7 Consultancy Business Success Stories [2024]
According to the US bureau of labor, the demand for business consultants will increase by 11% in the next few years. Business consultants are professionals who help companies achieve their goals or to streamline business operations in a particular business area.
Companies need consultants and management professionals to assist them in IT, finance, marketing, supply chain management, HR, Operations, Engineering, and security matters. If you enjoy providing entrepreneurs professional advice, consider starting a business consultancy career.
To become a business consultant, decide which areas you want your focus to be. Then, earn a bachelor's degree in your area of interest. Then, join industry groups to practice and gain essential skills.
In this list, you'll find real-world consultancy business success stories and very profitable examples of starting a consultancy business that makes money.
1. Emirabiz ($1.2M/year)
Elena and Andrew, the founders of Emirabiz, came up with the idea for their business after seeing a huge demand for business incorporation in the UAE market. They noticed that many consultants in the industry were unprofessional and dishonest, so they aimed to provide better quality services with transparent pricing. Through Google Ads and SEO optimization, they were able to attract and retain customers, reaching an average monthly revenue of over $200K.
How much money it makes: $1.2M/year
How much did it cost to start: $5.5K
How many people on the team: 15
Emirabiz, a business consultancy company in Dubai, has grown to 15 full-time employees and boasts an average monthly revenue of over $200k USD by offering transparent pricing and being customer-oriented in assisting people in their business registration in UAE, a country that has seen a huge demand for business incorporation.
2. DeepBench Inc. ($1.2M/year)
The co-founders of DeepBench, Yishi, Derek, Devin, and Nikhil, met while studying at MIT and realized the need for a better, more efficient expert network. They saw that existing networks were slow, expensive, and disjointed, and believed that technology could solve these problems. By automating the expert-finding process and prioritizing user interface, security, and transparency, DeepBench has attracted over 450 clients and facilitated nearly 2,000 consultations.
How much money it makes: $1.2M/year
How many people on the team: 8
DeepBench, a company disrupting the expert network industry, offers a platform connecting clients with expert advisors for informed decision making, serving over 450 clients and 25,000 advisors and achieving their best quarter yet in Q1 2021.
3. Dusseau and Company ($420K/year)
Mark, the founder of Dusseau and Company, drew inspiration from his personal experiences as a former foster child and his professional background in software development. He saw a need to help small businesses and diverse founders build disruptive software companies, and thus, Dusseau and Company was born. With a scientific approach to product development and a commitment to empathy and helping others, Mark has successfully worked with clients like Chevron and JP Morgan Chase, helping diverse founders raise $700k in funding and achieve over $15 million in company valuations.
How much money it makes: $420K/year
How much did it cost to start: $1.5K
How many people on the team: 0
Dusseau and Company is a boutique product development firm focused on helping diverse founders ideate, design, develop, and scale disruptive technology companies, with a leading service of executing different levels of the product development lifecycle, and boasts an impressive metric of helping diverse founders build products that have gone on to raise $700k in funding and over $15 million in company valuations.
4. My Franchise Partners ($120K/year)
Andrew Hoffman came up with the idea for My Franchise Partners after exploring various business opportunities and being drawn to the franchise world. With his background in finance, operations, and business development, he saw the potential to help entrepreneurs make informed decisions and find the right franchise for them through in-depth research and analysis. His focus on delivering outstanding service has allowed him to grow his business through referrals and collaborative partnerships.
How much money it makes: $120K/year
How many people on the team: 2
Andrew Hoffman founded My Franchise Partners, a $15-20K/month consulting agency helping individuals to educate themselves before investing in a franchise, using in-depth research, analysis, and due diligence to match franchise options at all investment levels and in every industry.
5. HIC GLOBAL SOLUTIONS ($120K/year)
Piyush Singhal, the co-founder and CEO of HIC Global Solutions, came up with the idea for his Salesforce consultancy business after working with multiple CRMs and recognizing the potential of Salesforce in helping businesses of all sizes. Despite facing financial struggles and working out of a small apartment, the company grew to have offices in four different locations and an estimated yearly revenue of $8M. Through their focus on customer satisfaction and word-of-mouth referrals, HIC Global Solutions has become a leading provider of Salesforce services.
How much money it makes: $120K/year
How many people on the team: 60
HIC Global Solutions provides out-of-the-box Salesforce services to clients across industries, with estimated yearly revenue of $8M, including partnerships that have helped them retain over 60% of their customers, and offering career opportunities.
6. Third Eye Advisors ($120K/year)
Arthur Robertson, the founder of Third Eye Advisors, was inspired to start his investment advisory firm after realizing the lack of financial education and literacy among millennials and Gen X. Coming from a background in finance and with a passion for managing and investing money, he saw the opportunity to provide customized financial planning and investment solutions to millennial business owners in the tech and cannabis industries. Within three months of starting the firm, Robertson was able to recoup his initial start-up costs of $10,000-$15,000 from serving clients.
How much money it makes: $120K/year
How much did it cost to start: $13K
How many people on the team: 3
Third Eye Advisors is a boutique Registered Investment Advisor (RIA) providing customized financial planning and investment solutions to millennial business owners, founded by Arthur Robertson with start-up costs of approximately $10,000 to $15,000, recouping those costs within three months of serving clients, while the team is currently expanding and looking for Financial Advisors to come on board in Q4 2020.
7. AYH Consulting Ltd ($60K/year)
Founder Sami Abid came up with the idea for AYH Consulting Ltd while working in various jobs where he implemented technology systems to streamline operations. After gaining recognition for his work, he began offering his services on platforms like Upwork and Fiverr, eventually earning enough to quit his day job and focus on running his automation business full-time.
How much money it makes: $60K/year
How much did it cost to start: $500
How many people on the team: 1
AYH Consulting Ltd is a service-based business that helps automate businesses using low-code applications, bringing in an average of $6k/month, with a stable retainer income, offering a good customer experience, and considering diversifying its income stream in the future through digital products.
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Download the report and join our email newsletter packed with business ideas and money-making opportunities, backed by real-life case studies.
Download the report and join our email newsletter packed with business ideas and money-making opportunities, backed by real-life case studies.
Download the report and join our email newsletter packed with business ideas and money-making opportunities, backed by real-life case studies.
Download the report and join our email newsletter packed with business ideas and money-making opportunities, backed by real-life case studies.
Download the report and join our email newsletter packed with business ideas and money-making opportunities, backed by real-life case studies.
Download the report and join our email newsletter packed with business ideas and money-making opportunities, backed by real-life case studies.
