Top 30+ Highly Profitable Consulting Business Ideas
Consulting Business Ideas
Consulting business is a highly profitable business niche many knowledgeable individuals overlook leaving tons of money on the table. There are many consulting business ideas that can fetch knowledgeable individuals enough money doing absolutely what they love or are already into.
As an expert in any field, be you a public servant, professional (doctors, engineers, psychiatrists, geologists, etc), or even security personnel, who has strong experience in your field of practice as well as encountered many challenges and is able to solve many hurdles in such area, you are more than fit to be a consultant.
As a consultant, you can make good money off your passion/area of concentration while you still keep your job if you’re not retired.
Sam Ovens of consulting.com assert that full-time jobs are disintegrating and high-paying jobs are harder and harder to find. But with consulting, the big money rolls in.
Actually, depending on your niche, you can make hundreds of thousands in a day for consulting to a set of individuals or companies seeking to equip their human resources with the latest information or wish to learn more about what you have to offer.
As a consultant, you are your own boss and most times work on your own schedule.
Most Nigerian professionals in different niches are already aware of this business opportunity and smiling to the bank.
I’ll be sharing with you some profitable consulting business ideas but before I go on, I suggest you take note of the following tips to maximize profitability.
Consulting Business Tips
Belong to Professional Bodies
As a consultant, it is expedient you are very knowledgeable in the area of discussion.
How can your clients know this?
Through your qualifications and membership of professional bodies.
Most times, you get referred for a job from these professional bodies.
For example, a new startup (ABC Company Ltd) in Lagos, Nigeria requires the service of a safety consultant to train their safety personnel on safety culture.
Most often, the first point of call is the Institute of Safety Professionals in Nigeria (ISPN). The institute has professionals in safety management and culture and can recommend one of her members to the organization.
This way, the organization is certain they are dealing with a professional thereby clearing every doubt in terms of standard or quality of information they will receive.
Get a Website
To be able to land big consulting opportunities, there is a need to have an online presence and if possible a social media account where you update information about your activities, share free tips and upcoming events.
Your website will have your contacts details as well as explain to the potential clients what you do and previous jobs executed.
Below are the most profitable consulting business ideas in Nigeria and after the ideas, I also shared the basics steps to starting a profitable consulting business.
30+ Highly Profitable Consulting Business Ideas in Nigeria
With the rapid awareness on safety consciousness among multinationals and the importance of safety in the workplace, many organizations created safety departments to help reduce on-the-job hazards.
While some companies will permanently employ safety personnel to always make sure safety standards are in place, others may prefer inviting safety consultants to educate their staff on safety measures and best practices.
This niche is seriously booming now in Nigeria and the ISPN membership is growing.
Information Technology Consultancy
Information and Technology are the new and easiest way of life. Through IT, we are able to communicate with friends, colleagues, and relations miles away. We are able to hold meetings online, travel faster, create faster, solve problems faster and easier and do so many things that we are not able to without IT.
If you are knowledgeable in any IT field, be it database handling, networking, programming, web/app creation, or even ordinary designing, you can make lots of money conducting workshops and educating interested individuals.
The world is daily threatened by unscrupulous elements causing one security threat or another on fellow humans and territories. There are different types of security threats ranging from nuclear threats to computer threats and human threats.
There are several strategies implemented by the men of the underworld to cause havoc.
If you can devise means to counter some of these threats, your services will definitely be required by not just individuals but nations seeking to protect their territory and citizens.
Are you an agriculturist or an Agricultural Engineer with expertise in modern farming techniques? Then you should look into agricultural consultancy.
According to a recent report by World Food Programme, an estimated 124 million people in 51 countries are currently facing food Crisis. Environmental factors such as floods, tropical storms, and droughts contribute to food shortages.
Agric experts are devising various means to reduce the impact of environmental hazards on-farm/animal produce.
Many farmers are seeking solutions to the many challenges they encounter. If you have a solution to any agricultural problem and you’re confident your solution can help boost farmers’ output, then you should horridly start an agric consultancy business.
Business Management Consultancy
Business managers are now well sort after. Many successful startups understand the importance of involving a business manager in the process of starting their business and through the time of expansion.
Business managers help greatly in the organizational structures of a company.
A business manager also understands the challenges involved in whatever stage a business is and can adequately advise business owners on the best steps to managing available resources.
It was Beth Comstock who said, “You can’t sell anything if you can’t tell anything“.
Also, Joe Chernov said, “Good marketing makes the company look smart, Great marketing makes the customer feel smart“.
Every business should have a message, be solving a problem or providing basic human needs.
The quality of marketing employed can make or mar any business therefore involving a marketing expert could be a game-changer for businesses and many companies are not ready to put in all the money to build a company and end up with bad marketing.
If you are good in marketing with proven records and the necessary qualifications, you should set up a marketing consultancy firm to help new and old businesses stay in business.
The education niche remains a very lucrative one and as the population of Nigeria keep increasing, so is the educational needs.
