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How to Start a Profitable Consultancy Business in Nigeria – Step by Step Guide

How to Start a Profitable Consultancy Business in Nigeria, It’s no secret that the Nigerian economy is growing fast at an average rate of about 7 percent every year. That growth translates into new opportunities across the board, and even during the recession, there were still a lot of very profitable businesses to be found within Nigeria. And as consultancy business becomes an important part of any business, it’s no wonder that many entrepreneurs want to set up their own consultancy business in Nigeria and focus on providing valuable consultation services to their clients.

If you’re considering starting your own consultancy business, you may be wondering if there’s money to be made in the industry and how much of it there is. Whether you’re just getting started in business or you’re looking to expand your business portfolio, starting your own consultancy might be one way to go about it – and it’s easier than you think!

How to Start a Profitable Consultancy Business in Nigeria – Step by Step

Step 1: Do Market Research for your Consultancy Business in Nigeria

One of your first tasks as a consultant is market research. This means figuring out who you are going to sell your service to, what they want and how much they are willing to pay for it. To do that, you need data. But getting those numbers will involve some careful investigation, you will have questions about your industry and company, and potential customers, that only hours poring over statistics will answer.

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Step 2: Choose your Niche for your Consultancy Business in Nigeria

Choosing your niche is one of those key decisions that you will need to make when starting a new consultancy business. It’s what you specialize in and it’s how people will identify you. There are many different ways that you can go about choosing your niche, such as: whether you are interested in becoming an IT consultant, marketing consultant, accounting or even just a general management consultant. You can also choose your niche based on what market you want to target, such as hospitals or schools.

A list of Profitable Consulting Businesses you Can Venture Into

One can become a consultant in any field of competency or expertise, below are some of the most profitable consultancy business niche you can start with.

1. Communications

All Businesses needs a communication consultants to help improve their communication between employer and employees relations for increased efficiency and smooth operations.

2. Computer programmer

A computer consultants are highly needed in most businesses to offer solution and help them solve problems  relating to data, software, hardware and the internet.

3. Editorial services

Editorial consultants are needed by companies to help produce excellent annual reports and publications. 

4. Human resources

Human resource consultants are needed to advice companies in the area of recruiting, training and provide direction for their manpower needs.

5. Accounting

Accounting consultants handles all of a company’s financial information and needs.

6. Advertising

Advertising Consultants helps businesses to design an excellent advertising campaign  for their products and services..

7. Auditing

Auditing consultants helps to record, interpret data, review a companies finance to ensure effective operation.

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8. Business

A business consultant advice entrepreneurs on how to setup, run and manage their businesses towards achieving profitability.

9. Business and copy writing

Consultants in this niche help handles writing needs of many companies because most business owners sometimes find it very difficult to write memos, business report because of their busy nature.

10. Career counselling

A career consultant or counsellor advices and help their clients find a profitable profession or employment.

11. Marketing

A marketing consultant help to promote a company business by providing solution to their marketing needs.

12. Engineering

An engineering consultant gives professional advice to companies towards resolving their technical challenges.

Step 3: Register Your Consultancy Business in Nigeria with CAC

To be seen as being a legitimate business consultant it is very important for you to register your business outfit as limited liability company with the Cooperate Affairs Commission (CAC ), a government agency responsible for business registration in Nigeria.

To take off you the stress associated with business registrations in Nigeria, contact me on 08037191728 for your business name and incorporation of your business with the CAC  

Step 4: Set Up An Office for your Consultancy Business in Nigeria

You can start your consultancy business in Nigeria from home to reduce the cost of starting business and later expand into a rented office in a suitable location as time goes on.

Step 5: Hire Employees for your Consultancy Business in Nigeria

At the initial stage of your consultancy business you may want to handle every part of the business yourself, but as your business expand there will be a need to hire some workers to assist and make work easy for you. You can hire office assistant, co-consultants and business managers to source for new clients.

Step 6: Advertise and Get more Clients using Online Platforms 

Of course, having a consulting service is not enough. If you want your business to succeed, you’ll need clients. One of your first tasks should be identifying online platforms where you can establish yourself as an expert and attract new clients. Take LinkedIn for example: research shows that individuals who use LinkedIn are 21 times more likely to get new customers than those who don’t!

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Step 7: Take Care of your Team

One of most important aspects of running a successful consultancy business in Nigeria  is taking care of your team. That means ensuring that you are doing everything you can for your employees, but also for your clients and other stakeholders. Make sure everyone is happy and enjoying their work with you. You’ll be happier, more productive, and more successful in your work if everyone around you is successful as well.

Step 8: Organize Financial Accounting

There are a lot of different ways to go about starting your consultancy business in Nigeria, and one that doesn’t get talked about as much is operating it as a consultancy business. Operating your business as a consultancy service allows you more freedom than operating as an Limited Liability Company, but it also means more administrative work. Before setting up your financial accounting, make sure you understand what you need.

How to Start a Profitable Consultancy Business in Nigeria – Step by Step

Step 9: Spend Time Networking for your Consultancy Business in Nigeria

Networking is an often-overlooked aspect of starting a consultancy business in Nigeria. But if you are not spending time networking, it’s as if you don’t want your consultancy business to succeed. You won’t be able to learn about potential opportunities and new clients if you aren’t talking with other business owners. And how will potential customers find out about your consultancy services if they don’t know where to go?

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