Question

Topic: Career/Training

Starting A Marketing Consultancy Firm In India

Posted by amitroyale on 2/18/2015 at 2:54 PM ET 250 Points
I am Electronics Engineer and MBA (marketing) and want to start a Marketing Consultancy in India. I have more than 4 years of experience in Marketing of Software Services and have also done a Project in Fritolays (Pepsico). I am passionate about marketing - strategies, planning, tactics etc.
I am thinking of typically targeting small and medium enterprises (manufacturing and services)that cannot afford to have a specialist on their payroll but still want to increase their sales or increase brand equity.

I have also thought of gamut of services that I will be offering e.g. Preparation of Marketing Plan, Market Research, Online Marketing Strategy etc.

Currently, I have a secured job in IT and it is becoming difficult for me to decide if I should take the leap, because I cannot become socially vocal about my business idea as it will be deemed against the conditions in my offer/appointment letter.

Please help me in gauging the feasibility of my business idea by asking me questions so that the idea that I have in my mind crystalizes
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RESPONSES

  • Posted by Peter (henna gaijin) on 2/18/2015 at 3:00 PM Accepted
    I would not make the jump until I had some clients lined up. Most people who have successful consulting practices started with clients (often people they had worked for when they were employees) and grew from there. Finding the clients is one of the hardest parts of consulting.
  • Posted by amitroyale on 2/18/2015 at 4:24 PM Author
    Thanks Peter (henna gaijin), with that obstacle in mind I have already prepared a small database whom I will start pitching. However, the question that worries me most is the assumption of a latent need in the market about the availability of Marketing Consultant
  • Posted by mgoodman on 2/18/2015 at 5:59 PM Accepted
    I really suggest that you find a way to get the book "Rasputin For Hire." The sub-title is "An inside look at management consulting between jobs or as a second career." It is chock full of the things you will want to consider in your situation.

    The book is available at U.S. bookstores and online (Amazon.com et al.), or you can order at https://bit.ly/k3Z7m . If you use that link you will get a free download of a report containing interviews with 5 experienced consultants (in the US and Australia) who offer tips and suggestions to new consultants. (Of course there is a surcharge if the book is going to be mailed to India from the U.S., and many of the examples in the book are from U.S.-based consultants.)

    One of the specific points made in the book is that you really have to love selling if you're going to be a consultant, because at least 25-30% of your time will be spent on some phase of the sales process, and the selling cycle can be long -- 12 months or more in many cases. (Initially it will approach 100%, of course.)
  • Posted by Gary Bloomer on 2/18/2015 at 8:01 PM Accepted
    Solid advice above: heed it. You may want to roll things out in smaller pieces: attract a few decent clients, set up a few long term contracts, get your feet wet SLOWLY.
  • Posted by amitroyale on 2/18/2015 at 10:36 PM Author
    Thanks a lot mgoodman and Gary, I will get my hand on the book asap
  • Posted by Jay Hamilton-Roth on 2/19/2015 at 8:27 AM Accepted
    Why can't you do both - start your IT job during the day, and work your marketing consultancy at night/weekends? When your consultancy is doing well, you could resign your IT job. That way you'll have the luxury of time to experiment with your consultancy.
  • Posted by Shelley Ryan on 3/2/2015 at 1:39 PM Moderator
    Hi Everyone,

    I am closing this question since there hasn't been any activity in at least 10 days.

    Thanks for participating!

    Shelley
    MarketingProfs
  • Posted by amitroyale on 3/2/2015 at 4:28 PM Author
    Thanks to all. I will do it
  • Posted by amitroyale on 2/3/2018 at 12:51 PM Author
    Thanks to all. I have started my marketing consultancy firm. It took sometime approx. 2.5 years
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