Starting a Business Development Company

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A business development consultant is concerned with optimizing a firm's operations.
A business development consultant is concerned with optimizing a firm's operations. (Image: A businessman an businesswoman working on a business deal image by sumos from Fotolia.com)

A business development company or business consultant helps a company gain customers and to stop losing them. They may assist in strategic planning by analyzing a firm's sales, financial reports, human resources, operational processes and marketing. An individual with adequate business credentials and entrepreneurial spirit may consider offering business development counsel as a start-up service firm.

Expertise

Consultants with a business development firm must offer and deliver value to prospective clients. Education, experience and professional credentials will be important. While educational backgrounds is not a determinative factor, an ideal educational background for a business consultants would be a master in business administration or other business or finance-related degrees. The Association of Management Consulting Firms is one of many professional organizations that provides continuing business educational programs for strategy professionals.

Business Planning

Start the business with a written plan. This provides a road-map that states the business goal and identifies the target market of the service firm. It also addresses the human and financial capital requirements for starting operations. Identify essential start-up equipment, supplies and resources needed. The U.S. Small Business Administration is a major resource for developing a business plan and researching small business loan options.

Fees

Salaries for business consultants can range from $55,000 for first year business analyst to more than $600,000 for senior partners in a business development firm, according to Careers-in-Business. The business consultant's reputation and the economic dynamics of the local market will determine how much a firm can reasonable charge for fees at the start-up. Fees should be calculated to ensure coverage of salaries and other operational expenses. If starting a small firm with limited administrative staff, remember that a business consultant's time will also be spent on non-billable hours.

Office

This service business can be home-based. This will reduce operational costs associated with commercial lease obligations. There are a number of commercial leasing options, all of which will be impacted by the new firm's financial resources. For instance, in lieu of long-term leasing a start-up firm may begin operations using an executive suite or shared office space with a business with shared synergies.

Decor for a business consulting firm is generally conservative. In addition to private offices for business consultants, a conference room will also be an important office space for this type of firm. The later can also double as a business library research room with resources such as business consulting books, professional journals and federal and state regulatory references.

Marketing

The basic marketing goal for a service business start-up is to develop new clients. Generally, consultants with a business development firm will gain exposure from speaking at professional organizations, writing articles in business journals and newsletters and tapping into their professional networks. Hire a professional graphic designer to design core marketing material such as a business logo, stationary, business cards and brochures. Develop a professional website and use social media tools within a business context. Consider advertising in business publications read by your target market.

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