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DEC.13, 2021

IT Consulting Business Plan Template

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IT Consulting Business Plan Sample

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Table of Content

    Do you want to start an IT Consulting business plan?

    Do you want to start an IT consulting business? It’s a great idea If you are thinking about it, especially if you want to start a small but profitable business. It requires fundamental knowledge of IT and an understanding of customer dealing. And you can start it on your own or with a small team too.

    Even though it is a relatively simple business to start, you should still use a business plan for IT consulting as a guiding tool. It is a significant step when you wonder how to start an IT consulting business. Business plans are always helpful even if you’re reading a sample life coaching business plan.

    So, it’s up to you. Either hire business plan writing services or write your own business plan using this document as a guide.

    Executive Summary of IT Consulting Firm

    2.1 The Business

    Hampton’s IT Consulting will be an IT consulting startup owned by Ruby Hampton. The company will provide IT consultation services in and around the Brooklyn area. It will offer a wide variety of services ranging from simple consultations to system development, implementation and management.

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    2.2 Management of IT Consulting Company

    Ever wondered how to start your own IT consulting business? The best start is to read a lot of business plans for IT consulting and then develop one of your own. The best business plan strategy ensures success with adequate human and technical resources planning.

    So, if you want to do IT consulting for small business, you need to go through the trouble of writing a business plan like this one.

    2.3 Customers of IT Consulting Company

    To start a IT consulting business, you need to identify your customers. Our customers will come from all walks of life:

    • Small and Large Businesses
    • Government Facilities
    • Educational Facilities
    • Small and Large Stores

    2.4 Business Target

    Our target is to become the most trusted and demanded consulting company in Brooklyn for customers who need help achieving their business goals through IT.

    We want to achieve the below-mentioned financial targets for the first two years of our launch:

    3 Years Proft Forecast - IT Consulting business plan

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    Company Summary of IT Consulting Firm

    3.1 Company Owner

    Ruby Hampton will be the owner of Hampton’s IT Consulting. Ruby completed her Master’s in IT about two years back. Afterwards, she worked for an IT consultation company in Manhattan. After that, she left the job to start her own endeavour in the field.

    3.2 Why the IT Consulting company is being started

    Ruby noticed that many businesses around her Brooklyn hometown were struggling to make adequate use of their IT resources for improving their work. She realized that she could use her knowledge and experience to improve the functions of businesses in Brooklyn. And so, she decided to start her own IT consulting firm.

    3.3 How the IT Consulting company will be started

    Step1: Plan Everything

    The first step in learning how to start a IT consulting business of your own is to develop a business plan for IT consulting firm. To help you figure out how to set up an IT consulting business, we are providing a sample business plan here. Ruby decided to offer consultations services to every business under the sun, so you can use this plan for IT consulting business ideas for any business. You can also hire business plan experts to handle everything for you.

    Step2: Define the Brand

    You need to develop a brand for your business that can help you stand out. In this phase, you highlight your professional values and policies towards your customers to show your competitive advantage.

    Step3: Establish Your Corporate Office

    Ruby decided to rent out an office in a Brooklyn commercial building for starting the firm. But, first, she will put together a small team and procure the computing equipment needed.

    Step4: Establish a Web Presence

    Online advertisement is a huge part of the marketing of any business. Understanding this, Ruby decided to create social media profiles for her business and get a website developed. She expects that it will help her stay connected to her clients.

    Step5: Promote and Market

    In the final phase, a comprehensive marketing plan needs to be executed to promote the business.

