Business Idea

Start A Diversity Consulting Business

About

Starting a diversity consulting business requires a great deal of effort, dedication, and most importantly passion.

If you're interested in how to sell diversity consulting, or selling diversity consulting online, you can use this page as a guide for everything you'll need to know.

Key stats

market size
$250B
starting costs
$15K
gross margin
90%
time to build
7 months

About

Starting a diversity consulting business requires a great deal of effort, dedication, and most importantly passion.

If you're interested in how to sell diversity consulting, or selling diversity consulting online, you can use this page as a guide for everything you'll need to know.

Key stats

market size
$250B
starting costs
$15K

 

gross margin
90%
time to build
7 months

Startup Costs

Min Startup Costs Max Startup Costs
Office Space Expenses $40 $2,350
Employee & Freelancer Expenses $0 $4,000
Equipment & Supply Expenses $500 $5,000
Website Costs $232 $6,425
Business Formation Fees $600 $4,700
Software Expenses $162 $2,894
Advertising & Marketing Costs $0 $1,400
Other Expenses $0 $800
Total Startup Costs $1,534 $27,569

Successful Businesses

Business URL Rank
Catalyst catalyst.org #113,561
Google bkconnection.com #126,096
Best of Diversity, Sustainability, Social Impact Training diversity.social #133,755
DiversityInc diversityinc.com #205,378
Diversity Best Practices diversitybestpractices.com #226,041
BlewMinds blewminds.com #568,238
Mwbe-Enterprises mwbe-enterprises.com #635,809
ACEC acec.org #654,653
Diversity.com diversity.com #776,517
AIM Consulting Group, LLC aimconsulting.com #832,754
Florida State Minority Supplier Development Council fsmsdc.org #944,986

Pros & Cons

Pros Description
Flexibility You can put as much time into the business as you'd like. If you like the work and have some initial experience, you can start small and manage all aspects of the business on your own.
Ability to start your business from home It's not necessary to have a physical storefront or office space to get your business started. You can do everything from the comfort of your own home, at least in the beginning!
Little startup costs required The cost to start a diversity consulting business costs significantly less money than most businesses, ranging anywhere from 1,534 to 27,569.
Rewarding work Starting a diversity consulting business can be really rewarding work. After all, you are solving an immediate issue for your customer and you're working on something you truly care about.
Scalable With businesses and processes changing daily, there will always be demand for new features, products and services for your business. Additionally, there are several different business models and pricing tiers you can implement that will allow you to reach all types of customers.
No overhead costs To get your diversity consulting business started, there are no costs associated with overhead, storage, packaging, etc. This will save you a lot of time and money!
Cons Description
Crowded Space Competition is high when it comes to your diversity consulting business, so it's important that you spend a good amount of time analyzing the market and understanding where the demand lies.
Longer Sales Process A diversity consulting business can be a big time and money investment for your customer, so it's important you plan and predict a longer conversion funnel and stay in communication with potential customers.
Work can be inconsistent As a diversity consulting business, the amount of work assigned to you and schedule tends to be more inconsistent, which may make your income less stable. It's important to set boundaries and budget accordingly based on the amount of work you plan to have.
Lack of benefits With a diversity consulting business, you are typically self-employed and responsible for finding your own insurance, which can be quite costly and time-consuming.
Isolation Often times, as a diversity consulting business, you typically work alone and do not have much face-to-face interaction with other team members.
Taxes As a diversity consulting business, you typically pay self-employment taxes which can be quite high. It's important to understand what you will be paying in taxes each year so you can determine if the work you're taking on is worth it.