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DEC.10, 2021

HR Consultant Business Plan Template

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HR Consultant Business Plan Template

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Table of Content

    Do you want to start HR Consultant business plan?

    Are you thinking about starting an HR consultant business? If so, it is a great idea. That’s because you can start an HR consultant business with very few resources and a small team. Afterward, you can extend it to whatever size you want. But the start is relatively easier as compared to other businesses.

    The first step in learning how to start HR consulting business is to write a good business plan for your idea.

    You can write an HR consultant business plan yourself. Or you can hire business plan writing services. If you want to write the plan yourself, you can just follow the HR consultant business plan mentioned here.

    Executive Summary

    2.1 The Business

    Dillinger HR Consultants will be an HR consultancy company started and owned by Riley Dillinger. The company’s primary aim will be to provide consultations to its clients about the management and procurement of their HR resources in Portland, Oregon. The range of services offered will vary from recruitment and training to payroll management for different clients.

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    2.2 Management of HR Consultant Company

    When starting a human resource consulting firm, you need to ensure that all your resources are well-managed and utilized. You can do this through a business plan strategy. You can do an HR consultancy industry overview to understand what resources you will need to start your company.

    The best portfolio of an HR consultant for small businesses and big ones is competent management of his own business. So, if you want to learn how to start an HR consulting firm, take guidance from this plan and others like business consulting business plan, etc.

    Here, we are providing all the necessary details of Dillinger HR Consultants so that you can take help for developing your business plan.

    2.3 Customers of HR Consultant Company

    Our customers will belong to almost all work domains as professional cleaning and maintenance are required by all. However, our potential and recurring customers are identified as follows:

    • HR Directors
    • Small/ Medium Businesses & Work Councils
    • Internal Consulting Departments
    • Training Facilities

    2.4 Business Target

    Our target is to become a reliable source of HR consultancy and issue resolution to our clients when they need assistance.

    Our financial targets for the first two years of our launch are shown below:

    3 Years Profit Forecast - HR Consultant Business Plan Template

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    Company Summary

    3.1 Company Owner

    Riley Dillinger will be the owner of Dillinger HR Consultants. She completed her MBA two years back and worked for an administration firm after graduation. To pursue her dream of starting her own business, she decided to leave her job and start the Dillinger HR Consultants.

    3.2 Why the HR Consultant company is being started

    In her previous job, Riley had a lot of exposure to various types of organizations ad companies at every scale. She realized that a lot of companies struggle with their human resource department. And more prominent consultancy companies cannot offer services catered to each company. She realized that she could solve this issue by starting as an HR independent consultant and then extending the business to a startup HR consultancy.

    3.3 How the HR Consultant company will be started

    Step1: Plan Everything

    When learning how to start an HR consultancy company, you will find that developing an HR consulting business plan template is vital. For this, you can refer to different business plans available on the internet like counseling practice business plan, etc.

    Since Riley decided to start small and expand her business from there, this HR consulting business model is suitable for those who are just beginning and those looking to expand their business.

    Step2: Define the Brand

    The next step is to showcase your unique values and services to your customers. It is called developing a brand. And it helps a business stand out from its competition. Any good business plan, whether it is a life coaching business plan or a mortgage lender business plan, includes the necessary details about developing the brand.

    Step3: Establish Your Corporate Office

    To start her business, Riley decided to rent out a space in an office building in Portland. Her next step will be to hire sufficient staff to launch her company.

    Step4: Establish a Web Presence

    Note

    Riley knew the importance of social media and online networking in the success of a business. So she decided to establish social media profiles for the company and also get a website developed. It will help her expand her reach and allow her customer to contact her from anywhere, at any time.

    Step5: Promote and Market

    The final step is to develop a marketing plan and execute it for the promotion of the business.

