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HR Consultancy Business Plan

Are you thinking of starting a HR consultancy business We have prepared a solid HR consultancy business plan sample that guides you on every stage of your business plan writing

If you are planning to start a new human resources consultancy business, the first thing you will need is a business plan. Use our sample Anderson Consultancy – HR Consultancy Business Plan created using upmetrics business plan software to start writing your business plan in no time.

Before you start writing your business plan for your new HR Consultancy, spend as much time as you can reading through some examples of services-related business plans .

Reading sample business plans will give you a good idea of what you’re aiming for and also it will show you the different sections that different entrepreneurs include and the language they use to write about themselves and their business plans.

We have created this sample Anderson Consultancy – HR Consultancy Business Plan for you to get a good idea about how perfect an HR consultancy business plan should look like and what details you will need to include in your stunning business plan.

HR Consultancy Business Plan Outline

This is the standard HR consultancy business plan outline which will cover all important sections that you should include in your business plan.

After getting started with upmetrics , you can copy this sample business plan into your business plan and modify the required information and download your HR consultancy business plan pdf and doc file . It’s the fastest and easiest way to start writing your business plan.

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SHRM GLOBAL

Tips for Becoming an HR Consultant

Ready to be your own boss? These steps will take you there.

Members may download one copy of our sample forms and templates for your personal use within your organization. Please note that all such forms and policies should be reviewed by your legal counsel for compliance with applicable law, and should be modified to suit your organization’s culture, industry, and practices. Neither members nor non-members may reproduce such samples in any other way (e.g., to republish in a book or use for a commercial purpose) without SHRM’s permission. To request permission for specific items, click on the “reuse permissions” button on the page where you find the item.

Some HR practitioners strike out on their own to follow a long-held dream of becoming their own boss. Others are thrust into self-employment after being laid off or furloughed, as has been the case for some during the pandemic.

No matter what path has led you here, becoming an HR consultant presents both opportunities and challenges. We spoke to HR professionals who have made the transition successfully for advice on how to plot and navigate this big career move.

Assess Your Motivations

Before taking the plunge, “take a step back and ask yourself why you want to become a consultant,” recommends Adam Calli, SHRM-SCP, a principal with Arc Human Capital in Woodbridge, Va., and a Society for Human Resource Management certification instructor. He became a consultant in 2015 after a layoff. “Are you planning on starting your own business, or are you just looking to make some money while you’re between jobs? Because those are two very different things.”

Arlington, Va.-based HR consultant Mary Ellen Brennan, SHRM-SCP, suggests evaluating the pros and cons of consulting work before making the switch. Whether a particular factor qualifies as a benefit or a drawback will depend on your individual preferences. For example, some people like being their own boss, while others prefer to work on a team.

Brennan, who became a consultant in 2018, says, “I love having the variety of working with multiple clients as opposed to just working for one employer. I get to support different missions, which I didn’t get to do when I was working in an HR office of one for the 13 years prior to becoming a consultant.”

Lay the Groundwork

If you’re employed, there are a few steps you’ll want to take before you leave your job to become a consultant, Brennan and Calli say, so that your business is up and running on day one:

Form an LLC. Structuring your business as a limited liability company (LLC) offers a layer of protection. Any claims, liens or lawsuits against your business will be limited to the assets of the business itself—effectively shielding your personal assets. Filing fees vary by state, but LLC applications generally cost $50 to $100, according to Nolo.com, a publisher of self-help legal books and software.

Build a professional website. This will help prospective clients find you and learn about the consulting services you offer. You can create a website for free using WordPress, but consider purchasing the site’s premium plan ($8 a month)—it provides a custom Web domain, advanced design tools, Google Analytics support and even the ability to monetize your site with ads.

Set up a corporate bank account. To avoid blending your business and personal finances (and creating a mess), open a checking account that’s dedicated to your business. Having a corporate bank account will also make writing checks for business expenses, tracking receipts and preparing tax returns a lot easier.

Build an emergency fund. One thing the pandemic has shown is that small-business owners—HR consultants included—need to be prepared for the unexpected, including potential disruptions to their income. So shore up a rainy-day fund, if you haven’t already, before you start your business. Many financial advisors recommend building an emergency fund that will cover three to six months of essential expenses. “You need to have a cushion,” says Susan Heathfield, a Williamston, Mich.-based management consultant and human resources writer for The Balance Careers who became a consultant in 1987 after working for General Motors. “Otherwise, you’re putting yourself at risk.”

Build a Client Base

When starting out, be prepared to spend a large portion of your time building references, marketing your services and reaching out to potential clients, Heathfield says.

A good starting point? “Try to convert your current employer to a client,” Brennan suggests. “I told my CEO several months in advance that I was thinking about leaving to start my own business, and he agreed to let me transition out with consulting work.” Brennan also networked at conferences and contacted everyone in her professional network to drum up business. “I told people what I was doing, and I got such a positive response from people in my sphere,” she says.

Calli says another option is to join a consulting firm before flying solo. “There’s nothing wrong with affiliating with an already-established consulting business that can provide you with clients,” he says, “especially if you’re supporting a family and you can’t afford to go without a paycheck while you’re getting your business off the ground.

“Building a client base is like farming,” he adds. “If you plant the seeds in the right soil and you tend to them, they’ll grow.”

Carve Out a Niche

Instead of becoming a generalist, working with clients across a wide range of industries, consider branding yourself as a specialist in a particular field or service. That’s the route Brennan took. “I specialize in association management, and I highlight that on my LinkedIn profile,” she says. Meanwhile, Heathfield specializes in working with small to midsize manufacturing and technology companies, as well as large nonprofits.

Carving out a niche “can also help you identify your value proposition and what you bring to the table,” Heathfield says.

But be careful about pigeonholing yourself or otherwise limiting your options. “You need to think about how to position yourself in your local marketplace,” Calli points out. “If you’re a specialist, you might be able to charge a high rate for what you do, but at the same time, you may be limiting your client base. If you choose to be a generalist, there’s a greater likelihood that you’ll be able to find clients who need the work that you provide because you do a lot of different things. But at the same time, it may be more difficult for you to charge a higher rate.”

