Business Idea

Start A Risk Management Consulting Business

About

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

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

Key stats

market size
$28.9B
starting costs
$15K
gross margin
90%
time to build
7 months

About

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

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

Key stats

market size
$28.9B
starting costs
$15K

 

gross margin
90%
time to build
7 months

Startup Costs

Min Startup Costs Max Startup Costs
Office Space Expenses $750 $7,000
Employee & Freelancer Expenses $150 $250
Equipment & Supply Expenses $500 $5,000
Website Costs $303 $7,015
Business Formation Fees $600 $4,700
Software Expenses $162 $2,894
Advertising & Marketing Costs $0 $1,400
Other Expenses $0 $800
Total Startup Costs $2,465 $29,059

Successful Businesses

Business URL Rank
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

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 risk management consulting business costs significantly less money than most businesses, ranging anywhere from 2,465 to 29,059.
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!
Cons Description
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.