    Startup Cost - HR Consultant Business Plan Template

    Start-up Expenses  
    Legal $22,200
    Consultants $0
    Insurance $23,000
    Rent $33,000
    Research and Development $10,000
    Expensed Equipment $56,000
    Signs $3,400
    TOTAL START-UP EXPENSES $147,600
    Start-up Assets $266,000
    Cash Required $369,000
    Start-up Inventory $39,000
    Other Current Assets $240,000
    Long-term Assets $287,000
    TOTAL ASSETS $1,201,000
    Total Requirements $1,348,600
    START-UP FUNDING
    Start-up Expenses to Fund $147,600
    Start-up Assets to Fund $1,201,000
    TOTAL FUNDING REQUIRED $1,348,600
    Assets
    Non-cash Assets from Start-up $1,506,000
    Cash Requirements from Start-up $285,000
    Additional Cash Raised $50,000
    Cash Balance on Starting Date $35,000
    TOTAL ASSETS $1,876,000
    Liabilities and Capital
    Liabilities $18,000
    Current Borrowing $0
    Long-term Liabilities $0
    Accounts Payable (Outstanding Bills) $48,000
    Other Current Liabilities (interest-free) $0
    TOTAL LIABILITIES $66,000
    Capital
    Planned Investment $1,348,600
    Investor 1 $0
    Investor 2 $0
    Other $0
    Additional Investment Requirement $0
    TOTAL PLANNED INVESTMENT $1,348,600
    Loss at Start-up (Start-up Expenses) $461,400
    TOTAL CAPITAL $1,810,000
    TOTAL CAPITAL AND LIABILITIES $1,876,000
    Total Funding $1,348,600
    Any questions? Get in Touch!

    Services

    Starting your own HR consulting business is all about planning. You need to decide on the services that you will provide to your clients. A good idea about the scope of your services will help you to plan your business. It will also help you create the HR consulting services business plan.

    To understand how services are presented in a business plan, you can take a look at an HR consulting business plan sample or something related, like a staffing company business plan.

    Riley decided to limit her company’s services at the beginning but expand them later on. Therefore, this sample HR consulting proposal is suitable for developing the business plan for any company. It doesn’t need to be related to business HR consulting. It can even be a courier services business plan. You can easily take help from here.

    • Policies Development

    One of the significant services of Riley’s HR Consultants will be to help companies in the development and streamlining of their policies. It can include things like:

    • Hiring
    • Firing
    • Disciplinary Conduct
    • Workplace Violence, etc.
    • Recruitment Operations

    We will also offer recruitment aid services to our clients. It can include providing our clients with part-time or full-time employees. We will take care of the whole process, from sourcing to staff induction. Or we will just match our clients with an appropriate employee pool that they can choose from.

    • Provision of Contract Staff

    Contract Staffing is a brilliant solution for many services. We will help our staff in temporary staffing with limited-time contracts where the employees can immediately meet the client’s needs.

    • Training and Development

    Productivity and efficiency are key terms that are used by every business, big and small. We will help our clients take this idea from an abstract realm to reality by helping them in developing training plans for maximum efficiency.

    • Performance Management

    Riley’s HR Consultants will also help people develop and implement robust performance management systems so that their employees attain maximum productivity and attain their goals faster.

    Marketing Analysis of HR Consultant Company

    For starting a HR consultancy, you need to have an in-depth knowledge of your customers and competition. You can gain this insight through a marketing analysis. These are a part of business plan for HR consulting firm. It will give you an idea of how to price and market your services.

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    A good marketing analysis of HR marketing consultants should include all past, present, and future market predictions to run the business accordingly. These analyses form an essential part of any HR consulting proposal example. And these, together with the financial goals of the company, determine how to start an HR consulting business and how to run it.

    5.1 Market Trends

    According to IBISWorld, HR consulting services in the US have a market valued at $24 Billion as of 2021. And the market is expanding at a rate of 5.8% every year. It means that more and more companies are demanding assistance to develop and improve their human resource departments. Many businesses are looking for temporary contract human resource provision, and starting an HR consultancy firm is a great way to take advantage of this market.

    5.2 Marketing Segmentation

    The customers of Riley’s HR Consultants are categorized into the following groups:

    Marketing Segmentation - HR Consultant Business Plan Template

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    5.2.1 HR Directors

    Our main clients will be the HR directors and managers of different companies. Our HR advisors will help them improve the human resource functions in each department and the entire company. This group is expected to require our services frequently throughout the year.

