IT Consulting Firm Business Plan, Marketing Plan, How To Guide, and Funding Directory
The IT Consulting Firm Business Plan and Business Development toolkit features 18 different documents that you can use for capital raising or general business planning purposes. Our product line also features comprehensive information regarding to how to start an IT Consulting Firm business. All business planning packages come with easy-to-use instructions so that you can reduce the time needed to create a professional business plan and presentation.
Your Business Planning Package will be immediately emailed to you after you make your purchase.
Product Specifications (please see images below):
- Bank/Investor Ready!
- Complete Industry Research
- 3 Year Excel Financial Model
- Business Plan (26 to 30 pages)
- Loan Amortization and ROI Tools
- Three SWOT Analysis Templates
- Easy to Use Instructions
- All Documents Delivered in Word, Excel, and PDF Format
- Meets SBA Requirements
Information technology is prevalent throughout the United States, and on a worldwide basis for that matter. As such, IT consulting firms have become a very integral part of the overall economy. These businesses are able to generate substantial streams of income from a number of different revenue centers. Foremost, these businesses – once they acquire their initial clients – are able to generate substantial revenue stream from the initial rendering of services as it relates to developing an information technology infrastructure. The revenues generated from these services typically include direct billable hours coupled with the sale of hardware that is used in conjunction with developing an IT network. In many cases, many IT consulting firms will carry a moderate inventory of commonly used products that are specific for information technology networks such as routers, ethernet cables, modems, and other switching devices that are frequently used in conjunction with the information technology activities of a corporation.
Generally, most IT firms do not carry product such as servers and computers – but some established businesses do in order to generate additional revenue streams. Most IT consulting firms will specifically focus on rendering services to their clients. In some cases, a budget may be allocated wherein the client provides the capital necessary for equipment purchases which are carried out by the IT consulting firm. Beyond the initial startup of developing IT network on behalf of the client, many consulting firms will also generate substantial and recurring streams of revenue from the ongoing maintenance of networks. As security has become a prevalent issue as it relates to all electronic devices – IT consulting firms are able to continue to generate revenues by upgrading software, completing normal maintenance, and rendering related services to their clients.
One of the nice things about owning and operating an IT consulting firm is at the revenues of the these businesses are immune from negative changes in the economy. The usage of computers, applications, mobile devices, tablets, and related electronics has gone way of life not only for individuals for businesses as well. For many businesses, the use of a computer is a necessity for all facets of operation. As such, these organizations are able to always generate a positive cash flow by rendering the services to the general public.
Given the very strong demand for IT consulting services and their ability to remain profitable and cash flow positive at all times – all financial institutions are willing to extend business loans as well as lines of credit in order to develop and expand these businesses. Of course, an IT consulting firm business plan is going to be required and they should have a three-year profit and loss statement, cash flow analysis, balance sheet, breakeven analysis, and business ratios page. As it relates to industry research, information technology services and related product sales generate in excess of $500 billion a year within the United States. There are well over 2 million businesses that are actively involved in this industry and the industry employs about 10 million people. The growth of this industry is expected to remain very strong given that new technology must be integrated into business operations in order to retain a competitive and advantage. This is going to continue to be one of the ways that the economy grows over the next 10 to 20 years. Technology has become one of the foremost and most important industries within the United States.
A demographic analysis outlining the specific profile of people that will be targeted with these services needs to be developed as well. This includes taking a look at median household income, number of businesses within any specific market, population size, population density, annual average revenues of most businesses, and the amount of money that they will spend on new technology and IT services in any given year. On average, most small to medium-sized businesses spend anywhere from $1000-$10,000 on IT related services each year. This is not expected to change anytime soon given that these entities must continue to integrate new technology into their operations.
An IT consulting firm SWOT analysis should be developed as well. This analysis should include a discussion regarding strengths, weaknesses, opportunities, and threats. As it relates to strengths, IT consulting firms will always remain profitable and cash flow positive. The gross margins generated from services is extremely high while sales of products generate a moderate gross margin. The start cost associated with the new IT firm can be relatively low in most of these businesses can be started for about $30,000 to $50,000 depending on the number of IT specialist on staff at the onset of operations. Of course, the start cost associated with these businesses can be much higher if the entrepreneur intends to develop this immediately is a large-scale operation. The operating costs associated with these types of businesses are considered too low to moderate depending on the office size and number of people on staff.