Many secondary school leavers seeking admission for higher education outside Nigeria are looking for trusted individuals that can advise them on the best universities available, their requirements for admission, the process of application, and possibly help facilitate the admission.
I have a few foreign-trained graduates as friends who are into the business of providing the above assistance.
What they do is to partner with their school with the agreement of sourcing qualified candidates from Nigeria to apply for admission through them and receive commission once admission is offered and payment made. These guys get a direct letter of clearance from the school that is presented to the embassy for the potential students. This helps to reduce the stress involved. Many individuals are already into this business and making cool cash.
What they do to get potential clients is to organize education fairs and workshops for free and potential students/parents attend.
In this sector also is the experts that consult for individuals that wish to open their own school. So if you have your own school or know the necessary information/guidelines on how to start a school, be it a nursery, primary, secondary or tertiary institution, then you are good to go.
We all want to be fit and in shape. Most of the food we eat today is unhealthy, taking more calories than the body requires. Most individuals add weight thereby abnormal BMI.
Food and Fitness consultants are experts in nutrition balancing and keeping fit respectively.
If you’re a nutritionist or a fitness coach, you can set up a consultancy firm where you have one on one counseling sessions with clients assisting them to keep fit and eat healthily.
This niche is largely maximized by medical practitioners. The health challenge in Nigeria is growing and to make an impact in this sector, you must keep educating yourself on the latest information and solutions to the ever-increasing health challenges.
The last time I went for a medical checkup and requesting the have a cholesterol test, the consultant doctor said the Medical Association has removed cholesterol cases as a big threat. Owing to the fact it can be check through routine exercise and healthy eating. Well, I still insisted I needed to check so she recommend I went on with a lipid test.
Lawyers who most times act as consultants during legal issues advise clients on legal matters and offer legal solutions based on constitutional provisions. They also offer tax-related advice as well as explicate business terms and conditions. Too many wahala dey Naija and Lawyer must always chop.
Event Planning Consultancy
Nigerians love hosting as well as attending classy events. Good event managers in Nigeria get jobs on a weekly basis, sometimes 2 to 3 times weekly depending on the season.
Many event planners I know offer training for individuals interested in the trade. If you are a successful event manager, aside from your normal business, you can also offer training sections or even set up an event management institute where you educate people on how to successfully own an event management outfit.
Search Engine Optimization Consultancy
Most businesses are moving online but not all of these businesses online are seen. This is where SEO comes in. SEO is the various techniques applied by online webmasters to rank high on SERP (Search Engine Return Pages) like Google, Yahoo, Bing, etc.
SEO consultants help businesses get noticed on the WWW. This may involve keyword management, restructuring or redesigning of the website, proper usage of Htags, and so on.
Search Engine Land gave 29 reasons why businesses need SEO.
Many SEO experts are already smiling to the bank offering their services to different businesses. The businesses in turn generate more sales leads.
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The above-listed consultancy services are hot cake in Nigeria, other hot profitable consultancy business ideas are listed below;
- Fashion consultancy
- Accounting Services consultancy
- Editorial Services consultancy
- Public Relations consultancy
- Risk Management consultancy
- Quality Management consultancy
- Business Plan consultancy
- Physiotherapy consultancy
- Beauty consultancy
- Sales consultancy
- Hospitality consultancy
- Stock Market consultancy
- Asset Management consultancy
- Construction Management consultancy
- Advertising consultancy
- Procurement consultancy
- Human Resource/Recruitment consultancy
- Project Management consultancy
- Transport Management consultancy
How to Start a Profitable Consulting Business
Having a profitable consulting business idea is one thing, knowing how to set it up is another.
Below are basic tips on starting a profitable consulting business:
- Pick a Niche: This must be in your area of expertise.
- Register your Company: To get high paying clients, you need to be fully registered with the cooperate affairs commission. No big cooperate entity will want to be involved with an unregistered business outfit.
- Physical Office: Having a physical office will give your clients confidence and also give your consultancy business an offline awareness. Your office look will create a first impression, therefore there is need to be very particular about this.
- Create an online presence: As I stated earlier, a website can also create exposure and give potential clients easy access to some basic information about your business and previous work done.
- Marketing: Running any business without exposure will limit your client base. There is a need to set up a marketing strategy and also a marketing team to help expose your business to the right clients. With Facebook and Google ads you can target the right audience.
Common Challenges Faced When Starting a Consultancy Business
Every business has its fair share of challenges but the below listed are the most common challenges new consultants face;
- New consultants see their business as taking off at a slow pace.
- Competing with the big names in the industry. Could take time to make a mark where big competitors are already playing.
- Low clientele could cause demoralization.
- Management of available resources and being able to stabilize revenue
Consulting business is a great career path for any professional or expert who wishes to make money doing what they are already into. Having shared some highly profitable consulting business ideas with you and given you some consulting business tips on how to start, it is left for you to decide if this is a way to go.
Remember, you do not need to break a bank to start a consultancy firm but you need patience to grow. It might not be easy at first, but with time, dedication, hard work, building good standard,s and being principled enough to keep such standards, you’ll achieve a great fit.
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