    5.2.2 Small/ Medium Businesses & Work Councils

    Our second biggest clients will be small and medium-sized businesses and work councils. Our consultants will help them in solving human capital problems of various scopes. These may include providing HR support, managing cultural transformations and developing management strategies, etc.

    5.2.3 Internal Consulting Departments

    Our consultants will also regularly work with internal consulting departments of companies to ensure proper human resources are available for the ongoing project. These clients are expected to avail of our services quite often.

    5.2.4 Training Facilities

    One of the aims of Riley HR Consultants is to make companies self-sufficient. In that respect, we will also provide training seminars and plans catered for our customers. Our smaller clients are expected to utilize the most to make their startups more efficient.

    Market Analysis
    Potential Customers Growth Year 1 Year 2 Year 3 Year 4 Year 5 CAGR
    HR Directors 38% 31,000 37,200 44,640 53,568 64,282 10.00%
    Business & Work Councils 25% 22,000 26,400 31,680 38,016 45,619 10.00%
    Internal Consulting Depts 21% 19,000 22,800 27,360 32,832 39,398 10.00%
    Training Facilities 16% 13,000 15,600 18,720 22,464 26,957 11.00%
    Total 100% 85,000 102,000 122,400 146,880 176,256 10%

     

    5.3 Business Target

    • To become the most sought out HR consultants in Portland, Oregon.
    • To expand the range of our offered services with passing time and increase the area of our approach.
    • To earn a net profit of $50k per month by the end of our third year.
    • To have around two dozen regular clients, 5 of which need to be big guns.
    • To maintain a customer satisfaction score above 90%.

    5.4 Product Pricing

    Our prices will be a little higher as compared to our competitors. But we will offer a more excellent range of services for that price along with 24/7 customer support. We will also ensure that our clients have access to our on-site services whenever they require them.

    Marketing Strategy

    To make your name in a bustling industry, you will need a marketing plan. In fact, it is one of the most crucial parts of learning  how to set up an HR consulting business.

    You can find examples of marketing analysis in any HR consulting business plan template. In this business plan HR consulting, we are providing the sales strategy for Riley’s HR consultants so that more and more people will pay attention to the business.

    6.1 Competitive Analysis

    • Our clients can contact us at any time through our website or social media. They can also use our provided contact numbers to connect with our support systems.
    • We will establish solid customer care services to maintain good relationships with our clients.
    • We will also take feedback from our clients to make necessary changes and deal with our customers in the best possible manner each time they hire us.

    6.2 Sales Strategy

    • We will offer continuous support to our customers.
    • We will offer 25% customers to our first ten clients for a period of 6 months.
    • For our shorter-term clients, we will offer a 10% discount.
    • We will advertise our services through social media, billboards, posters, and Google Ads.

    6.3 Sales Monthly

    Sales Monthly - HR Consultant Business Plan Template

    6.4 Sales Yearly

    Profit Yearly - HR Consultant Business Plan Template

    Any questions? Get in Touch

    6.5 Sales Forecast

    Unit Sales - HR Consultant Business Plan Template

    Sales Forecast      
    Unit Sales Year 1 Year 2 Year 3
    Recruitment Operations 987 1,046 1,109
    Provision of Contract Staff 876 929 984
    Training & Development 568 602 638
    Policies & Performance Services 432 458 485
    TOTAL UNIT SALES 2,863 3,035 3,217
    Unit Prices Year 1 Year 2 Year 3
    Recruitment Operations $1,250.00 $1,450.00 $1,682.00
    Provision of Contract Staff $1,500.00 $1,740.00 $2,018.40
    Training & Development $1,750.00 $2,030.00 $2,354.80
    Policies & Performance Services $2,500.00 $2,900.00 $3,364.00
    Sales
    Recruitment Operations $1,233,750.00 $1,517,019.00 $1,865,326.56
    Provision of Contract Staff $1,314,000.00 $1,615,694.40 $1,986,657.83
    Training & Development $994,000.00 $1,222,222.40 $1,502,844.66
    Policies & Performance Services $1,080,000.00 $1,327,968.00 $1,632,869.45
    TOTAL SALES $4,621,750.00 $5,682,903.80 $6,987,698.51
    Direct Unit Costs Year 1 Year 2 Year 3
    Recruitment Operations $800.00 $880.00 $924.00
    Provision of Contract Staff $900.00 $990.00 $1,039.50
    Training & Development $950.00 $1,045.00 $1,097.25
    Policies & Performance Services $1,250.00 $1,375.00 $1,443.75
    Direct Cost of Sales
    Recruitment Operations $789,600.00 $920,673.60 $1,024,709.72
    Provision of Contract Staff $788,400.00 $919,274.40 $1,023,152.41
    Training & Development $539,600.00 $629,173.60 $700,270.22
    Policies & Performance Services $540,000.00 $629,640.00 $700,789.32
    Subtotal Direct Cost of Sales $2,657,600.00 $3,098,761.60 $3,448,921.66

