38. CONSULTANCY - Jack’s Digital Business Collection - Digital Business Ideas - Digital Entrepreneurship - Digital Entrepreneurial Ideas
In an age when knowledge and skill have become important commodities, consulting has arisen as a promising and empowering business for widows, Digital Entrepreneurs and young people. Whether in health, education, business, agricultural, legal, media, or digital services; consulting enables individuals to monetise their expertise, guide others, and build a successful and respected brand.
38.1. Advantages of the Business
1. Low start-up costs: Start with knowledge, a phone, and a network.
2. Flexible schedule: You choose when and how you work.
3. Scalable: from individual sessions to large-scale organisational consulting.
4. Consultants are respected as experts and leaders.
5. You help businesses and individuals make better decisions.
6. High earning potential: Experienced consultants command a premium for their recommendations.
7. Location-independent: Can run online or in-person.
38.2. Budget
To get started, you'll most likely need the following:
• Smartphone/laptop: ₦200,000-₦400,000 ($130-$265).
• Monthly internet costs between ₦15,000 and ₦30,000 ($10 to $20).
• Business registration (CAC Nigeria) costs ₦20,000-₦35,000 ($13-$23).
• Logo and branding costs ₦15,000-₦30,000 ($10-$20).
• Website/landing page: ₦50,000-₦100,000 ($33-$66).
• Professional email (G-Suite) costs ₦6,000 year ($4).
- Marketing (first three months): ₦60,000-₦150,000 ($40-$100).
Estimated budget: ₦366,000-₦745,000 ($242-$495).
38.3. Business potential
• Education, health, business, technology, agriculture, legal, human resources, and media industries all experience consistent demand.
• Government and non-governmental organisations frequently hire consultants.
• Companies outsource issue solutions and strategy.
• Start-ups require guidance on branding, market research, and planning.
- Personal coaching (career, wellness, and business) is a type of consultancy that is rapidly growing.
38.4. Funding
• Self-funding or personal savings.
• Grants for female/young entrepreneurs (e.g., TEF, Bank of Industry)
• Friends and family could be supportive.
• Religious organisations and community funds.
• Microfinance banks
- NGO-sponsored empowerment programs.
38.5. How It Works
• Choose a field in which you excel (business, agriculture, marketing, teaching, etc.).
• Create a personal or company brand based on your expertise.
• Provide services such as training, auditing, strategic guidance, reporting, coaching, and implementation.
• Charge per hour, session, or project.
• Meet clients online or in person.
- Build your reputation with testimonials, free material, and outcomes.
38.6. Impact
• Helps small and large enterprises make better decisions.
• Reduces starting failure.
• Encourages widows, Digital Entrepreneurs and young people to find meaning in their experiences.
• Enhances organisational productivity.
- Creates a legacy of intellectual leadership.
38.7. Key Players in the Industry
• Fela Durotoye: Leadership and Corporate Consulting
• Ibukun Awosika provides business and women-focused consulting.
• Lanre Olusola – Mind and life coaching
• Tara Fela-Durotoye – Entrepreneurial mentoring
• McKinsey & Company, KPMG - Global consulting giants
- Tony Elumelu Foundation - Promotes business consulting through training.
38.8. Marketing
• Build a strong LinkedIn and Instagram presence.
• Build authority by creating blogs or doing live videos.
• Share case studies and testimonials.
• Attend industry networking events and virtual summits.
• Offer free consultations to build trust.
- Collaborate with training academies and business centres.
- Use Affiliate Marketing
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38.9. Monetisation
• Hourly consultancy rates range from ₦10,000 to ₦100,000 ($6.60-$66).
• Retainers: ₦100,000-₦500,000/month ($66-$330).
• Training/workshops cost ₦20,000-150,000 per session ($13-$100).
• Online courses cost ₦5,000-₦30,000 per student ($3.30-$20).
- eBooks/Guides cost ₦1,000-₦5,000 ($0.70-$3.30).
38.10. Potential Income
• Beginner: ₦100,000-₦300,000 per month ($66-$200).
• Mid-level: ₦500,000-₦1.5 million per month ($330-$990)
- Top consultants or agencies earn ₦2m-₦10m+/month ($1,300-$6,600+).
38.11. Requirements
• Expertise in a given field.
• Communication and presenting skills.
• Access to laptop or smartphone and internet
• Online presence or business card?
• Basic Business Registration
- Trustworthiness and problem-solving mindset.
38.12. Research & Development
• Conduct research on your target market's main challenges.
• Examine competitor and price models.
• Join niche-specific forums or communities.
• Gather data from free sessions and clients.
• Regularly update your tools and methods.
- Read literature and case studies about consulting.
38.13. Return of Investment (ROI)
Once you have clients, your ROI will be high and rapid. Typically breaks even after 1-3 months of continuous promotion.
Digital products, such as eBooks and courses, generate long-term passive revenue.
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38.14. Progressive Milestones
• Increased client enquiries and recommendations.
• “Previous clients has given us repeat business.”
• Expert recognition (by media, podcasts, and speaking engagements).
• Income stability or growth.
- High demand for you to educate or train others.
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38.15. SWOT Analysis
Strengths:
• Low capital requirements.
• High earnings potential
- Location flexibility.
Weaknesses:
• Requires proof of credibility
- Unstable income at the start.
Opportunities:
• Increasing demand for specialised guidance.
• Growing digital economy.
- Remote/online delivery is possible.
Threats:
• Competition from more established enterprises.
- Clients do not grasp the importance of consultancy.
38.16. Target Audience
• Small business proprietors.
• Start-ups and Entrepreneurs
• NGOs and faith-based organisations.
• Government and community programs.
• Schools and educational institutes.
- Women's and youth empowerment organisations.
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38.17. Niche
You can select from niches such as:
- Business Strategy Consulting
- Engineering Consulting
• Education Consulting
• Digital Marketing Consulting
• Health and Wellness Consulting
• Legal or Compliance Consulting
• Financial Literacy Consulting
• Agricultural Consulting
- Faith-Based Life Coaching.
38.18. Training and Development
• Enrol on sites such as Coursera, Udemy, or ALX to improve your skills.
• Attend business-development webinars.
• Read books like: ‘The Consultant's Handbook’ by Samir Parikh and ‘Flawless Consulting’ by Peter Block
• Join professional associations and WhatsApp groups.
• Take a public speaking or communication course.
- Learn about digital tools (Zoom, Notion, Calendly, Canva, etc.).
- Keep updating your core skills.
38.19. In conclusion
Consultancy is more than just counsel; it is the art of altering people's lives and enterprises with expert help and advice. For widows with life experiences, Digital Entrepreneurs, and young people with talents and desire, this business provides flexibility, impact, and revenue. With a low entrance barrier and the capacity to develop globally, there's never been a better moment to get started.
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