Develop an Online Presence

In today’s digital era, establishing an online presence for your consulting business is a must. “As a consultant, the product that you’re selling is your brand, and having a presence on social media is critical to building a brand,” Heathfield says. “It also helps you develop credibility.”

Calli recommends taking a targeted approach. “Think about who you’re trying to reach,” he says. “Are your potential clients on Twitter? Are they on Facebook? You want to be seen by the right people, so you need to be on the right platforms.”

Find a Mentor

Starting your own consulting business can be intimidating, especially if you’ve never been self-employed. But you don’t have to go it alone. “One of the things I did that was really helpful was getting a coach,” Brennan says. “I found one who works in the industry that I work in, and they’ve definitely helped me build my confidence.”

You can find a volunteer business mentor in your area at Score.org, a national nonprofit dedicated to helping small businesses get off the ground.

Daniel Bortz is a freelance writer based in Arlington, Va.

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Business Plan for Investors

HR Consultant Business Plan Template

DEC.10, 2021

Do you want to start HR Consultant business plan?

Are you thinking about starting an HR consultant business? If so, it is a great idea. That’s because you can start an HR consultant business with very few resources and a small team. Afterward, you can extend it to whatever size you want. But the start is relatively easier as compared to other businesses.

The first step in learning how to start HR consulting business is to write a good business plan for your idea.

You can write an HR consultant business plan yourself. Or you can hire business plan writing services . If you want to write the plan yourself, you can just follow the HR consultant business plan mentioned here.

Executive Summary

2.1 the business.

Dillinger HR Consultants will be an HR consultancy company started and owned by Riley Dillinger. The company’s primary aim will be to provide consultations to its clients about the management and procurement of their HR resources in Portland, Oregon. The range of services offered will vary from recruitment and training to payroll management for different clients.

2.2 Management of HR Consultant Company

When starting a human resource consulting firm, you need to ensure that all your resources are well-managed and utilized. You can do this through a business plan strategy . You can do an HR consultancy industry overview to understand what resources you will need to start your company.

The best portfolio of an HR consultant for small businesses and big ones is competent management of his own business. So, if you want to learn how to start an HR consulting firm, take guidance from this plan and others like business consulting business plan , etc.

Here, we are providing all the necessary details of Dillinger HR Consultants so that you can take help for developing your business plan.

2.3 Customers of HR Consultant Company

Our customers will belong to almost all work domains as professional cleaning and maintenance are required by all. However, our potential and recurring customers are identified as follows:

2.4 Business Target

Our target is to become a reliable source of HR consultancy and issue resolution to our clients when they need assistance.

Our financial targets for the first two years of our launch are shown below:

3 Years Profit Forecast - HR Consultant Business Plan Template

Company Summary

3.1 company owner.

Riley Dillinger will be the owner of Dillinger HR Consultants. She completed her MBA two years back and worked for an administration firm after graduation. To pursue her dream of starting her own business, she decided to leave her job and start the Dillinger HR Consultants.

3.2 Why the HR Consultant company is being started

In her previous job, Riley had a lot of exposure to various types of organizations ad companies at every scale. She realized that a lot of companies struggle with their human resource department. And more prominent consultancy companies cannot offer services catered to each company. She realized that she could solve this issue by starting as an HR independent consultant and then extending the business to a startup HR consultancy.

3.3 How the HR Consultant company will be started

Step1: Plan Everything

When learning how to start an HR consultancy company, you will find that developing an HR consulting business plan template is vital. For this, you can refer to different business plans available on the internet like counseling practice business plan , etc.

Since Riley decided to start small and expand her business from there, this HR consulting business model is suitable for those who are just beginning and those looking to expand their business.

Step2: Define the Brand

The next step is to showcase your unique values and services to your customers. It is called developing a brand. And it helps a business stand out from its competition. Any good business plan, whether it is a life coaching business plan or a mortgage lender business plan , includes the necessary details about developing the brand.

Step3: Establish Your Corporate Office

To start her business, Riley decided to rent out a space in an office building in Portland. Her next step will be to hire sufficient staff to launch her company.

Step4: Establish a Web Presence

Riley knew the importance of social media and online networking in the success of a business. So she decided to establish social media profiles for the company and also get a website developed. It will help her expand her reach and allow her customer to contact her from anywhere, at any time.

Step5: Promote and Market

The final step is to develop a marketing plan and execute it for the promotion of the business.

Startup Cost - HR Consultant Business Plan Template

Starting your own HR consulting business is all about planning. You need to decide on the services that you will provide to your clients. A good idea about the scope of your services will help you to plan your business. It will also help you create the HR consulting services business plan.

To understand how services are presented in a business plan, you can take a look at an HR consulting business plan sample or something related, like a staffing company business plan .

Riley decided to limit her company’s services at the beginning but expand them later on. Therefore, this sample HR consulting proposal is suitable for developing the business plan for any company. It doesn’t need to be related to business HR consulting. It can even be a courier services business plan . You can easily take help from here.

Policies Development

One of the significant services of Riley’s HR Consultants will be to help companies in the development and streamlining of their policies. It can include things like:

We will also offer recruitment aid services to our clients. It can include providing our clients with part-time or full-time employees. We will take care of the whole process, from sourcing to staff induction. Or we will just match our clients with an appropriate employee pool that they can choose from.

Provision of Contract Staff

Contract Staffing is a brilliant solution for many services. We will help our staff in temporary staffing with limited-time contracts where the employees can immediately meet the client’s needs.

Training and Development

Productivity and efficiency are key terms that are used by every business, big and small. We will help our clients take this idea from an abstract realm to reality by helping them in developing training plans for maximum efficiency.

Performance Management

Riley’s HR Consultants will also help people develop and implement robust performance management systems so that their employees attain maximum productivity and attain their goals faster.

