What Is Consulting Business? and How to Expand It? - Part II

Part I discussed the consulting definition, the difference between a contractor and a consultant, how to start a consulting business, and two types of consulting. This Part will discuss the 14 remaining types and how to expand a consulting business. So, keep reading.

16 Consulting Types

3. Operations Consulting

While strategy consultants primarily deal with objectives, operations consultants focus on how to achieve them. These consultants handle procurement, outsourcing, supply chain management, and more. Also, operations consultants may provide implementation and operational services to help clients execute their new processes.

4. Financial Strategy Consulting

Financial consultants work in areas such as corporate finance, corporate restructuring, risk management, and even real estate. These consultants help businesses make informed, objective, and legal decisions to maximize profits.

All financial consultants must meet certain requirements and obtain a license to provide financial consultation.

5. Financial Strategy Consulting

These specialists address human resource processes, including training and development, conflict resolution, management theories, benefits, and employee satisfaction. Human resources consultants assist companies in hiring and retaining exceptional employees.

Moreover, they ensure that companies follow legal and ethical employee practices.

6. Information Technology Consulting

IT consultants focus on implementing and managing new technologies, such as systems integration, software development and management, and enterprise engineering.

This consulting field is highly specialized and lucrative, valued at twice that of management consulting: $692 billion. As an IT consultant, you can help companies identify which software to invest in and how to use it to achieve their goals.

7. Business Consulting

Business consulting is a broad term for specialists who work with companies on anything from financial consulting to training and layoffs. (You will see that this category overlaps with other categories in this list.)

Business consultants are likely to work with small to medium-sized enterprises.

8. Sales Consulting

Sales consultants work on improving the sales teams' performance, regardless of size or industry.

They typically focus on training and sales development. Also, they may be tasked with other responsibilities such as selecting a customer relationship management CRM system, optimizing the sales process, or boosting team morale.

Outstanding sales consultants are highly regarded and in high demand, as sales are one of the business's most financially significant aspects.

9. Marketing Consulting

Marketing consultants evaluate businesses' marketing efforts and provide guidance to improve goal-achieving and revenue-generating strategies.

Marketing consultants may specialize in a specific marketing area, such as content marketing, public relations, or social media marketing. Alternatively, they might focus on a particular marketing process, such as identifying target audiences, customer acquisition, or enhancing brand recognition.

10. Environmental Consulting

Environmental consulting is gaining particular importance as companies strive to reduce their long-term environmental impact. Environmental consultants can counsel companies on how their operations impact the environment, often working with sectors such as construction, waste management, real estate, and energy (but you can be hired by any type of company).

11. Financial Consulting

Financial consulting overlaps somewhat with the financial strategy consulting discussed above. However, the main difference is that this category also includes independent financial consultants who work with individuals, families, and business owners.

Financial consultants can consult about everything from daily expenses, investments in precious metals, taxes, cash flow issues, insurance, and legal financial aspects.

12. Professional Consulting

Career consultants can help clients develop skills, build resumes, job applications preparation, interview techniques, and understand the job market.

Individuals and companies use career consulting to prepare themselves or their employees for growth in their careers. Career consulting might be suitable for you if you have experience in human resources or recruitment.

13. Healthcare Consulting

Healthcare consulting aims to enhance healthcare institutions' impact and results.

Healthcare consultants are management consultants who specialize in the healthcare industry, analyzing an organization’s staff, profits, and operations to provide advice on improvements and solve pressing challenges.

14. DEI - Diversity, Equity, and Inclusion Consulting

Companies frequently discover that they lack the specialized skill sets that diversity and inclusion consultants have. It takes more than just hiring an HR consultant to eradicate bias in the workplace. This makes these consultants some of the most sought-after specialists.

They provide an objective perspective on equity issues within companies, especially those related to employees and culture. This consulting type is your ideal next career step if you have experience in human resources, psychology, or nonprofit management.

15. Public Relations Consulting

Public relations may be a fundamental component of organizations, but its function is often associated with marketing and communication in small businesses. However, public relations is a standalone specialty. Unfortunately, businesses usually recognize this fact mid-crisis.

Public relations consultants may work on a permanent contract basis to help in crisis planning before they occur or be called in during a crisis to consult the organization on how to deal with the media and the public.

16. Branding Consulting

Branding consultants may work closely with marketing and sales consultants to launch products and adjust pricing. These professionals provide creative expertise to enhance brand image.

Branding consultants will assess the current brand positioning. The scope of work may include competitor analysis, research, and design. However, you are free to focus on just one area if that is your preference.

How to Expand Your Consulting Business?

Starting a consulting business is a remarkable achievement, but it doesn't stop there. You can expand your consulting business by engaging in these five activities as well:

1. Conduct a Competitor Analysis

Conduct a competitor analysis of other consultants or consulting firms in your field and area if you haven't already.

Although analyzing your rivals can be intimidating, you can learn how to expand and enhance your consulting business by adopting the correct mindset. Furthermore, you can spot the market's gaps and find new ways to enhance your strategies.

2. Explore New Consulting Sectors

Examine your competitive analysis: did you find sectors or specialties that your competitors offer but you don’t? Consider offering additional services to distinguish yourself further and expand your business.

For example, if you are a content marketing consultant, you might think about offering email marketing and social media marketing consulting services. Just ensure you have the relevant expertise and knowledge if you want to expand Don't add new services only to attract more clients.

3. Create a Blog

Blogging is an effective and unique way to market your business, establish authority in your field, and help your business appear online for free. Many people hesitate to start a blog because they don’t know what to write about.

Your clientele can provide material for your blog. Pay attention to the issues or questions your clients face and collect feedback on topics that might be useful to write about and share.

Additionally, blogging can boost sales, as sharing one or two articles with potential clients may help them understand why they should hire you.

4. Share Thought Leadership Content

Like creating a blog, publishing thought leadership content can help solidify your authority. Consider audience-driven platforms such as Medium. Publish reliable, data-driven content to enhance your brand's popularity.

Additionally, you can use tools like HARO to connect with journalists and bloggers seeking quotes, anecdotes, and expert stories for their content. Answering questions can help you establish yourself as a respected authority in the consulting industry.

5. Network and Build New Relationships

You are the only barrier to building relationships and making new friends online as social media, dedicated Slack channels, and online mastermind groups are available.

Personal networking is very straightforward, but online networking can be challenging. Fortunately, there are countless ways to connect and build new relationships thanks to modern technology.

When networking, you need to highlight exactly what organizations will gain from investing in you. Try out different platforms and tools to discover which ones work best for connecting with and attracting clients.

In Conclusion

Consulting can be a fantastic and lucrative career, but it requires the right mindset. Successful consulting businesses start with an individual or expert team passionate about helping others.

Maintain your passion and expertise regardless of your business size, and you will always succeed. Top consultants excel at planning, presenting, and marketing their services.