Starting a New Consultancy: What Are the Key Steps for Legal, Planning, and Team Structure?

Hi Friends,

Want to have clear information about the things to remember when starting up a new consultancy: the legal matters, planning, and cost estimations. The structure and the formal way of approaching clients and servicing them. Internal manpower planning and KRAs for the team. Complete structure in a consultancy because every consultant we see has their own style of organization structure. I need a formal structure to be followed.

I have some ideas where I can match all your ideas with mine.

Regards, Chinnu

Hi Chinnu,

My warm congratulations to you on deciding to start a consultancy. I am attaching a document. I hope it helps.

Regards,
~Raghav V

Hi Chinnu, I can only tell you one thing: it takes some time for you to establish yourself in the market. Do not prioritize big clients over smaller ones. Make each and every client a priority and work with dedication. I know a company that acted similarly and is now facing a loss of 53 lakhs. Therefore, ensure that success comes after putting in a lot of hard work.

When recruiting people, please do not solely focus on candidates with extensive experience from big, reputable companies. This approach can also impact your consultancy.

Ranjith

Hi Raghav,

Can you please let me know about the legal proceedings for establishing a consultancy? I mean, what steps are to be taken for registration of the consultancy? Please reply.

Regards,
Jyothi

Chinnu:

I would suggest that you have streamlined processes from a statutory/organizational perspective in place from the beginning, even if it takes a little extra effort and time to do so. This also includes a good business plan and a crisp business blueprint.

It's good to be focused on your core competency and on expansion; however, as the organization grows, you need to ensure that all other aspects, especially statutory requirements, are adhered to, to avoid any penalties or losses at a later point in time.

Thank you,

Ramya