Marketing Analysis of HR Consultant Company

For starting a HR consultancy, you need to have an in-depth knowledge of your customers and competition. You can gain this insight through a marketing analysis. These are a part of business plan for HR consulting firm. It will give you an idea of how to price and market your services.

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A good marketing analysis of HR marketing consultants should include all past, present, and future market predictions to run the business accordingly. These analyses form an essential part of any HR consulting proposal example. And these, together with the financial goals of the company, determine how to start an HR consulting business and how to run it.

5.1 Market Trends

According to IBISWorld, HR consulting services in the US have a market valued at $24 Billion as of 2021. And the market is expanding at a rate of 5.8% every year. It means that more and more companies are demanding assistance to develop and improve their human resource departments. Many businesses are looking for temporary contract human resource provision, and starting an HR consultancy firm is a great way to take advantage of this market.

5.2 Marketing Segmentation

The customers of Riley’s HR Consultants are categorized into the following groups:

Marketing Segmentation - HR Consultant Business Plan Template

5.2.1 HR Directors

Our main clients will be the HR directors and managers of different companies. Our HR advisors will help them improve the human resource functions in each department and the entire company. This group is expected to require our services frequently throughout the year.

5.2.2 Small/ Medium Businesses & Work Councils

Our second biggest clients will be small and medium-sized businesses and work councils. Our consultants will help them in solving human capital problems of various scopes. These may include providing HR support, managing cultural transformations and developing management strategies, etc.

5.2.3 Internal Consulting Departments

Our consultants will also regularly work with internal consulting departments of companies to ensure proper human resources are available for the ongoing project. These clients are expected to avail of our services quite often.

5.2.4 Training Facilities

One of the aims of Riley HR Consultants is to make companies self-sufficient. In that respect, we will also provide training seminars and plans catered for our customers. Our smaller clients are expected to utilize the most to make their startups more efficient.

5.3 Business Target

5.4 Product Pricing

Our prices will be a little higher as compared to our competitors. But we will offer a more excellent range of services for that price along with 24/7 customer support. We will also ensure that our clients have access to our on-site services whenever they require them.

Marketing Strategy

To make your name in a bustling industry, you will need a marketing plan. In fact, it is one of the most crucial parts of learning how to set up an HR consulting business.

You can find examples of marketing analysis in any HR consulting business plan template. In this business plan HR consulting, we are providing the sales strategy for Riley’s HR consultants so that more and more people will pay attention to the business.

6.1 Competitive Analysis

6.2 Sales Strategy

6.3 Sales Monthly

Sales Monthly - HR Consultant Business Plan Template

6.4 Sales Yearly

Profit Yearly - HR Consultant Business Plan Template

6.5 Sales Forecast

Unit Sales - HR Consultant Business Plan Template

Personnel plan

A consultancy firm depends on its relationships with its clients. Riley decided to implement some selection criteria when hiring initial employees to develop and maintain excellent relationships with the customers. She also made these criteria a part of the HR consultancy business plan pdf as you will find in any HR consulting business plan template.

7.1 Company Staff

7.2 Average Salary of Employees

Financial plan.

The success of a business depends on many factors, of which financial standing is one. To ensure the success of your business, you need to maintain it in good financial standing. To do this, you need to manage your operations and problems in a timely fashion. To ensure that your business won’t suffer any loss, you need to develop a financial plan and make it a part of your business plan for HR consulting firm. You can take guidance for this from an HR consulting business plan template.

Here we’re providing the detailed financial plan developed for Riley’s HR Consultants. You can get an idea of business finances and how to manage them from here.

8.1 Important Assumptions

8.2 break-even analysis.

Break-even Analysis - HR Consultant Business Plan Template

8.3 Projected Profit and Loss

8.3.1 profit monthly.

Profit Monthly - HR Consultant Business Plan Template

8.3.2 Profit Yearly

8.3.3 Gross Margin Monthly

Gross Margin Monthly - HR Consultant Business Plan Template

8.3.4 Gross Margin Yearly

Gross Margin Yearly - HR Consultant Business Plan Template

8.4 Projected Cash Flow

Projected Cash Flow - HR Consultant Business Plan Template

8.5 Projected Balance Sheet

8.6 business ratios.

How do I start an HR consulting business?

You can start HR consulting business with any team size. You just need a strong HR consulting business model for which you can take help from this document.

What should I charge for HR consulting?

The charges you take for HR consultant services will depend on the type of services. But on average, HR consultants charge anywhere from $100 to $300 per hour.

How do HR consulting firms work?

HR consulting firms aid companies in dealing with their HR departments or managing their human resources in case they don’t have one. You can find more details in the above document.

How do you write a human resource business plan?

You can write a human resource business plan by conducting an HR consulting industry analysis. For reference, you can take help from this document.

Download HR Consultant Business Plan Template in pdf

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8+ SAMPLE HR Consulting Business Plan in PDF

Hr consulting business plan, 8+ sample hr consulting business plan, what is an hr consulting business plan, components of an hr consulting business plan, how to start an hr consulting business, how do you become an hr consultant, how much do you charge for hr consultations, what does an hr consulting company do.

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HR Consulting Business Plan Sample

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Consulting Business Plan Template

Written by Dave Lavinsky

Over the past 20+ years, we have helped over 10,000 entrepreneurs and business owners create business plans to start and grow their consulting businesses. On this page, we will first give you some background information with regards to the importance of business planning. We will then go through a consulting business plan template step-by-step so you can create your plan today. It can be used to create a business consulting business plan, a management consulting business plan or any other type of consultancy business plan.

Download our Consulting Business Plan Template here

What Is a Consulting Firm Business Plan?

A business plan provides a snapshot of your consulting firm as it stands today, and lays out your growth plan for the next five years. It explains your business goals and your strategy for reaching them. It also includes market research to support your plans.

