies to attract clients;

• Introduce our business by sending introductory letters alongside our brochure to organizations and key stake holders in New York and other parts of the U.S.
• Promptness in bidding for IT consulting contracts from the government and other cooperate organizations
• Advertise our business in relevant business magazines, newspapers, TV stations, and radio station.
• List our business on yellow pages ads (local directories)
• Attend relevant international and local expos, seminars, and business fairs et al
• Create different packages for different category of clients in order to work with their budgets and still deliver quality IT consulting services to them
• Leverage on the internet to promote our business
• Engage direct marketing approach
• Encourage word of mouth marketing from loyal and satisfied clients

11. Publicity and Advertising Strategy

We have been able to work with our in house brand and publicity consultants to help us map out publicity and advertising strategies that will help us walk our way into the heart of our target market. We are set to become the number one choice for both corporate clients and individual clients in the whole of the United States and beyond which is why we have made provisions for effective publicity and advertisement of our IT consulting firm.

Below are the platforms we intend to leverage on to promote and advertise Tech Solutions® Consulting, LLP;

• Place adverts on both print (newspapers and magazines) and electronic media platforms
• Sponsor relevant community based events / programs
• Leverage on the internet and social media platforms like; Instagram, Facebook , twitter, YouTube, Google + et al to promote our services
• Install our Bill Boards on strategic locations all around New York City – New York
• Engage in road show from time to time in targeted neighborhoods
• Distribute our fliers and handbills in target areas
• Contact corporate organizations, non – profits and government agencies by calling them up and informing them of Tech Solutions® Consulting, LLP and the services we offer
• List our IT consulting firm in local directories / yellow pages
• Advertise our IT consulting firm in our official website and employ strategies that will help us pull traffic to the site.
• Ensure that all our staff members wear our branded shirts and all our vehicles are well branded with our company logo et al.

12. Our Pricing Strategy

Hourly billing for IT consulting services is a long – time tradition in the industry.  However, for some types of IT consultancy services, flat fees make more sense because they allow clients to better predict consultancy costs.  As a result of this, Tech Solutions® Consulting, LLP will charge our clients a flat fee for many basic services such as IT consulting and advisory service et al.

At Tech Solutions® Consulting, LLP we will keep our fees below the average market rate for all of our clients by keeping our overhead low and by collecting payment in advance.  In addition, we will also offer special discounted rates to start – ups, nonprofits, cooperatives, and small social enterprises.

We are aware that there are some clients that would need regular access to IT consultancy and advisory services and assistance, we will offer flat rate for such services that will be tailored to take care of such clients’ needs. So also, there are some one – off jobs or government contracts which are always lucrative, we will ensure that we abide by the pricing model that is expected from contractors or organizations that bid for such contracts.

• Payment Options

Tech Solutions® Consulting, LLP, our payment policy will be all inclusive because we are quite aware that different people prefer different payment options as it suits them. Here are the payment options that we will make available to our clients;

• Payment by via bank transfer
• Payment via online bank transfer
• Payment via check
• Payment via bank draft
• Payment via mobile money
• Payment with cash

In view of the above, we have chosen banking platforms that will help us achieve our plans with little or no itches.

13. Startup Expenditure (Budget)

In setting up any business, the amount or cost will depend on the approach and scale you want to undertake. If you intend to go big by renting a place, then you would need a good amount of capital as you would need to ensure that your employees are well taken care of, and that your facility is conducive enough for workers to be creative and productive.

This means that the start-up can either be low or high depending on your goals, vision and aspirations for your business. The materials and equipment that will be used are nearly the same cost everywhere, and any difference in prices would be minimal and can be overlooked.

As for the detailed cost analysis for starting an IT consulting firm; it might differ in other countries due to the value of their money. Starting an IT consulting firm can be cost effective; this is so because on the average, you are not expected to acquire expensive machines and equipment.

Basically what you should be concerned about is the amount needed to secure a standard office facility in a good and busy business district, the amount needed to furniture and equip the office, the amount needed to pay bills, promote the business and obtain the appropriate business license and certifications.