As it relates to weaknesses, IT consulting firms face substantial competition from independent agents that simply do it on a freelance basis as well as established firms within any given market. As such, it is important that the IT consulting firm undertake a large-scale marketing campaign in order to ensure that they are able to generate clients very quickly. Once the client base is established, this risk is somewhat diminished as many IT consulting firms are able to generate recurring streams of revenue for their services.
For opportunities, there are numerous ways which an IT consulting firm can expand its operations. Foremost, these businesses are able to generate billable hour revenues and as such the hiring of additional information technology specialists can rapidly expand the operations of these business on ongoing basis. Additionally, some IT consulting firms will focus on a specific niche such as healthcare, finance, retail, or contracting related businesses. By operating with a specific niche, and IT consulting firm can effectively differentiate themselves in the market and expands very specifically base. Some firms will also integrate product sales into their operations in order to further boost revenues.
For threats, outside of the rapidly changing technology market and competitive issues – there’s really nothing is going to impact the way that an IT consulting firm does business. Business organizations, not for profits, government agencies, and even individual households are to continue to have information technology management needs. As such, the key threat to this industry is the continually changing technology and IT consulting firm’s ability to remain on the cutting edge in order to remain competitive.
An IT consulting firm marketing plan should be developed as well in conjunction with the business plan. This is going to be one of the most important parts of the overall planning of an IT consulting firm development given that the market is highly competitive. Foremost, many entrepreneurs that are establishing an IT consulting firm frequently become members of area chambers of commerce in order to introduce themselves to small business owners and medium-sized corporations there and continued need of IT consulting assistance. This can be an invaluable source of referrals as time progresses. Also, many IT consulting firms will frequently attend regional business expos and conventions in order to further boost the brand-name visibility of the business.
A large-scale proprietary website is an absolute necessity for any IT consulting firm that is looking to expand within the market. This website should showcase all operations of the business, the information technology services rendered, products carried it this is applicable, preliminary pricing information regarding product sales and billable hour fees, location information, hours of operation, and in the other piece of relevant information that showcases the IT consulting firm as a competent vendor of these services. Given that there are many certification courses available, the IT consulting firm’s website should showcase any special designation that staff specialist have in order to further boost the fact that competent services are going to be rendered. In many cases, regional and swell as local IT firms will frequently engage in search engine optimization in order to boost the visibility of the business very quickly. Given that this is an IT related business – some firms ops to actually render the services in-house so that they are able to keep the cost low. However, a highly established search engine optimization firm can assist an individual with developing a website that can quickly reach regional and local customers.
A presence on social media is not required but is heavily recommended for a new IT consulting firm. This is due to the fact that many small business owners frequently use social media platforms like Google+, FaceBook, Instagram, LinkedIn, Twitter, and Reddit in order to find specific resources for their businesses. As such, maintaining profiles on these platforms will allow for greater degree of visibility as it relates to establishing the brand name of the business. Additionally, many social media platforms allow for review pages to be maintained so that previous customers are current clients can leave appropriate views regarding how they experience the services rendered by the company. Once established, these reviews can be an invaluable benefit to the business given that people do trust testimonials and reviews on third-party websites. Some IT consulting firms also maintain profiles on pages such as Yelp.com in order to further drive traffic to their proprietary website.
A print campaign can also be used especially if it relates to sending flyers and advertisements to small businesses, medium-sized corporations, municipal government agencies, and related entities within the local and regional market. This can be a very expensive for marketing, and is usually done once an IT consulting firm has developed a very strong customer base.
Information technology is prevalent and will continue to be one of the most important aspects of human existence moving forward. As such, this is a very exciting and rapidly growing field that can be a very lucrative business for an entrepreneur that is qualified to render IT services.