Why You Need a Consulting Firm Business Plan

Source of Funding for Consulting Firms

With regards to funding, the main sources of capital raising for a consulting business are personal savings, credit cards, bank loans and angel investors. With regards to bank loans, banks will want to review your business plan and gain confidence that you will be able to repay your loan and interest. To acquire this confidence, the loan officer will not only want to confirm that your financials are reasonable. But they will want to see a professional plan. Such a plan will give them the confidence that you can successfully and professionally operate a business.

The second most common form of funding for a consulting business is angel investors. Angel investors are wealthy individuals who will write you a check. They will either take equity in return for their funding, or, like a bank, they will give you a loan.

Sample Consulting Business Plan Template

Your business plan should include 10 sections as follows:

Executive Summary

consultant meeting with prospective clients

The goal of your Executive Summary is to quickly engage the reader. Explain to them the type of consulting business you are operating and the status; for example, are you a starting a consulting firm, or do you have a consulting business that you would like to grow?

Next, provide an overview of each of the subsequent sections of your plan. For example, give a brief overview of the consulting industry. Discuss the type of consulting business you are operating. Detail your direct competitors. Give an overview of your target market. Provide a snapshot of your marketing plan. Identify the key members of your team. And offer an overview of your financial plan.

Company Analysis

In your company analysis, you will detail the type of consulting business you are operating.

For example, you might operate one of the following types:

In addition to explaining the type of consulting business you operate, the Company Analysis section of your business plan needs to provide background on the business.

Include answers to questions such as:

Industry Analysis

While this may seem unnecessary, it serves multiple purposes.

First, researching the consulting industry educates you. It helps you understand the market in which you are operating.

Secondly, market research can improve your strategy particularly if your research identifies market trends.

The third reason for market research is to prove to readers that you are an expert in your industry. By conducting the research and presenting it in your plan, you achieve just that.

The following questions should be answered in the industry analysis section of your consulting business plan:

Customer Analysis

The customer analysis section of your consulting business plan must detail the clients you serve and/or expect to serve.

The following are examples of customer segments: Corporations, Federal Government, Nonprofits, Consumers, etc.

As you can imagine, the customer segment(s) you choose will have a great impact on the type of consulting business you operate. Clearly, nonprofit organizations would want different pricing and service options and would respond to different marketing promotions than the federal government.

Try to break out your target customers in terms of their demographic and psychographic profiles. With regards to demographics, include a discussion of the business sizes and types, or consumer ages, genders, locations, and income levels of the clients you seek to serve.

Psychographic profiles explain the wants and needs of your target audience. The more you can understand and define these needs, the better you will do in attracting and retaining your clients.

Competitive Analysis

consultant meets with a prospective client

Direct competitors are other consultants and consulting firms.

Indirect competitors are other options that customers have to purchase from that aren’t direct competitors. This includes doing it themselves and in-house expertise among others. You need to mention such competition to show you understand that not every company or consumer engages a consultant.

With regards to direct competition, you want to detail the other consulting businesses with which you compete.

For each such competitor, provide an overview of their businesses and document their strengths and weaknesses. Unless you once worked at your competitors’ businesses, it will be impossible to know everything about them. But you should be able to find out key things about them such as:

The final part of your competitive analysis section is to document your areas of competitive advantage. For example:

Think about ways you will outperform your competition and document them in this section of your plan.

Marketing Plan

Product : in the product section you should reiterate the type of consulting business that you documented in your Company Analysis. Then, detail the specific consulting services you will be offering. For example, in addition to IT infrastructure consulting, will you also offer an IT Security component?

Price : Document the prices you will offer and how they compare to your competitors. Essentially in the product and price sub-sections of your marketing plan, you are presenting the consulting services you offer and their prices.

Place : Place refers to the location of your consulting business. Document your location and mention how the location might impact your consulting success. For example, maybe your consulting business is located in an office complex with lots of potential clients.

Promotions : the final part of your consultant marketing plan is the promotions section. Here you will document how you will drive customers to your location(s). The following are some promotional methods you might consider as a consultant:

Operations Plan

While the earlier sections of your business plan explained your goals, your operations plan describes how you will meet them. Your operations plan should have two distinct sections as follows.

Everyday short-term processes include all of the tasks involved in running your consulting business such as serving clients, prospecting new clients, procuring supplies, keeping the office clean, etc.

Long-term goals are the milestones you hope to achieve. These could include the dates when you expect to serve your 100th client, or when you hope to reach $X in sales. It could also be when you expect to hire your Xth employee or open a new location.

Management Team

Ideally, you and/or your team members have direct experience in the consulting business. If so, highlight this experience and expertise. But also highlight any experience that you think will help your business succeed.

If your team is lacking, consider assembling an advisory board. An advisory board would include 2 to 8 individuals who would act like mentors to your business. They would help answer questions and provide strategic guidance. If needed, look for advisory board members with experience in consulting businesses and/or successfully running small businesses.

Financial Plan

Income Statement

An income statement is more commonly called a Profit and Loss statement or P&L. It shows your revenues and then subtracts your costs to show whether you turned a profit or not.

In developing your income statement, you need to devise assumptions. For example, will you serve 5 clients per month or 25? And will sales grow by 2% or 10% per year? As you can imagine, your choice of assumptions will greatly impact the financial forecasts for your business. As much as possible, conduct research to try to root your assumptions in reality.

Balance Sheets

While balance sheets include much information, to simplify them to the key items you need to know about, balance sheets show your assets and liabilities. For instance, if you spend $100,000 on building out your consulting business, that will not give you immediate profits. Rather it is an asset that will hopefully help you generate profits for years to come. Likewise, if a bank writes you a check for $100.000, you don’t need to pay it back immediately. Rather, that is a liability you will pay back over time.

Cash Flow Statement

Your cash flow statement will help determine how much money you need to start or grow your business and make sure you never run out of money. What most entrepreneurs and business owners don’t realize is that you can turn a profit but run out of money and go bankrupt.