    Personnel plan

    A consultancy firm depends on its relationships with its clients. Riley decided to implement some selection criteria when hiring initial employees to develop and maintain excellent relationships with the customers. She also made these criteria a part of the HR consultancy business plan pdf as you will find in any HR consulting business plan template.

    7.1 Company Staff

    • 1 Manager
    • 6 Certified HR consultants
    • 2 Customer Care Managers
    • 1 Web Developer to manage online sites
    • 1 Sales Executives to organize and promote sales
    • 1 Accountant
    • 1 Receptionist

    7.2 Average Salary of Employees

     Personnel Plan      
    Year 1 Year 2 Year 3
    Manager $40,000 $44,000 $48,400
    Certified HR Consultants $122,000 $134,200 $147,620
    Customer Care Managers $70,000 $77,000 $84,700
    Web Developer $25,000 $27,500 $30,250
    Sales Executives $15,000 $16,500 $18,150
    Accountant $15,000 $16,500 $18,150
    Receptionist $30,000 $33,000 $36,300
    Total Salaries $317,000 $348,700 $383,570

    Financial Plan

    The success of a business depends on many factors, of which financial standing is one. To ensure the success of your business, you need to maintain it in good financial standing. To do this, you need to manage your operations and problems in a timely fashion. To ensure that your business won’t suffer any loss, you need to develop a financial plan and make it a part of your business plan for HR consulting firm. You can take guidance for this from an HR consulting business plan template.

    Here we’re providing the detailed financial plan developed for Riley’s HR Consultants. You can get an idea of business finances and how to manage them from here.

    8.1 Important Assumptions

     General Assumptions      
    Year 1 Year 2 Year 3
    Plan Month 1 2 3
    Current Interest Rate 8.12% 8.20% 8.26%
    Long-term Interest Rate 8.40% 8.44% 8.47%
    Tax Rate 24.03% 24.21% 24.60%
    Other 0 0 0

    8.2 Break-even Analysis

    Break-even Analysis - HR Consultant Business Plan Template

     Break-Even Analysis  
    Monthly Units Break-even 5340
    Monthly Revenue Break-even $132,500
    Assumptions:
    Average Per-Unit Revenue $231.00
    Average Per-Unit Variable Cost $0.62
    Estimated Monthly Fixed Cost $163,800
    Any questions? Get in Touch

    8.3 Projected Profit and Loss

     Pro Forma Profit And Loss    
    Year 1 Year 2 Year 3
    Sales $4,621,750 $5,682,904 $6,987,699
    Direct Cost of Sales $2,657,600 $3,098,762 $3,448,922
    Other $0 $0 $0
    TOTAL COST OF SALES $2,657,600 $3,098,762 $3,448,922
    Gross Margin $1,964,150 $2,584,142 $3,538,777
    Gross Margin % 42.50% 45.47% 50.64%
    Expenses
    Payroll $317,000 $348,700 $383,570
    Sales and Marketing and Other Expenses $145,000 $148,000 $156,000
    Depreciation $2,300 $2,350 $2,500
    Leased Equipment $0 $0 $0
    Utilities $2,900 $3,000 $3,100
    Insurance $2,100 $2,100 $2,100
    Rent $2,900 $3,000 $3,200
    Payroll Taxes $24,000 $25,000 $27,000
    Other $0 $0 $0
    Total Operating Expenses $496,200 $532,150 $577,470
    Profit Before Interest and Taxes $1,467,950 $2,051,992 $2,961,307
    EBITDA $1,467,950 $2,051,992 $2,961,307
    Interest Expense $0 $0 $0
    Taxes Incurred $293,590 $410,398 $592,261
    Net Profit $1,174,360 $1,641,594 $2,369,045
    Net Profit/Sales 25.41% 28.89% 33.90%

