Author Topic: Feedback on business idea  (Read 2320 times)

waffle

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Feedback on business idea
« on: August 07, 2015, 11:07:19 AM »
I've been kicking around the idea of starting a consulting business. Its probably a couple years out as I need to get my finances more in order and some more industry experience wouldn't hurt either. I have a bachelors in business management, a masters in human resources, and a little over 3 years experience in HR.

I'd like to do HR consulting/services (setting up benefits plans, onboarding solutions, investigations, develop company policy, etc...) and serve the small to mid sized company. Companies that are growing to the point that they need some more organization and standardization, but aren't big enough to employ an actual HR employee/department.

Most small companies seem to put all HR responsibilities on their office manager who is already wearing several hats. As the company grows and potential HR issues/needs become more complicated that person is overwhelmed and makes mistakes. I'd like to help these smaller companies avoid the HR growing pains. I'd like feedback on if you think this is a viable business. I'd provide services on either a one off need or on a retainer kind of deal. Anyone have or had a small business who would have hired for these services?

Mother Fussbudget

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Re: Feedback on business idea
« Reply #1 on: August 07, 2015, 12:43:38 PM »
I know someone who retired early from exactly this kind of HR job, and started a consulting business doing exactly what you're proposing.  It can be a very lucrative field - but you need to be good at selling yourself to make it work.  Your skills are unique, and VERY NEEDED in the constantly changing field of benefits and health care coverage. 

I would start with your current company, explain what you're planning, and SIGN THEM UP to be your first client. 
Don't 'ask' them... 'TELL' them that you're signing them up as a primary client BECAUSE you've had a great work experience working for them, and that you're sure you can continue to help them solve their HR needs well into the future.

waffle

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Re: Feedback on business idea
« Reply #2 on: August 07, 2015, 01:48:39 PM »
Thanks! It's good to know that there are people doing the same thing and succeeding at it.

I'm not sure how much business I could get from my current company. They have been great in that I've gotten experience in many parts of the HR world, but they are a company of 10k+ employees so they have a very well developed HR program. I have been doing a lot of special projects for them though. Band aid fill a need till an enterprise solution is developed sort of thing. I might be able to continue that in a consultant role.

Ipodius

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Re: Feedback on business idea
« Reply #3 on: August 13, 2015, 11:26:18 AM »
One quick piece of advice from my own business, and other consulting businesses I have been involved in - you can charge more than you think! Great blog post on the subject: http://andyadams.org/you-can-charge-more/


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