In developing your Income Statement and Balance Sheets be sure to include several of the key costs needed in starting or growing a consulting business:

Attach your full financial projections in the appendix of your plan along with any supporting documents that make your consulting business plan more compelling. For example, you might include your office design blueprint or location lease.

Putting together a business plan for your consulting firm is a worthwhile endeavor. If you follow the template above, by the time you are done, you will truly be an expert. You will really understand the consulting business, your competition, and your prospective clients. You will have developed a marketing plan and will really understand what it takes to launch and grow a successful consulting business.

Finish Your Consulting Business Plan in 1 Day!

Don’t you wish there was a faster, easier way to finish your consulting business plan?

With Growthink’s Ultimate Business Plan Template you can finish your plan in just 8 hours or less!

OR, Let Us Develop Your Plan For You

Since 1999, Growthink has developed consulting business plans for thousands of companies that have gone on to achieve tremendous success.

Click here to see how Growthink’s business plan consulting services can create your business plan for you.

Consulting Business Plan FAQs

What is the easiest way to complete my consulting business plan.

Growthink's Ultimate Consulting Business Plan Template allows you to quickly and easily complete your Consulting Business Plan.

How Do I Download a Free Consulting Business Plan PDF?

You can download our consulting business plan PDF template here . This is a business plan template you can use in PDF format.

Human Resources Consulting Business Plan Template

Download this Human Resources Consulting Business Plan Template Design in Word, Google Docs, Apple Pages Format. Easily Editable, Printable, Downloadable.

Before considering to venture out into consulting business, you have to make sure that consulting is for you. Should you decide to do so, get started with our Human Resources Consulting Business Plan template. Formulate market analysis that will lead to your company’s success. Apart from its pre-made content that you can modify according to your business needs, you can also edit it using various file formats and download it onto your PC or mobile devices. We guarantee downloading it will be worth your while. So, what are your waiting for? Our Human Resources Consulting Business Plan template will not be here for long, so download it now!

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Human Resources Consulting Sample Business Plan

Human Resources Consulting Business Plan

Executive summary.

Human Capital Maximizers (HCM) is a human resource consulting company located in Portland, Oregon. HCM has expertise in a wide range of HR areas and is targeting the emerging company market. HCM will offer this market the ability to compensate client’s employees with stock options from their company. This will be especially appealing to many start-up companies that find capital scarce.

Major Adversity, the founder and owner will be leveraging his past and current personal/professional relationships to generate business for Human Capital Maximizers. Major will be the sole employee until month six when he will be hiring a human resource specialist/manager to help out with the consulting. Human Capital Maximizers will show increasing profitability over the next three years.

1.1 Keys to Success

The keys to success are to provide a needed service while providing a flexible means of compensation.

1.2 Mission

Human Capital Maximizers’ mission is to provide human resource consulting for emerging companies. We exist to attract and maintain customers. When we adhere to this maxim, everything else will fall into place. Our services will exceed the expectations of our customers.

1.3 Objectives

The objectives for the first three years of operation include:

Company Summary

Human Capital Maximizers is a HR consultancy firm serving the Portland area market. HCM will be set up as an Oregon Corporation owned by Major Adversity and will focus on emerging companies.

2.1 Company Ownership

Human Capital Maximizers is a privately held Oregon corporation founded and owned by Major Adversity.

2.2 Start-up Summary

Human Capital Maximizers will incur the following start-up expenses:

Please note that the following items which are considered assets to be used for more than a year will labeled long-term assets and will be depreciated using G.A.A.P. approved straight-line depreciation method.

Human Capital Maximizers provides human resource consulting to emerging companies in the Portland/Vancouver market. Human Capital Maximizers will charge a below market rate and take stock options in the company. Human Capital Maximizers will provide consulting for the following service areas:

The pricing structure will either be an hourly rate or a per project fee. These options will be settled on in negotiation with the client. In general, Human Capital Maximizers is willing to be as flexible as possible.

Market Analysis Summary

Emerging companies will be the target market for several reasons:

The emerging company market can be further broken down into two categories, technology and non-technology. The significance of the breakdown is not that significant because many of the networking activities are occurring in settings that do not differentiate between technology and non-technology.

4.1 Market Segmentation

Human Capital Maximizers market can be segmented into two different groups, emerging high-tech companies and emerging non-high tech companies. The emerging high-tech companies are going to be the larger of the two segments. Even with the Internet bubble bursting within the last year, there are still many different emerging high-tech companies proliferating. This is evidenced by the Business Journal of Portland which in their annual list of fastest growing companies for this year, 18 of the top 25 were technology companies.

There are also non-technology companies that are emerging in the Portland area and Human Capital Maximizers will be able to serve them as well.

4.2 Target Market Segment Strategy

Human Capital Maximizers’ two markets will be primarily targeted through networking activities. Some networking will be conducted through the Oregon Entrepreneur Association, an association that supports entrepreneurial ventures in the local area. This organization has monthly meetings that are in round-table format, allowing members to socialize.

Human Capital Maximizers will also be networking from personal/professional contacts that Major has developed professionally in the last five years in the HR/start-up industry. HCM will also be relying on word of mouth to grow its customer base.

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Human Resources Consulting Business Plan

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Human Capital Maximizers

Web plan summary.

The website will be used as a resource that prospective companies can view to gain more information about the company. In essence it is Human Capital Maximizers’ brochure. On the site there will be information about the management of the company and corresponding bios indicating all of their experience. Also on the website will be a list of present and past clients and information regarding Human Capital Maximizers’ fee structure and willingness to accept stakes of option.

6.1 Website Marketing Strategy

The marketing of the website will consist of submitting it to the popular search engines. The website will be used more as a information tool that prospective companies can be sent to for more information about Human Capital Maximizers as opposed to marketing the website in order for the website to develop new leads.

6.2 Development Requirements

The development requirements will entail hiring an individual (preferably a student for cost saving purposes) to develop and produce the site.

