Here’s another career to add to your list of small business ideas: expense reduction consultant.
Do you work in business management? Are you an operations manger, an accountant, or just an incredibly efficient person?
This might be a great fit for you.
In its Business Center, Entrepreneur.com highlights expense reduction consulting as a great opportunity.
“You can profit from your business and budget management skills and experiences by starting your own expense reduction consulting service.”
What would small business ideas involving expense reduction consulting look like? What would they entail?
“The objective of the expense reduction consultant is to uncover costs associated with doing business that can be reduced or eliminated while still maintaining the efficiency of the business in terms of operations, customer service and profitability.”
In today’s economy, all businesses are looking for ways to cut costs and save money. Possible clients could range from small businesses to medium-sized businesses.
You could also target nonprofit organizations and privately-run organizations. Many times, those institutions may not have professional business expertise at their disposal.
If you have skills in a specific area, like manufacturing or retail, then you can specialize in consulting to those industries.
How do you start the process?
First, compile an expense reduction consulting manual. This would detail the process you’d go through when analyzing each business with which you work.
If you decide to specialize in a certain industry, make sure your manual reflects that.
Entrepreneur.com notes that, it “should be representative of the type of business…you’ll target and include an index of categories you’ll analyze, such as business location, employees and communications.”
Second, you need to find clients. You need to market yourself.
This doesn’t have to be difficult or complicated. Try becoming a member of local business associations. Find ways to network with owners of small businesses.
Third, combine your general expense reduction consulting manual with your specific clients. Tailor your analysis to specific situations.
For each business category that you outlined in your manual, identify subcategories for each particular business.
Fourth, compile an extensive report of your findings that you can present to each client. As Entrepreneur.com emphasizes, “[t]his report typically outlines the consultant’s suggestions in terms of reducing costs, including relevant supporting data and statistics.”
How profitable is a consulting business like this? How much should you typically charge?
Different consultants charge different fees for their services. Some bill their clients based on an hourly rate. Others charge a percentage of the amount of money they save each client in the first year. The percentage usually falls between ten and fifty percent.
As you reflect on your small business ideas, consider whether expense reduction consulting could be a match for your experiences and expertise.
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