Office Space Expenses

$0

$7,000

Employee & Freelancer Expenses

$150

$250

Website Costs

$223

$7,015

Business Formation Fees

$600

$4,700

Software Expenses

$162

$2,894

Advertising & Marketing Costs

$0

$1,400

Total Startup Costs

$1,135

$23,259

Global Association of Risk Professionals

garp.org

150,313

Aptivaa

aptivaa.com

585,843

Teneo

teneo.com

597,266

Fusion Risk Management

fusionrm.com

726,008

RPS Group

rpsgroup.com

754,501

Carson Wealth

carsonwealth.com

925,258

CorCom, LLC

corcomllc.com

1,286,902

Netrika

netrika.com

1,287,682

Marketplace Risk

marketplacerisk.com

1,835,446

Bolton & Company

boltonco.com

2,110,737

The Risk Advisory Group

riskadvisory.com

2,136,552

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 risk management consulting business costs significantly less money than most businesses, ranging anywhere from 62 to 23,259.

Rewarding work

Starting a risk management 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 risk management consulting business started, there are no costs associated with overhead, storage, packaging, etc. This will save you a lot of time and money!

Crowded Space

Competition is high when it comes to your risk management 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 risk management 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 risk management 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 risk management 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 risk management consulting business, you typically work alone and do not have much face-to-face interaction with other team members.

Taxes

As a risk management 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.