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How to Start a Human Resources Consulting Firm

Businesses have certain requirements they must meet when employing workers, and many need help adhering to legal regulations and overcoming practical challenges. When they need help, businesses that don’t have in-house HR departments turn to human resources consulting firms. A human resource consulting firm business may help other businesses with employee handbooks, personnel forms, benefits programs or any other employment-related issue.

For business owners with experience in the field, starting a human resources consulting firm business can be a promising venture. IBISWorld reports that the HR consulting industry has an annual revenue of $22 billion within the United State, and it has demonstrated a slow but steady growth of 0.6 percent over the past five years.

Ready to form your LLC? Check out the Top LLC Formation Services .

Learn how to start your own Human Resources Consulting Firm and whether it is the right fit for you.

Start a human resources consulting firm by following these 10 steps:

There is more to starting a business than just registering it with the state. We have put together this simple guide to starting your human resources consulting firm. These steps will ensure that your new business is well planned out, registered properly and legally compliant.

Exploring your options? Check out other small business ideas .

STEP 1: Plan your business

A clear plan is essential for success as an entrepreneur. It will help you map out the specifics of your business and discover some unknowns. A few important topics to consider are:

How much can you charge customers?

What will you name your business.

Luckily we have done a lot of this research for you.

What are the costs involved in opening a human resources consulting firm?

The costs to open a human resource consulting firm business are fairly low, totaling between $2,00 and $10,000 . These funds are needed to purchase a computer, office software, a laser printer, a fax machine, and an internet connection. An office may be necessary at times, but business owners can rent a shared coworking space or meet in a cafe when first starting out.

Before opening a consulting firm, however, business owners should either have another source of income that’s stable or a significant amount of personal saving. It can take six months to develop a client base and another six months before consulting begins to provide a paycheck.

Because earning any income from consulting can take so long, many business owners start human resources consulting firms part-time while working at another job. Working in the evenings and on weekends gives business owners an opportunity to grow their client base without giving up their primary income. Once the client base is providing a steady income, they may choose to leave their job and consult full-time.

What are the ongoing expenses for a human resources consulting firm?

The ongoing expenses for a human resources consulting firm business are minimal. They include office supplies, office equipment depreciation, utility costs, and travel expenses if a business owner meets with clients in person.

Who is the target market?

The primary target market for a human resources consulting firm business is small and medium businesses that either don’t have in-house HR departments, or want to downsize and outsource their HR department’s work. Some firms also consult for nonprofit organizations.

How does a human resources consulting firm make money?

A human resource consulting firm business makes money by selling consulting services to other companies. Most firms charge an hourly fee, and some may be on a retainer for certain clients.

The average cost for a human resources consultant ranges from $99.52 to $184.74 per billable hour . Specialists will tend to be toward the higher end of this range, while generalists will likely be closer to the lower end because of the increased competition they face.

How much profit can a human resources consulting firm make?

Human resources consultants can earn a substantial income. In a full day with 8 billable hours, a consultant might bring home between $800 and $1,472. Of course, not every day will have 8 billable hours in it.

How can you make your business more profitable?

Human resources consultants who write articles for magazines and newspapers might earn a little side income while pursuing these marketing efforts. Additionally, business owners can write ebooks or traditional books on their areas of expertise.

Choosing the right name is important and challenging. If you don’t already have a name in mind, visit our How to Name a Business guide or get help brainstorming a name with our Human Resources Consulting Firm Name Generator

If you operate a sole proprietorship , you might want to operate under a business name other than your own name. Visit our DBA guide to learn more.

When registering a business name , we recommend researching your business name by checking:

It's very important to secure your domain name before someone else does.

Find a Domain Now

The most common business structure types are the sole proprietorship , partnership , limited liability company (LLC) , and corporation .

Establishing a legal business entity such as an LLC or corporation protects you from being held personally liable if your human resources consulting firm is sued.

Form Your LLC

Read our Guide to Form Your Own LLC

Have a Professional Service Form your LLC for You

Two such reliable services:

You can form an LLC yourself and pay only the minimal state LLC costs or hire one of the Best LLC Services for a small, additional fee.

STEP 3: Register for taxes

You will need to register for a variety of state and federal taxes before you can open for business.

In order to register for taxes you will need to apply for an EIN. It's really easy and free!

You can acquire your EIN for free through the IRS website, via fax, or by mail. If you would like to learn more about EINs and how they can benefit your LLC, read our article, What is an EIN?.

Learn how to get an EIN in our What is an EIN guide or find your existing EIN using our EIN lookup guide.

Small Business Taxes

Depending on which business structure you choose, you might have different options for how your business will be taxed. For example, some LLCs could benefit from being taxed as an S corporation (S corp).

You can learn more about small business taxes in these guides:

There are specific state taxes that might apply to your business. Learn more about state sales tax and franchise taxes in our state sales tax guides.

STEP 4: Open a business bank account & credit card

Using dedicated business banking and credit accounts is essential for personal asset protection.

When your personal and business accounts are mixed, your personal assets (your home, car, and other valuables) are at risk in the event your business is sued. In business law, this is referred to as piercing your corporate veil .

Additionally, learning how to build business credit can help you get credit cards and other financing in your business's name (instead of yours), better interest rates, higher lines of credit, and more.

Open a business bank account

Besides being a requirement when applying for business loans, opening a business bank account:

Open net 30 accounts

Net 30 accounts are used to establish and build business credit as well as increase business cash flow. With a net 30 account, businesses buy goods and repay the full balance within a 30-day term.

NetMany net 30 credit vendors report to the major business credit bureaus (Dun & Bradstreet, Experian Business, and Equifax Business Credit). This is how businesses build business credit so they can qualify for credit cards and other lines of credit.

Get a business credit card

Getting a business credit card helps you:

STEP 5: Set up business accounting

Recording your various expenses and sources of income is critical to understanding the financial performance of your business. Keeping accurate and detailed accounts also greatly simplifies your annual tax filing.

Make LLC accounting easy with our LLC Expenses Cheat Sheet.

