Hiring a Business Consultant for Startups

Before you hire a consultant for your startup, you should know and verify a few important things. This is essential as it might make or break your startup. Why? You’ll work according to the direction given by the consultant. You’ll hire those who the consultant advises. So, before giving that individual or firm so much power and monopoly, you should verify quite a few details about them.

A consultant is like your parent. They come with a lot of experience and help you not make the mistakes that you might make in the path that you’re traveling to make your venture a successful one. You and I both know that the majority of startups fail in their first few years. We hire startup consultants just to avoid that unfortunate incident. Everyone wants their startup to get the limelight. But, not everyone can do so. Nevertheless, you should do a proper background check before hiring a business consultant for startups; especially in India where there are fakes everywhere, waiting to seize the opportunity to dupe you into losing your precious time and money

  • Educational Background: 

You should know the qualifications of the consultant or the team that’s going to assist you with your business. They should be well educated in their respective fields and must have won laurels across their educational journey. This gives you an idea that whether they can be trusted or not.

  • Track Record:

The business consultant (s) should have a great track record. More importantly, they should have ample experience in handling your type of startups and should clearly understand your vision and mission. They should also know what type of difficulties you might face along your journey and how to solve them. They must be able to produce proper statistics stating their success and how they’ve gone about achieving it.

  • Portfolio:

You should also cross-check their portfolio. Many consultants have fake portfolio to just bring in more clients. You should actually ask them their client’s contact to confirm with them and to know how these guys have performed. Also, their portfolio should have a considerable number of clients pertaining to your industry.

  • Style of Work:

A good consultant for startups should be a very good leader with great communication and advisory skills. During the whole hiring process, you should understand how they work; how they respond to difficult and intricate situations and what they do to resolve the same. If you find a red flag, you should directly reject him/her. This is your startup and you’ve put in enough effort to lose it just for a firm or a person. 

  • Cost:

Let’s say you find a great consultant who is the right fit for your startup. But, what if he/she charges a bomb? You might not be able to afford it. So, be sure to cut out the best deal for you or give them a very little % of your company or you can work with them on a profit basis or you might move on to another consultant with a lenient price structure. There are a lot of options. You should have the last call on who to choose.