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If you've never done it before, thinking clearly and logically about your business strategy may not be easy.
But consultants setting up their own business might not need much funding – if any.
It's still important to have a business plan though – not only to clarify the details in your own mind, but also to help you understand the potential risks and rewards.
The important thing is to learn as you go along – and make use of that knowledge to improve your plan.
A consulting business plan is written as much for you, the consultant, as for anyone else.
Or you might want funds to spend on marketing and advertising, particularly if you're offering consulting services in a competitive market. You could apply for a bank loan, look for grants, or try other forms of capital-raising such as crowdfunding.
Whichever method you choose, any potential investors will want to see the important numbers.The initial period for any new business can be a tough time – money worries will just make it tougher.You may also decide that you want to make more of an impression by hiring office space, perhaps in a shared office environment.This is an important question to ask yourself before you start.For most conventional businesses the answer will be "For the bank and investors." That's because small businesses usually need startup funding to get off the ground.A good business plan will combine elements of both finance and strategy, but the contents will vary depending on the target audience. You may not need funding for capital equipment expenses or office rent.But you might need a loan to tide you over for the first few months, until you have a regular cash flow.With an experienced consultant at the helm as President, GMS intends to grow at more than 50% per year through solid customer service, a great sales plan, proven competitive strategies, and a group of people that bring dynamic energy to the company and the sales process.The goal for this plan is financial: GMS needs a Small Business Adminstration (SBA) loan, and this document is one step in the process. The document gives all present and future employees, as well as the owner a sense of purpose that may exist without the business plan, but becomes more relevant after the business plan is written, reviewed, shared, and edited by all.The point of writing it is to concentrate on what's important. So don't look at a business plan as just another box to be ticked.It's a fundamental process when starting any business, particularly a consulting business where you will need initiative and drive to succeed.