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Published On: Sat, Sep 14th, 2019

Don’t Start Your Management Consulting Business Until You Have Read This

Starting a management consulting business is a wise decision. It’s a lucrative business, and there are hundreds of businesses mushrooming up everywhere that require your services. However, like any business, starting a management consulting business, and maintaining the business are two entirely different ballgames. And you will do well knowing what you are getting into, what needs to be done, and how to make your business a successful one, even before you start it.

photo/ Gerd Altmann

Here are two things you need to be aware of before you start your management consulting business.

Management is a wide field – you may not have the capability of handling it all

You probably already know this if you are thinking of starting your management consulting business. You must consider whether you have all the skills and resources that are required to start a management consulting business that provides services in every aspect of management. The good news is, you don’t have to provide a complete management consulting business. You can start with your area of expertise, keep your business small and concise, and then build on your consultation specialties as you grow. 

Consider taking up courses to gain more knowledge in different areas of management specialty. You can even consider hiring specialists in different fields. This way, your business will expand quickly as you will have more areas of specialty to offer management consultation.

Your business is prone to liability claims

Given that you will be advising clients on how to run their business more successfully, you can be sued if it backfires. You could be sued if your consultation and the advice you give out to clients leads to a loss in their business. Needless to say, starting your management consulting business is risky. But so are all businesses, so you don’t have to be put off by this. 

Luckily for you, there is professional liability insurance for your business. Professional liability insurance for management consultants is specially designed to protect management consulting businesses and their owners from lawsuits filed against them. Professional liability insurance for takes into consideration cases that are filed for negligence, work mistakes, and work that is claimed to be unsatisfactory and late. 

The insurance covers legal fees, court costs including judgment and/or settlement feels, and the costs associated with hiring an attorney. The insurance also protects your business and your assets. Taking out professional liability insurance for a management consultant can also save you from a bad reputation. Purchase professional liability insurance that suits your business requirements, and make sure it does not lapse.

Ensure that you are completely thorough in the services you provide. No matter how big or small your business, or how many aspects of management you cover in your consultation, give your business your best. Practice what you ask your clients to practice. Employ the same tactics, and you will find that your business grows just as your clients’ businesses do. What’s more – with reliable, professional insurance to bank on, your business is protected.

Author: Jade Sohn

References:

https://www.insureon.com/consulting-business-insurance/professional-liability

https://www.einsurance.com/business-insurance/professional-liability-insurance/management-consultants-liability/

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