    8.3.1 Profit Monthly

    Profit Monthly - HR Consultant Business Plan Template

    8.3.2 Profit Yearly

    Profit Yearly - HR Consultant Business Plan Template

    8.3.3 Gross Margin Monthly

    Gross Margin Monthly - HR Consultant Business Plan Template

    8.3.4 Gross Margin Yearly

    Gross Margin Yearly - HR Consultant Business Plan Template

    8.4 Projected Cash Flow

    Projected Cash Flow - HR Consultant Business Plan Template

     Pro Forma Cash Flow      
    Cash Received Year 1 Year 2 Year 3
    Cash from Operations
    Cash Sales $51,000 $55,080 $59,486
    Cash from Receivables $22,000 $23,760 $25,661
    SUBTOTAL CASH FROM OPERATIONS $73,000 $79,570 $85,936
    Additional Cash Received
    Sales Tax, VAT, HST/GST Received $0 $0 $0
    New Current Borrowing $0 $0 $0
    New Other Liabilities (interest-free) $0 $0 $0
    New Long-term Liabilities $0 $0 $0
    Sales of Other Current Assets $0 $0 $0
    Sales of Long-term Assets $0 $0 $0
    New Investment Received $0 $0 $0
    SUBTOTAL CASH RECEIVED $74,000 $79,000 $85,000
    Expenditures Year 1 Year 2 Year 3
    Expenditures from Operations
    Cash Spending $42,000 $42,000 $45,000
    Bill Payments $27,000 $28,000 $31,000
    SUBTOTAL SPENT ON OPERATIONS $69,000 $70,000 $76,000
    Additional Cash Spent
    Sales Tax, VAT, HST/GST Paid Out $0 $0 $0
    Principal Repayment of Current Borrowing $0 $0 $0
    Other Liabilities Principal Repayment $0 $0 $0
    Long-term Liabilities Principal Repayment $0 $0 $0
    Purchase Other Current Assets $0 $0 $0
    Purchase Long-term Assets $0 $0 $0
    Dividends $0 $0 $0
    SUBTOTAL CASH SPENT $69,000 $74,520 $80,482
    Net Cash Flow $21,000 $23,000 $25,000
    Cash Balance $27,000 $30,000 $33,000

     

    8.5 Projected Balance Sheet

     Pro Forma Balance Sheet    
    Assets Year 1 Year 2 Year 3
    Current Assets
    Cash $275,000 $308,000 $338,800
    Accounts Receivable $24,000 $26,880 $30,213
    Inventory $4,300 $4,816 $4,900
    Other Current Assets $1,000 $1,000 $1,000
    TOTAL CURRENT ASSETS $282,000 $315,840 $355,004
    Long-term Assets
    Long-term Assets $10,000 $10,000 $10,000
    Accumulated Depreciation $19,400 $21,728 $24,444
    TOTAL LONG-TERM ASSETS $24,400 $27,328 $30,744
    TOTAL ASSETS $294,000 $329,280 $370,440
    Liabilities and Capital Year 4 Year 5 Year 6
    Current Liabilities
    Accounts Payable $18,700 $20,944 $23,541
    Current Borrowing $0 $0 $0
    Other Current Liabilities $0 $0 $0
    SUBTOTAL CURRENT LIABILITIES $19,000 $21,280 $23,919
    Long-term Liabilities $0 $0 $0
    TOTAL LIABILITIES $15,000 $16,800 $18,883
    Paid-in Capital $30,000 $30,000 $31,000
    Retained Earnings $53,000 $57,770 $63,547
    Earnings $193,400 $210,806 $231,887
    TOTAL CAPITAL $285,000 $310,650 $341,715
    TOTAL LIABILITIES AND CAPITAL $300,000 $329,280 $370,440
    Net Worth $293,400 $319,806 $351,787