STEP 6: Obtain necessary permits and licenses

Failure to acquire necessary permits and licenses can result in hefty fines, or even cause your business to be shut down.

State & Local Business Licensing Requirements

Certain state permits and licenses may be needed to operate a human resources consulting firm business. Learn more about licensing requirements in your state by visiting SBA’s reference to state licenses and permits .

Most businesses are required to collect sales tax on the goods or services they provide. To learn more about how sales tax will affect your business, read our article, Sales Tax for Small Businesses .

For information about local licenses and permits:

Certificate of Occupancy

A human resources consulting firm business is generally run out of an office. Businesses operating out of a physical location typically require a Certificate of Occupancy (CO). A CO confirms that all building codes, zoning laws and government regulations have been met.

STEP 7: Get business insurance

Just as with licenses and permits, your business needs insurance in order to operate safely and lawfully. Business Insurance protects your company’s financial wellbeing in the event of a covered loss.

There are several types of insurance policies created for different types of businesses with different risks. If you’re unsure of the types of risks that your business may face, begin with General Liability Insurance . This is the most common coverage that small businesses need, so it’s a great place to start for your business.

Learn more about General Liability Insurance .

Another notable insurance policy that many businesses need is Workers’ Compensation Insurance . If your business will have employees, it’s a good chance that your state will require you to carry Workers' Compensation Coverage.

Business Insurance for Human Resources Consulting Firm

STEP 8: Define your brand

Your brand is what your company stands for, as well as how your business is perceived by the public. A strong brand will help your business stand out from competitors.

If you aren't feeling confident about designing your small business logo, then check out our Design Guides for Beginners , we'll give you helpful tips and advice for creating the best unique logo for your business.

If you already have a logo, you can also add it to a QR code with our Free QR Code Generator . Choose from 13 QR code types to create a code for your business cards and publications, or to help spread awareness for your new website.

How to promote & market a human resources consulting firm

Networking at local business events and with area business organizations can help business owners develop relationships with potential clients. These efforts can be complemented with direct mailings and cold calling.

How to keep customers coming back

Business owners can set themselves apart from the competition and further establish themselves as specialized experts by writing newspaper and magazine articles, and by presenting to area business organizations.

Still unsure about what kind of business you want to start? Check out the latest Small Business Trends to help inspire you.

STEP 9: Create your business website

After defining your brand and creating your logo the next step is to create a website for your business .

While creating a website is an essential step, some may fear that it’s out of their reach because they don’t have any website-building experience. While this may have been a reasonable fear back in 2015, web technology has seen huge advancements in the past few years that makes the lives of small business owners much simpler.

Here are the main reasons why you shouldn’t delay building your website:

Using our website building guides , the process will be simple and painless and shouldn’t take you any longer than 2-3 hours to complete.

STEP 10: Set up your business phone system

Getting a phone set up for your business is one of the best ways to help keep your personal life and business life separate and private. That’s not the only benefit; it also helps you make your business more automated, gives your business legitimacy, and makes it easier for potential customers to find and contact you.

There are many services available to entrepreneurs who want to set up a business phone system. We’ve reviewed the top companies and rated them based on price, features, and ease of use. Check out our review of the Best Business Phone Systems 2023 to find the best phone service for your small business.

Phone.com is our top choice for small business phone numbers because of all the features it offers for small businesses and it's fair pricing.

Start a Human Resources Consulting Firm in your State

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Is this Business Right For You?

Obviously, business owners who want to position themselves as human resources consultants must be knowledgeable in the field. It’s not enough to be an expert in HR, though.

Consultants must also be capable salespeople , for bringing on new clients forces business owners to sell themselves. They have to be able to show how their services will help other companies, earn the trust of those companies’ decision makers and ultimately, secure a consulting contract.

Want to know if you are cut out to be an entrepreneur?

Take our Entrepreneurship Quiz to find out!

Entrepreneurship Quiz

What happens during a typical day at a human resources consulting firm?

Human resources consultants spend time interacting with clients and working alone. Business owners can expect to be in regular contact with clients, connecting via email, fax, phone, and in-person meeting. When not talking to clients, business owners often work alone researching issues and assembling materials.

What are some skills and experiences that will help you build a successful human resources consulting firm?

As mentioned, business owners must be knowledgeable in current human resources issues and how they’re solved.

Prospective business owners who would like to bolster their knowledge in a specific area may want to take an online HR course. ECornell , Study.com and other organizations offer courses on particular subjects. Some other institutions, such as the University of Phoenix , have certificate programs. For the highest level of education in the field, business owners can complete a bachelor’s degree or master of business administration at an accredited university .

Classroom education alone, however, may not sufficiently qualify prospective business owners for work as an HR consultant. Most people who successfully start HR consulting firm businesses have experience working in HR, and many have worked in the industry for decades.

What is the growth potential for a human resources consulting firm?

A human resource consulting firm business can be a small business run by one person, or it can grow to be a large international company. Burr Consulting, LLC in New York is an example of a small firm that has one consultant. Mercer is a much larger consulting firm, with operations in more than 130 countries.

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For fun informative videos about starting a business visit the TRUiC YouTube Channel or subscribe to view later.

Take the Next Step

Find a business mentor.

One of the greatest resources an entrepreneur can have is quality mentorship. As you start planning your business, connect with a free business resource near you to get the help you need.

Having a support network in place to turn to during tough times is a major factor of success for new business owners.

Learn from other business owners

Want to learn more about starting a business from entrepreneurs themselves? Visit Startup Savant’s startup founder series to gain entrepreneurial insights, lessons, and advice from founders themselves.

Resources to Help Women in Business

There are many resources out there specifically for women entrepreneurs. We’ve gathered necessary and useful information to help you succeed both professionally and personally:

If you’re a woman looking for some guidance in entrepreneurship, check out this great new series Women in Business created by the women of our partner Startup Savant.

What are some insider tips for jump starting a human resources consulting firm?

There are many human resources consultants who provide general consulting services, which can make attracting clients difficult. To differentiate themselves, business owners should specialize in one or two areas of HR consulting that are in demand.

