Low risk ways to start a business: Consultancy
If you’ve got expertise at management level or a business background then it could be time to branch out on your own and start a consultancy franchise…
Type of business: Business consultancy
Minimum investment: £29,950 +VAT
The UK’s consulting market has grown to in excess of £6bn as more companies have utilised the advice of management consultants to drive growth, and profits, of their businesses.
Given that the industry is booming, and with high earning potential on offer, starting a business consultancy franchise is a great, low-risk opportunity perfectly suited to those that have previously worked in management, have strong leadership abilities, and excellent communication skills.
Initial franchise fees are fairly reasonable (ranging from £29,950 up to £60,000) and franchises will typically provide you with comprehensive training, marketing collateral, and access to technical tools and software.
Business Doctors, Auditel, ActionCoach, and Red Flag Alert are all accredited by the British Franchise Association (bfa) and offer a range of franchise packages for those looking to start a business consultancy or business training franchise.
Business Doctors provides small and medium firms with advice and strategies for growth, Auditel specialises in cost management advice, ActionCoach focuses on business coaching across a number of areas, and Red Flag Alert provides business intelligence and data integrity to help clients “do better business”.
Running a business consultancy franchise will be a full-time operation but can often be launched from home; you can then move into an office as you grow and take on staff, so it only needs limited resources to get off the ground. Return on investment is also promising. Auditel says its established consultants typically take home average earnings of £100,000, while some make over £200,000.
See if you can get a Start Up Loan to help you start a business idea
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To run a successful business consultancy franchise, you will need to be passionate about helping businesses to achieve their goals and you’ll need to possess good client relationship skills – if you’re shy and retiring then this isn’t the opportunity for you!
To find out more about business consultancy franchise opportunities on offer, click here.