Basically, this is the area we are looking towards spending our start – up capital on;

• The Total Fee for incorporating the Business in New York – $750.
• Legal expenses for obtaining licenses and permits as well as relevant software applications – $5,000
• Marketing promotion expenses for the grand opening of the business in the amount of $3,500 and as well as flyer printing (2,000 flyers at $0.04 per copy) for the total amount of $3,580.
• The Amount needed to acquire a suitable Office facility in a business district 6 months (Re – Construction of the facility inclusive) – $120,000.
• The Cost for equipping the office (computers, printers, fax machines, furniture, telephones, filing cabins, safety gadgets and electronics et al) – $2,000
• The Cost of Launching your official Website – $600
• Budget for paying  at least two employees for 3 months and utility bills – $30,000
• Additional Expenditure (Business cards, Signage, Adverts and Promotions et al) – $2,500
• Miscellaneous – $1,000

Going by the report from the research and feasibility studies, we will need about $250,000 to set up a medium scale but standard IT consulting firm in the United States of America.

Generating Funding / Startup Capital for Tech Solutions® Consulting, LLP

Tech Solutions® Consulting, LLP is going to start as a private business that will be solely owned by Dr. Rendell Downey and family. He will be the sole financial of the firm, but may likely welcome partners later which is why he has decided to restrict the sourcing of his start – up capital to 3 major sources.

These are the areas we intend generating our start – up capital;

• Generate part of the start – up capital from personal savings
• Source for soft loans from family members and friends
• Apply for loan from my Bank

N.B: We have been able to generate about $100,000 (Personal savings $80,000 and soft loan from family members $20,000) and we are at the final stages of obtaining a loan facility of $150,000 from our bank. All the papers and document has been duly signed and submitted, the loan has been approved and any moment from now our account will be credited.

14. Sustainability and Expansion Strategy

The future of a business lies in the numbers of loyal customers that they have the capacity and competence of the employees, their investment strategy and the business structure. If all of these factors are missing from a business (company), then it won’t be too long before the business close shop.

One of our major goals of starting Tech Solutions® Consulting, LLP is to build a business that will survive off its own cash flow without the need for injecting finance from external sources once the business is officially running.

We know that one of the ways of gaining approval and winning customers over is to offer our IT consulting services and other related IT advisory and consulting services a little bit cheaper than what is obtainable in the market and we are well prepared to survive on lower profit margin for a while.

Tech Solutions® Consulting, LLP will make sure that the right foundation, structures and processes are put in place to ensure that our staff welfare are well taken of. Our company’s corporate culture is designed to drive our business to greater heights and training and re – training of our workforce is at the top burner of our business strategy.

As a matter of fact, profit-sharing arrangement will be made available to all our management staff and it will be based on their performance for a period of three years or more as determined by the board of the organization. We know that if that is put in place, we will be able to successfully hire and retain the best hands we can get in the industry; they will be more committed to help us build the business of our dreams.

Check List / Milestone

• Business Name Availability Check:>Completed
• Business Incorporation: Completed
• Opening of Corporate Bank Accounts various banks in the United States: Completed
• Opening Online Payment Platforms: Completed
• Application and Obtaining Tax Payer’s ID: In Progress
• Application for business license and permit: Completed
• Purchase of All form of Insurance and software apps for the Business: Completed
• Securing and renovated a standard office facility: In Progress
• Conducting Feasibility Studies: Completed
• Generating part of the start – up capital from the founder: Completed
• Applications for Loan from our Bankers: In Progress
• Writing of Business Plan: Completed
• Drafting of Employee’s Handbook: Completed
• Drafting of Contract Documents: In Progress
• Design of The Company’s Logo: Completed
• Graphic Designs and Printing of Packaging Marketing / Promotional Materials: Completed
• Recruitment of employees: In Progress
• Purchase of the Needed furniture, office equipment, electronic appliances and facility facelift: In Progress
• Creating Official Website for the Company: In Progress
• Creating Awareness for the business (Business PR): In Progress
• Health and Safety and Fire Safety Arrangement: In Progress
• Establishing business relationship with key players in the industry: In Progress

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