Colin McAndrew , an HR consultant in the United Kingdom, did just this by offering overseas consulting services. He had worked in several countries before opening his own consulting firm, and he has leveraged this experience to attract U.K.-based companies that have operations in multiple countries.

How and when to build a team

Many human resources consultants never hire an employee, while some choose to hire only support staff to help manage their office. A few eventually bring on additional consultants as their client base grows.

Get more ideas with our Business Ideas Generator .

Check out our How to Start a Business page.

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HR Consultancy Business Plan [Free Template]
This is the standard HR consultancy business plan outline which will cover all important sections that you should include in your business plan. Executive Summary Business Overview Mission Objectives Success Factors Financial Highlights 3 Year profit forecast Business Summary Ownership Startup Summary Startup cost Funding Required
HR Consulting Business Plan Template
A business plan provides a snapshot of your human resources consulting business as it stands today, and lays out your growth plan for the next five years. It explains your business goals and your strategy for reaching them. It also includes market research to support your plans. Why You Need a Business Plan
Tips for Becoming an HR Consultant
Becoming an HR consultant presents both opportunities and challenges. We spoke to HR professionals who've made the transition successfully for their advice on how to plot and navigate this big...
HR Consultant Business Plan Template
For starting a HR consultancy, you need to have an in-depth knowledge of your customers and competition. You can gain this insight through a marketing analysis. These are a part of business plan for HR consulting firm. It will give you an idea of how to price and market your services. Valentin Marinov TrustPilot excellent work
8+ SAMPLE HR Consulting Business Plan in PDF
An HR consulting business plan is a document that contains an outline detailing the HR consulting business. The business plan provides a snapshot of the HR consulting business where it stands at the present while laying out the growth and development of the firm through a five-year plan.
HR Consulting Business Plan Sample
HUMAN RESOURCES CONSULTING BUSINESS PLAN GUIDE In a bid to start an HR consulting firm, all areas of your operations must be figured out. The only way to get this fully worked out is through your plan. Your plan organizes your entire business which in turn promotes productivity and growth. It is necessary to note that not all plans lead to success.
Consulting Business Plan Template [Updated 2023]
A business plan provides a snapshot of your consulting firm as it stands today, and lays out your growth plan for the next five years. It explains your business goals and your strategy for reaching them. It also includes market research to support your plans. Why You Need a Consulting Firm Business Plan
Human Resources Consulting Business Plan
Start your own human resources consulting business plan Human Capital Maximizers Executive Summary Human Capital Maximizers (HCM) is a human resource consulting company located in Portland, Oregon. HCM has expertise in a wide range of HR areas and is targeting the emerging company market.
7+ HR Consulting Business Plan Templates
Human Resources Business Plan 2016-2018 edmonton.ca Details File Format PDF Size: 576 KB Download Writing The HR Consulting Business Plan Any business that is planned to be founded must be put into writing. The simple business plan is the foundation that details all the things the business needs so it can push through.
Human Resources Consulting Business Plan
Human Resources Consulting Business Plan Start my business plan Start your own human resources consulting business plan Human Capital Maximizers Strategy and Implementation Summary Human Capital Maximizers will use their competitive edge of compensation flexibility to attract emerging companies.
Human Resources Consulting Business Plan
Human Resources Consulting Business Plan Start my business plan Start your own human resources consulting business plan Human Capital Maximizers Management Summary Major Adversity, the founder and owner received his undergraduate degree in marketing from Reed College.
Human Resources Consulting Business Plan
Human Capital Maximizers will charge a below market rate and take stock options in the company. Human Capital Maximizers will provide consulting for the following service areas: Human resource management. Organizational management. Professional development. Employee relations. Labor relations. Benefits and compensation.
HR Consulting Business Plan Template
HR Consulting Business Plan Template. Download this HR Consulting Business Plan Template Design in Word, Google Docs, Apple Pages Format. Easily Editable, Printable, Downloadable. Have you already laid out your plans on how you can start your HR consulting business? If not, you can definitely use our HR Consulting Business Plan Template and be ...
Human Resources Consulting Business Plan Template
Download this Human Resources Consulting Business Plan Template Design in Word, Google Docs, Apple Pages Format. Easily Editable, Printable, Downloadable. Before considering to venture out into consulting business, you have to make sure that consulting is for you.
Human Resources Consulting Business Plan
We recommend using LivePlan as the easiest way to create graphs for your own business plan. Create your own business plan. Pro Forma Profit and Loss. Year 1. Year 2. Year 3. Sales. $58,100. $109,837.
Human Resources Consulting Sample Business Plan
Human Resources Consulting Business Plan Executive Summary Human Capital Maximizers (HCM) is a human resource consulting company located in Portland, Oregon. HCM has expertise in a wide range of HR areas and is targeting the emerging company market.
How To Become an HR Consultant
If you are interested in a career as an HR consultant, the following steps can help you achieve this objective: 1. Get a bachelor's degree. Your journey to becoming an HR consultant begins with a bachelor's degree. There is no required major for your undergraduate education, however, a degree in business administration or human resource ...
Human Resources Consulting Business Plan
Web Plan Summary. The website will be used as a resource that prospective companies can view to gain more information about the company. In essence it is Human Capital Maximizers' brochure. On the site there will be information about the management of the company and corresponding bios indicating all of their experience.
How to Start a Human Resources Consulting Firm
STEP 1: Plan your business A clear plan is essential for success as an entrepreneur. It will help you map out the specifics of your business and discover some unknowns. A few important topics to consider are: What are the startup and ongoing costs? Who is your target market? How much can you charge customers? What will you name your business?
What Is HR Consulting? Definition, Skills and Career Guide
HR consulting is a line of work where consultants provide one or more categories of HR-related services to the business. These might include helping the business develop a suitable employee benefits package, handling the recruitment process and hiring of a new workforce, making reorganisation recommendations or acting as a liaison between ...