Setting up a Consultancy Practice,
Professional Services Firm

How to setup a Consultancy Practice or Professional Services Firm

This segment is about professionals desiring to set up their own independent Consultancy practices. These can be doctors, lawyers, chartered accountants, event management companies, etc., i.e. any concern that provides professional services. The process of setting up a services firm, covers analyzing the pros and cons of starting one's own enterprise, developing a business model, assessing the competition and local market, selecting a location for and financing the concern.

Training

After completing your professional education, which can be MBBS, FRCS, LLB, BDS, CA, ACCA, CFA, ACMA, and other, you will be required to join a firm where you can obtain the initial training and hands-on experience. It is always advisable to complete the training period as prescribed for each requisite license before embarking on an independent venture. This not only provides an opportunity for the professionals to learn the intricacies of application of knowledge under the guidance of senior and more experienced professionals, but also provides the necessary exposure to the client base in that field.

Once you have gathered the initial know how and made sufficient contacts, you can start your own services firm. Ideally such firms are either a single member entity or partnerships where two or more professionals can join hands to establish their practice.

Practice Specialization

As you decide to set up your independent practice you should also be able to identify your area of expertise in the particular field. Though a lot of direction is already built in with the major subjects that you opted for in your education, there still room for more refining as you enter a training period. You realize your unique skills and follow the path that you feel is most profitable for you and that where your strengths lie.

For example you may have opted for law as a profession, you completed your formal education and started pupillage with a senior. You may get influenced by the senior's practice specialty or you may have your own aspirations about your area of specialization, here you find out what you are good at. You may have studied law to be a criminal defense attorney but practicing the same revealed that you do not really like the subject and are more of an original side attorney or probably you prefer corporate law and finance related legal matters.

Similarly, you may have started as a specialist in skin diseases and burns but practice revealed that you prefer plastic surgery.

You will find that each area that you studied for has several branches in which you can find your true calling and you specialize in that particular branch. That gives you an edge over general practitioners.

Infrastructure and Human Resources

As you set-up your private consultancy practice you would require an office space, office equipment, furniture and some basic staff. Most of your work will be of a documented nature hence you would need trained and qualified staff to assist you. Hire few but good ones.

Keep your initial expenses as low as possible as revenue generation starts slowly.

Make sure that you allocate your most important resource i.e. 'Time' effectively. It should not be over or under utilized. Allocate enough time for rest and family and work it should be 8 hours each for rest and self, for family and friends and for work.

Make a budget of all your expenses both personal and office related - and keep them separate, otherwise you will never know what happens to your income.\

For information for Entrepreneurs and Corporate Executives follow the links below:

Starting Up a Business
Making Career Choices


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