    Startup Cost - IT Consulting business plan

    Start-up Expenses  
    Legal $122,200
    Consultants $0
    Insurance $13,000
    Rent $33,000
    Research and Development $10,000
    Expensed Equipment $26,000
    Signs $3,400
    TOTAL START-UP EXPENSES $207,600
    Start-up Assets $226,000
    Cash Required $169,000
    Start-up Inventory $39,000
    Other Current Assets $240,000
    Long-term Assets $217,000
    TOTAL ASSETS $891,000
    Total Requirements $1,098,600
    START-UP FUNDING
    Start-up Expenses to Fund $207,600
    Start-up Assets to Fund $891,000
    TOTAL FUNDING REQUIRED $1,098,600
    Assets
    Non-cash Assets from Start-up $1,156,000
    Cash Requirements from Start-up $285,000
    Additional Cash Raised $50,000
    Cash Balance on Starting Date $35,000
    TOTAL ASSETS $1,526,000
    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 $1,098,600
    Investor 1 $0
    Investor 2 $0
    Other $0
    Additional Investment Requirement $0
    TOTAL PLANNED INVESTMENT $1,098,600
    Loss at Start-up (Start-up Expenses) $361,400
    TOTAL CAPITAL $1,460,000
    TOTAL CAPITAL AND LIABILITIES $1,526,000
    Total Funding $1,098,600
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    Services of IT Consulting Firm

    Before you start an IT consulting business company, you need to figure out what your services will be. That way, you can plan your business around these services you will provide to the customers.

    A strong IT consulting business model contains detailed information about the services of an IT business consulting group.

    Since Ruby decided to offer a wide variety of services, this IT consulting services business plan can be used as a reference for any business plan. Even a  private counseling practice business plan.

    So if you want to start your own IT consulting business, you can take help from this document. Here, we are describing all the services offered by Hampton’s IT consulting briefly:

    IT Infrastructure Planning

    We will provide a basic infrastructure consultation service. In this service, we will analyze the client’s business requirements and provide them with a comprehensive plan to develop their infrastructure resources around their business.

    Security Consulting

    We will also offer security IT security consultation, which will include:

    • Security Planning against future attacks
    • Security reinforcements
    • Development and Implementation of a Security System if required

    Risk Assessment Analysis

    Our firm will also provide analysis and risk assessment of the IT infrastructure of the business. The client can then avail of our resources further to alleviate the concerns uncovered by the analysis.

    Disaster Recovery Planning

    IT systems are prone to disasters. Our firm will ensure a system that can recover from any unexpected disaster at a quick pace so that our customers don’t have to face any troubles.

    Marketing Analysis of IT Consulting Firm

    When you want to start an IT consulting business or any other business, you should have a good idea of who your customer base and competition will be. This information is usually added as a part of IT consulting firm business plan for an IT firm or a business plan for business consulting.

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    You can gain insights about your customers and competition through a marketing analysis. Any expert will tell you that marketing analysis is a crucial part of a business plan, let it be a sample IT consulting business plan or a mortgage business plan template.

    In case you don’t know how to conduct marketing analysis, you can reach out to some IT business consulting experts. You can also use this document as a learning point for developing a business plan for IT consulting business software. Below, we have presented a detailed marketing analysis of Hampton’s IT Consulting Firm.

    5.1 Market Trends

    According to IBISWorld, the IT Consultation business in the US has a bold market share of $525.3 Billion. And as of 2021, it continues to grow at a rate of 2.4% every year. Taking a general view, the involvement of digital devices and systems is increasing day by day in every industry. As a result, businesses are looking for ways to shift their old infrastructures to the digital realm. It means that the demand for IT consultation services is not about to go down any time soon.

    5.2 Marketing Segmentation

    The expected customer base of Hampton’s IT Consulting is divided into the following groups:

    Marketing Segmentation - IT Consulting business plan

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    5.2.1 Government Facilities

    The primary area of the shift to digital services is the government facilities. These facilities require a lot of assistance to shift their systems online or improve existing systems without affecting their operations too much. So they are expected to be our long time customers.

    5.2.2 Small/ Large Businesses

    Our second biggest customers will be the businesses that want to stay up-to-date with the newest technology. They are expected to utilize our services regularly as well.

    5.2.3 Educational Facilities

    Educational facilities also require developments in their IT systems quite regularly. So, they are also expected to use our services from time to time.

