Software consultancy startup

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Subhash Jha Director of Legal Salah. What's Going on at Arobit Fresh off the Press. Digital Institution Bambinos. Founded in June by Ashish…. Admin July 7, Admin June 18, There are many digital marketing consultant in india who advice the…. Typically, the best time to start a relationship with a lawyer is before you start your consulting business. Too many people make the mistake of forming a company and reaching an agreement among co-founders without consulting a lawyer.

In some cases, some co-founders leave retaining their interest , and the rest are left to try to make the business work. A good lawyer will help you find the proper business structure for the business — and split ownership interests — in ways that will protect everyone and give you flexibility in the future. Step 5 Decide your legal business structure. Before starting your consulting business, you need to decide on the type of entity you need to register.

Your legal business structure affects everything, from how you file your taxes to your personal liability and whether you need to comply with any special additional requirements at the local, state, or national levels. There are many different types of legal business structures for various business entities. For new business owners, choosing the best business entity for your business can feel overwhelming.

For example, while a sole proprietorship might be quick and inexpensive in the short term, it might expose you to more risk, create an unfavorable tax treatment, and create problems for you in the long term. A limited liability company LLC might make more sense for most consulting businesses. Spend some time reading about each possible entity your business might fit into. Consider which business structure is most helpful for your business and how each business structure can help you accomplish your professional and personal goals.

Be sure to look at which entity will work best for your current needs while still considering any future business goals. Remember that most states require you to register your consulting firm with the secretary of state or county clerk in the county in which you operate your business if the trade name under which you run your business differs from the legal business name of your business.

Fortunately, this is not a complex problem to overcome. Step 6 Set up business accounting and bookkeeping. Business accounting is how your business records, organizes, interprets, and presents its financial information. Accountants analyze the financial condition of a business to help the business owner make better decisions. Bookkeeping is the recording, organization, storage, and retrieval of financial information related to your business.

Accounting and bookkeeping do overlap. The main difference between the two is that bookkeeping is how you record and categorize financial information, whereas accounting puts the information to use through analysis, strategy, and tax planning. A great bookkeeper is not the same as an accountant. Many business owners hire a bookkeeper with some simple goals in mind: keep me organized, get my bills paid, and prepare for the work that will be handed to the accountant.

Typically, bookkeepers are less expensive than CPAs certified public accountants and can be trusted to record and organize your day-to-day business transactions, keep your business bank account balanced, produce simple reports, and assist with keeping your financial records in order. Many consulting businesses will use an outside bookkeeper, paid hourly, who is in the office regularly to handle all entries, pay all the bills, and manage invoicing and receivables.

Having help with this aspect of managing a small company can be indispensable, and the time it can free for a busy owner, invaluable. They can efficiently work remotely or visit your office one day every few weeks. Any business from the smallest of hot dog stands to the largest of public companies creates data. Sales data, inventory data, employee data, customer data. The list is endless. And like any kind of data, if data is not organized and accessible, it is entirely useless.

With accounting data, this is doubly true, and the speed at which a small business can fall behind can be breathtaking. Even a few weeks of unrecorded sales transactions or a month of un-mailed invoices can quickly swamp a small business, destroy cash flow, and put it out of business faster than you can spell IRS. A good bookkeeper can help you set up a filing system, keep bills organized and paid on time, ensure that customer invoices go out promptly, and put plans in place that will force you to do these things in a disciplined and organized way.

A good bookkeeper can also help you set up and track an invoice financing loan if you need to accelerate payments by clients but clients insist on paying 30 or more days after they get your invoice. Do not underestimate the importance of a periodic review of your bookkeeping, accounting, and tax strategies. At your peril, you neglect to take a hard look at the systems you have in place and the people managing those systems. Are you doing your accounting most productively and cost-effectively?

Does your CPA have the right level of industry knowledge to advise? Does your tax-preparer have the skills and expertise to keep you and your investors on the right side of the law? And finally the big one , can you find ways to reduce your expenses while maintaining high-quality controls?

Take the time to reconsider your overall accounting strategy and find ways to strengthen and improve it. Step 7 Assess your finances. When you start a new consulting business, assessing your finances is crucial. These numbers include tracking your sales and profits - but an innovative business will need to account for much more than sales alone.

