Have you been thinking of starting a consulting business in Nigeria and you do not know how you can go about it? Read this article to the end. In this article, I will be explaining everything you need to know about consulting business in Nigeria.
I will explain what a consultancy business is, whether a consulting business is profitable, the capital needed to start a consulting business in Nigeria, and the steps on how to start a consulting business in a country like Nigeria.
In many of our top business ideas categories, I have suggested consulting business as a profitable business that any Nigerian can venture into especially because it has low capital however, you need knowledge before venturing into it. Imagine a blogger or YouTuber without knowledge of what he or she is talking about. You would not want to consume his or her content. So knowledge is very important.
What is a Consulting Business?
A consulting business is a professional service firm that provides expertise through the use of consultants at a fee. A consulting business may have one or many employees that may cover one or different domains. A consultancy business can also be called a consulting firm, a consulting company, or simply a consultancy.
To become a consultant you just have to be a professional in at least one domain. For example, if you are passionate about real estate you can become a professional consultant by getting different qualifications on real estate.
Is Consulting Business Profitable?
Starting a consulting business in Nigeria is lucrative for so many reasons. One of the best reasons why the business is profitable is because of the low capital needed to start. Yes, unlike other service businesses in Nigeria, you do not need to break the bank.
Another reason why consulting business is profitable is the fact that the equipment needed to run the business successfully is not much. The last reason why consulting business is a profitable business is the high demand for the services. Due to the fact that Nigeria is highly underdeveloped, many Nigerians need professional knowledge of the issues around them.
For example, unlike in developed countries where people go for counseling before getting married many about-to-marry couples in Nigeria do nothing. When these couples get married they will have issues. This is where you come in as a marriage counselor. You make money by counseling couples like this.
Capital Needed to Start Consulting Business
The cost of starting a consultancy business in Nigeria is not high as I explained earlier. This is because you can run a consulting business from anywhere using the cheapest tools available today such as the Internet, chats, video calls, and more. With a capital of #300,000 – #500,000 you can start a consulting business in Nigeria. You just need to spend money on the most important things you need.
How to Start Consulting Business in Nigeria
Here are steps on how to start a consulting business in Nigeria.
1. Choose a Profitable Niche
This is the first step to starting a consulting business in Nigeria. Choosing a profitable domain or niche you want to solely consult makes you stand out. There are many niches in the consulting sphere that you can go into. You just need to choose one or you choose domains that are related to each other.
For example, if you are into growing small businesses (SMEs) you can as well go into helping SMEs to make profits. This makes sure that your customer base never reduces and your profits increase as time goes by. There are factors to look at when it comes to choosing a niche or domain in the consulting business.
The first thing you need to consider is your passion. What are you passionate about? What do you like teaching people? And you can teach them for free. What did you study in school if you went to school? If you can answer all these questions you will be able to choose a niche successfully for your consulting business.
2. Get your Consulting Certifications
This is the second step in starting a consulting business in Nigeria. Certifications are important if you are really serious about your consulting company. You do not want to give advice or consulting that will go south because some clients will be ready to sue you.
Especially if the advice given has led to the loss of money or something of value. Local qualifications from a school or the counseling institute in Nigeria are good but international qualifications are the best if you can afford them.
3. Register your Business Name
To make your consulting business a legal company in Nigeria, you need to register your consulting business under the Corporate Affairs Commission (CAC) and every other necessary institute that has to do with consulting in Nigeria. Registration with the CAC no longer takes time again as all processes are now digitized.
To know the requirements and how to get about you can visit any of the CAC branches around you. You also need to register your consulting business for tax too. This is to make sure you get everything right from the beginning and that you are not sued for tax avoidance. You should read our guide on how to register your business name in Nigeria for more tips on this.
4. Write a Business Plan
A business plan for your consulting business is very important if you are really passionate about the business and you are considering running the business for a long time.
To write a consulting business plan in Nigeria you can follow the guide I laid down in writing a business plan or you can simply hire professionals like us to write your consulting business plan at a reasonable price. Many people often ask why business plans are important.
Well, there are lots of advantages when it comes to drawing a business plan for a business in Nigeria. The first reason why business plans are necessary is the fact that it helps you understand a business more. The truth is the business idea articles we share on the blog are not detailed enough despite how well we try.
If we make them detailed we might bore many of our readers. This is why we advise many of our serious entrepreneurs to buy business plans. Another reason why business plans are important in starting any business in Nigeria is the fact that business plans help you to understand better ways you can make profits from a business.
5. Set your Service Charges
How much you charge per client is very important in a consulting business in Nigeria. You do not want to be making losses immediately when you start getting customers that need your consulting services. How much consultants in Nigeria charge for their services are not fixed.
The charges are based on so many factors like the area the consulting business is located, the average standard of living of your clients, your branding, and the kind of domain or niche you are focusing on in your consulting business. However, to know how much you will charge in your consulting business you can ask other consulting businesses in your area how much they charge per client.
6. Rent an Office Space for Business
An office space is very important in your consulting business because you need a place where clients can come to meet you to discuss their challenges confidentially. You can rent an office in any area you feel will suit your kind of consulting business.
But if you cannot afford the pay rent for an office you can work from home – if you have an extra room or your home is big enough. If you are renting an office for your consulting business in Nigeria you must make sure that you are not spending too much on rent so that you will be able to renew your rent easily as the year goes by.
7. Create an Online Presence
The world is now a global village through the invention of the internet. You do not need to spend millions of naira to create publicity or advertisements about your consulting business in Nigeria and to the world. You can create publicity online by first creating your social media accounts as a consultant and then creating an official profile website.
So that when you run ads using digital marketing you can use your social media accounts and website as your landing pages. You will need to upload some free advice online to make followers convinced and follow you.
8. Profits in Consulting Business
Making money from your consulting business in Nigeria is easy because there are many ways. You can make profits by offering online consulting for clients that stay far from your location or outside the country and you can offer physical consulting for clients that stay close to you too.
In fact, it is more about giving solutions to your client’s challenges. When you are able to solve your client’s problems they will refer their friends and family to you.
The consulting business is a profitable business in Nigeria. You just need to get some professional qualifications to stand out. You can become famous online and increase your customer base if you promote yourself online more.