    8.6 Business Ratios

     Ratio Analysis        
    Year 1 Year 2 Year 3 INDUSTRY PROFILE
    Sales Growth 7.25% 8.03% 8.90% 3.00%
    Percent of Total Assets
    Accounts Receivable 9.21% 10.20% 11.31% 9.80%
    Inventory 5.39% 5.97% 6.62% 9.90%
    Other Current Assets 2.11% 2.34% 2.59% 2.40%
    Total Current Assets 149.80% 151.00% 152.00% 158.00%
    Long-term Assets 11.55% 11.60% 11.64% 12.00%
    TOTAL ASSETS 100.00% 100.00% 100.00% 100.00%
    Current Liabilities 4.90% 4.94% 4.98% 4.34%
    Long-term Liabilities 0.00% 0.00% 0.00% 0.00%
    Total Liabilities 7.59% 7.65% 7.72% 7.38%
    NET WORTH 100.45% 101.25% 102.19% 110.00%
    Percent of Sales
    Sales 100.00% 100.00% 100.00% 100.00%
    Gross Margin 94.60% 97.15% 99.87% 99.00%
    Selling, General & Administrative Expenses 93.56% 96.09% 98.78% 97.80%
    Advertising Expenses 1.52% 1.56% 1.60% 1.40%
    Profit Before Interest and Taxes 41.50% 42.62% 43.81% 33.90%
    Main Ratios
    Current 34 35 36 32
    Quick 33 33.8 34.645 33
    Total Debt to Total Assets 0.18% 0.18% 0.17% 0.40%
    Pre-tax Return on Net Worth 74.08% 74.89% 75.00% 75.00%
    Pre-tax Return on Assets 96.30% 101.12% 106.17% 111.30%
    Additional Ratios Year 1 Year 2 Year 3
    Net Profit Margin 33.56% 34.60% 35.67% N.A.
    Return on Equity 55.80% 57.53% 59.31% N.A.
    Activity Ratios
    Accounts Receivable Turnover 7.7 7.8 7.8 N.A.
    Collection Days 100 100 100 N.A.
    Inventory Turnover 32.4 34.02 35 N.A.
    Accounts Payable Turnover 15.6 16 16.3 N.A.
    Payment Days 27 27 27 N.A.
    Total Asset Turnover 2.5 2.5 2.6 N.A.
    Debt Ratios
    Debt to Net Worth -0.04 -0.03 -0.04 N.A.
    Current Liab. to Liab. 1 1 1 N.A.
    Liquidity Ratios
    Net Working Capital $244,000 $257,664 $272,093 N.A.
    Interest Coverage 0 0 0 N.A.
    Additional Ratios
    Assets to Sales 0.85 0.87 0.89 N.A.
    Current Debt/Total Assets 1% 0% 0% N.A.
    Acid Test 29 29.12 29.16 N.A.
    Sales/Net Worth 2.1 2.2 2.2 N.A.
    Dividend Payout 0 0 0 N.A.

    FAQ

    1. How do I start an HR consulting business?

    You can start HR consulting business with any team size. You just need a strong HR consulting business model for which you can take help from this document.

    1. What should I charge for HR consulting?

    The charges you take for HR consultant services will depend on the type of services. But on average, HR consultants charge anywhere from $100 to $300 per hour.

    1. How do HR consulting firms work?

    HR consulting firms aid companies in dealing with their HR departments or managing their human resources in case they don’t have one. You can find more details in the above document.

    1. How do you write a human resource business plan?

    You can write a human resource business plan by conducting an HR consulting industry analysis. For reference, you can take help from this document.

    Download HR Consultant Business Plan Template in pdf

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    OGSCapital’s team has assisted thousands of entrepreneurs with top-rate business plan development, consultancy and analysis. They’ve helped thousands of SME owners secure more than $1.5 billion in funding, and they can do the same for you.

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    Get an OGS Customized Business Plan Get a TS Business Plan Template
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    OGS Capital

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    AUTHOR:

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