You have many business financing options. The good news is that most successful consultants can run their businesses without considerable costs in the beginning until they build a book of clients and can spend a bit more on equipment and supplies. We talked about this above. Your accounting and bookkeeping system will include income, expenses, capital expenditures, profit, loss, EBITDA, etc. Step 8 Develop your brand identity. Branding provides a reassuring level of professionalism that very small operations may struggle to establish.

Think you can get a perfect score? Take the free quiz now! Ideally, your brand should embody the best and most essential attributes of your company. Weak brand identity will undermine that credibility. Mandi Ellefson , a successful consultant helping small businesses to improve their business growth and revenues, explains:.

We believe that good design is good business. But most business owners are not designers. You absolutely have to elevate your brand. If you want to charge higher fees, if you want to attract a certain level of clients, you have to project a certain image.

Good design is good business, not just for your clients but also for you. The Forbes Coaches Council explains it this way :. Being a credible mentor for clients is key to achieving success in the industry. Your reputation relies on whether your clients trust in you and the services that you offer them. People think less of consultants that use Gmail or Yahoo email addresses.

We asked Mandi Ellefson, who often works with consultants and agencies, to illustrate with an example:. I work with B2B service businesses and lots of agencies with revenues in the multiple six and seven-figure range. One of their biggest challenges is attracting better quality clients. They typically have a pretty good number of clients, but they want to attract better quality clients. In order to do that, you need to be able to sell with your current skills your current assets.

Your answers to these questions and others like them will build the core of your brand. All of your future branding decisions should expand on these ideas. Your company name , company logo , and website design should all grow from the concepts you laid out here. So, take the time to think — really think — about your brand from the start.

Consulting is a fast-growing industry. Before you decide that you should delay building a strong brand identity because you might not have a vast budget, rethink that plan. Here are a few pricing guides that can help you identify the sweet spot for pricing:.

The above guides cover free, cheap, affordable, and expensive options. And, you can learn more about the nuts and bolts of establishing and maintaining consistent brand identity in Grow Your Small Business with Consistent Branding. Step 9 Fill In the business blanks. Once you define your brand, you can begin to think about the vitally important details of actually starting and running a consulting business. Between choosing a business structure, pricing, licensing and permits, and business plans We already covered the requirement that you have to choose the legal business structure for your new consulting business.

It will impact you and your business in the years to come. An experienced business attorney can help. The U. Small Business Administration tells us that some form of license or permit is necessary for virtually every business type. Remember that most states require you to register your business if the trade name under which you operate your business differs from the legal business name.

Step 10 Crunch the numbers. Once you know how much it will cost to get started, compare it with your actual funds.

See section 9 below to learn how to find a partner or investors. Running intelligent calculations to determine how much it will cost to run your business will allow you to plan and think about pricing. To create an innovative and effective fee structure, you have to start by knowing how much it costs you to run your business your operating costs. While there may always be unexpected expenses, your rent, phone bill, internet fees, invoicing software subscription or membership fees, annual taxes, supply costs, and employee salaries if any should all be taken into account.

But, your operating costs are only a starting point. Otherwise, it will be challenging to sustain your business over time. You may dream of owning your brick-and-mortar consulting agency — or maybe you fantasize about working from a home office or even traveling while you consult with clients around the world. Either way, for a consulting business to scale and grow, you must charge rates that support the style of business you choose to run.

There are several different strategies you can employ to achieve this goal. This article by Andrea Coutu of Consulting Journal will walk you through your options. You might feel that your services are worth more or that you want to charge new clients less than your competitors. Perceived value is the amount that a customer thinks a service or product is worth. But, not the whole picture. Your time has value, and you need to make a living wage. They will care about the tangible results that your services deliver for their business.

The more they stand to gain, the higher the perceived value. A classy logo and high-end brand positioning will lead to a higher perceived value than discount brand positioning. Clients, especially new clients, may be willing to pay more if they trust your consulting brand more. An hourly rate is a flat rate, paid for each hour you work.

You must track your hours using this approach, and clients will likely have questions if the work you do takes much longer than you estimated. A project rate offers clients an all-inclusive price based on the scope of work on a project-by-project basis. You take the risk that the work will take longer than anticipated. Project rates can work well if it takes you less time to complete the project but can create friction with changes to work scope and adjust the project rate to reflect scope changes.

A retainer is a fixed sum of money a client will pay you per month, week, or day. For more information about setting your fees, check out this online mini-course by Consulting Journal. Build an online presence. As we explained previously :. Combining data science, algorithms and agile engineering, we stand out by the ability to address complex issues, create the solution and deliver innovation.

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