    5.2.4 Commercial Stores of Every Scale

    Last but not least, most retail stores are going online and need robust systems for that purpose. We expect to provide our services to these clients as well.

    Market Analysis
    Potential Customers Growth Year 1 Year 2 Year 3 Year 4 Year 5 CAGR
    Businesses 31% 21,000 25,200 30,240 36,288 43,546 10.00%
    Educational Facilities 27% 18,000 21,600 25,920 31,104 37,325 10.00%
    Commerical Stores 26% 15,000 18,000 21,600 25,920 31,104 10.00%
    Government Facilities 16% 12,000 14,400 17,280 20,736 24,883 11.00%
    Total 100% 66,000 79,200 95,040 114,048 136,858 10%

    5.3 Business Target

    • To become the most trusted IT consultation firm in all of Manhattan
    • To increase the scale and reach of the business over the next five years
    • To achieve a profit margin of $100k per month by the end of the second year
    • To maintain customer satisfaction above 95%

    5.4 Product Pricing

    Our prices will be dependent on the range of services required by the customers. They will be along the same lines as the market standard. But we will maintain continuous communication with the clients to ensure satisfaction till the end.

    Marketing Strategy of IT Consulting Firm

    To start own IT consulting business, you need a solid marketing plan to stand out in the industry. To gain this prominence, and for marketing IT consulting business, you need to find promising areas of your businesses that will help customers recognize you as a better option.

    Like a freelance business plan, you need to showcase your distinctions. In this IT consulting startup business plan, we are detailing a marketing plan for Hampton’s IT Consulting:

    6.1 Competitive Analysis

    • We have excellent customer care and support services. We will ensure to take feedback from our customers to improve our performance regularly.
    • Our clients can reach us at any time through our contact, website or social media, and we will get back to them at the earliest possible time.
    • We will not only implement systems but also guide our customers in how to use them. We will also offer standing support to help the clients whenever they need it.

    6.2 Sales Strategy

    • We will offer free maintenance and support to our recurring customers over two years.
    • We will advertise our services through Google ads, word of mouth and social media.
    • We will also offer discounts to our new customers.

    6.3 Sales Monthly

    Sales Monthly - IT Consulting business plan

    6.4 Sales Yearly

    IT Consulting business plan - Sales Yearly

    6.5 Sales Forecast

    IT Consulting business plan - Unit Sales

    Sales Forecast      
    Unit Sales Year 1 Year 2 Year 3
    IT Infrastructure 876 929 984
    Security Consulting 674 714 757
    Risk Assessment 453 480 509
    Disaster Recovery 124 131 139
    TOTAL UNIT SALES 2,127 2,255 2,390
    Unit Prices Year 1 Year 2 Year 3
    IT Infrastructure $1,250.00 $1,450.00 $1,682.00
    Security Consulting $1,250.00 $1,450.00 $1,682.00
    Risk Assessment $1,450.00 $1,682.00 $1,951.12
    Disaster Recovery $1,750.00 $2,030.00 $2,354.80
    Sales
    IT Infrastructure $1,095,000.00 $1,346,412.00 $1,655,548.20
    Security Consulting $842,500.00 $1,035,938.00 $1,273,789.36
    Risk Assessment $656,850.00 $807,662.76 $993,102.13
    Disaster Recovery $217,000.00 $266,823.20 $328,085.81
    TOTAL SALES $2,811,350.00 $3,456,835.96 $4,250,525.50
    Direct Unit Costs Year 1 Year 2 Year 3
    IT Infrastructure $950.00 $1,045.00 $1,097.25
    Security Consulting $950.00 $1,045.00 $1,097.25
    Risk Assessment $1,000.00 $1,100.00 $1,155.00
    Disaster Recovery $1,250.00 $1,375.00 $1,443.75
    Direct Cost of Sales
    IT Infrastructure $832,200.00 $970,345.20 $1,079,994.21
    Security Consulting $640,300.00 $746,589.80 $830,954.45
    Risk Assessment $453,000.00 $528,198.00 $587,884.37
    Disaster Recovery $155,000.00 $180,730.00 $201,152.49
    Subtotal Direct Cost of Sales $2,080,500.00 $2,425,863.00 $2,699,985.52

