Starting Up A Consultancy Business

4 min readDecember 16, 2019Add comment

Play episode

Starting a business can feel quite overwhelming. In this episode, Rowell and I share how we got started, what we have learn from going through the process and give you guys some tips on what needs to be done when starting up a consultancy business.

What to do to start

Here is a list of things you can do before registering the business:

Perform a market study to help you study the competition and see if there is a place for your on the market you are targeting
Choose a name and make sure that there is an available relevant domain name
Have an idea of how you are going to be making money
Work on a basic business plan. It can be basic at first and it will evolve in time.

Registration Process

Here is a list of things to do to register the business:

The process varies depending on where you live
In Ontario, Canada, you can do it online via third party companies. They take care of doing the paperwork and it costs about $400 CAD. I registered my business as a corporation. (Inc.)
In California, dba is needed to start as a sole proprietor. You can expand further to an LLC. Registration process can vary per state.
- LLC in California costs $800/year
- Filing fee is $20
- Then there are additional permits

What to do once the business is registered

Here is a list of things you will have to do once the business is registered:

Banking
- Open a bank account
- Separate your personal and business finances
- Apply for a business credit card. They will ask you for your personal credit score.
- Don’t take on a loan if you don’t absolutely need it. If you start a consultancy business, you will probably not need it.
Insurances
- Insure your equipment
- Insure your business (Liability insurance & Errors and Omissions) (about $60mo)
- Health insurance (Optional)
  - Leverage your spouse’s health insurance
Accountant
- Learn how to do the books at first
- CPA is a must when you start earning more income
Lawyer
- I use a company called Legalshield. I pay monthly and have access to a lawyer whenever I need. Additional charges may apply for some advanced services.
- Rowell: Used a company called Incfile.
Finance Software
- Keep track of invoices
- Keep track of taxes
- We use Quickbooks
In the US, take advantage of SBA and SCORE
- SBA: Small Business Administration offers free small business consulting and other free resources
- SCORE: offers free small business mentors and education

Work on the branding

Here is a list of things you can do work on the branding of your new company:

Define your business values: Find 3 core values you want your business to be known for
- Stick to these values in everything you do!
Business Branding
- Work on your company website
- Work on a logo
- Work on a graphical color chart
- Work on a document template (Word, PPT)
- Doing charity work or volunteer work
Social Media
- Create your pages on relevant social media platforms (LinkedIn, Twitter, Instagram, Facebook)
- Try to publish regularly (leverage tools such as buffer to automate it)
Personal Branding (in case of a consultancy business)
- Training
- Certifications
- Blog
- Social Media

Books

Here are some books we have read along the way and had helped us in different form along our journey of being a business owner. The links below may be affiliate links. If you’d like to support the Podcast, a portion of the sales, if purchased through our link, will come back to the Podcast.