    Personnel plan of IT Consulting Firm

    An IT consulting business proposal contains information about business personnel as well. This is because the success of a business is highly dependent on the workforce, especially for big IT consulting business names. Wanting to uphold these standards and to become a part of IT consulting business slogans, Ruby detailed the team requirements and selection criterion in the business plan:

    Any questions? Get in Touch

    7.1 Company Staff

    • 1 Co Manager
    • 6 IT Executives combined in 3 teams to handle client systems developments
    • 1 Technician to upkeep the machinery
    • 1 Web Developer/ Mobile App Developer to manage online sites
    • 1 Sales Executive to organize and promote contracts
    • 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
    IT Executives $142,000 $156,200 $171,820
    Technician $15,000 $16,500 $18,150
    Web Developer $25,000 $27,500 $30,250
    Sales Executives $25,000 $27,500 $30,250
    Accountant $15,000 $16,500 $18,150
    Receptionist $30,000 $33,000 $36,300
    Total Salaries $292,000 $321,200 $353,320

    Financial Plan of IT Consulting Firm

    The success of a business isn’t just ensured by sales. Every business needs a financial plan to make sure that the business is working on the correct route and providing a profit. A financial plan is as important to It consulting definition business as it is to a business plan for recruitment firm.

    Note

    A financial plan doesn’t only help you in managing your expenses. It also helps to answer fundamental questions like how much does it cost to start a consulting business.

    Here we’re providing the detailed financial plan of Hampton’s IT Consulting. You can get an idea of the business finances through this plan.

    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

    IT Consulting business plan - Break-even Analysis

     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

    8.3 Projected Profit and Loss

     Pro Forma Profit And Loss    
    Year 1 Year 2 Year 3
    Sales $2,811,350 $3,456,836 $4,250,525
    Direct Cost of Sales $2,080,500 $2,425,863 $2,699,986
    Other $0 $0 $0
    TOTAL COST OF SALES $2,080,500 $2,425,863 $2,699,986
    Gross Margin $730,850 $1,030,973 $1,550,540
    Gross Margin % 26.00% 29.82% 36.48%
    Expenses
    Payroll $292,000 $321,200 $353,320
    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 $471,200 $504,650 $547,220
    Profit Before Interest and Taxes $259,650 $526,323 $1,003,320
    EBITDA $259,650 $526,323 $1,003,320
    Interest Expense $0 $0 $0
    Taxes Incurred $51,930 $105,265 $200,664
    Net Profit $207,720 $421,058 $802,656
    Net Profit/Sales 7.39% 12.18% 18.88%
    Any questions? Get in Touch

    8.3.1 Profit Monthly

    IT Consulting business plan - Profit Monthly

    8.3.2 Profit Yearly

    IT Consulting business plan - Profit Yearly

    8.3.3 Gross Margin Monthly

    IT Consulting business plan - Gross Margin Monthly

    8.3.4 Gross Margin Yearly

    IT Consulting business plan - Gross Margin Yearly

    8.4 Projected Cash Flow

    IT Consulting business plan - Projected Cash Flow

     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

    How do I write a business plan for a consulting business?

    A business plan is critical if you are wondering how do I start a consulting business. You can take help from this document for writing a consulting business plan.

    What does an IT business consultant do?

    An IT consultant has many job roles such as system development and implementation, maintenance, security and analysis of systems.

    How much does it cost to start a IT consulting business?

    The costs of starting an IT business depends on the scale of the business and requirements. But if you want to know how much does it cost to do a business plan, it generally ranges between $5k to $10k.

    How do I start a computer consulting business?

    If you want to start a computer consulting, you will need a computer consulting business plan. You can refer to this document for help in that matter.

    Download IT Consulting Business Plan Sample in pdf

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