How Online Consultation Business is Growing

Online Consultation Business

Online consultation businesses have thrived tremendously post-pandemic. As face-to-face contact was minimal during that time, online consultation became the need of the hour. Even after the pandemic, we can see a shift in consumer behaviour towards digital channels, and since then this industry is going through rigorous digital transformation.

With the introduction of cutting-edge technologies, like AI, automation, IoT, etc. the consultancy industry can deep dive into a whole new realm of possibilities that allows entrepreneurs to share better solutions with their customers. The online consulting industry can only avail these resources if they are willing to switch from traditional methods to the digital space.

Strong continued uptake, favourable consumer perception, and tangible investment into this space are all contributing to the continued growth of online consultation platforms. Let us see why this industry is growing immensely over the last few years and is gaining popularity over traditional consultation businesses.

Clear and Unbiased Perspective

It is very important for individuals/companies to have an impartial point of view where somebody can identify actual problems that need to be rectified. It is very crucial to seek a broad perspective, as a lack of experience and fear of change can stop one from taking bold decisions.

The consultants serve as external resources and make recommendations according to the industry and client requirements. They also teach their clients how to resolve similar problems in the future. This kind of personalized consultation is sought by most companies and individuals these days hence, making online consultation extremely popular.

Deep Insights from Experienced Consultants

Consultants are professionals who have already spent years in relevant industries and know each nook and corner of their field. They have been in the industry performing specialized operations for years and come in with a wealth of insights and experience for consultation seekers to leverage and grow in their field.

Effective Time Management

As consultation seekers must already be tightly packed, consultants help them deal with how to plan and allocate time to important tasks for improved efficiency and productivity. They serve their clients with strategies to run their businesses and achieve their personal goals smoothly in their respective fields. This helps individuals/businesses to manage their time effectively making it popular among them.

Customized and Result-Oriented Approach

A one-size-fits-all strategy doesn’t work in consultancy services. To help companies/individuals grow and accomplish desired results, consultants take time to learn about the problems and struggles of the clients.

Only after a full assessment, do they make tailor-made plans and strategies to support their clients, based on their unique needs and challenges. Furthermore, these experts take a result-oriented approach, helping companies or individuals to set the right goals and make reasonable strategies.

All in all, we can say that the popularity is growing for online consultation and there is a huge scope for online consultation marketplaces. Hence, starting an online consultation marketplace is a lucrative business idea for budding entrepreneurs.

Popular Consultation Niches

Individuals interested in an online consulting business must be aware of the top consulting niches. Knowing which of them are in demand and have a positive industry outlook, can help you decide what is best suited for you. Use your expertise and interest to start a highly specialized consulting business in one of these fast-growing markets.

Telehealth or Doctor Consultation

According to the Global Market Estimates report, the healthcare consultation market is expected to grow at a CAGR of 26.6% during the forecast 2020-2026, reaching USD 16.0 billion by 2026. This niche is considered highly profitable making it lucrative for budding entrepreneurs.

  • Key Player: SteadyMD
  • Founded in: 2016 in St Louis, Missouri, United States
  • Founder: Guy Friedman and Yarone Goren
  • Funding Raised: 4 million dollars over three rounds

This startup ranked 81st in the Forbes list of America’s best startup employers.

Financial Consultation

Handling the finances is not an easy task, whether you own a company or have to manage your personal finances. It can be one of the most uphill battles. A financial consultant makes the assessment of the financial situation and helps prepare a financial plan. He advises companies and individuals on increasing their profits through proper tax planning and cost-cutting strategies.

According to Allied Market Research, the global financial planning software market was valued at $3.7 billion in 2021 and is projected to reach 16.9 billion by 2031, growing at a CAGR of 16.6% from 2022 to 2031. Henceforth, making online financial consultation the most sought-after startup business idea.

  • Key Player: Envestnet, Inc.
  • Founded in: 1999
  • Founder: Jud Bergman (1957–2019) Bill Crager
  • Headquarters: Chicago, Illinois, United States
  • Revenue: $318.9 million Q2 of 2022

Legal Consultation

The global legal services market size was valued at USD 901.8 billion in 2021 and is expected to expand at a CAGR of 5.3% during the forecast period 2022-2030, reaching USD 1.362 trillion in 2030. We can see a significant rise in the number of online legal consulting platforms in the consultation domain.

Individuals and businesses need assistance with legal proceedings at some point in their life. A legal consultation marketplace can help trained law professionals connect with those who need experts to solve their legal problems.

  • Key Player: Rocket Lawyer
  • Founded in: 2008 in San Francisco, California
  • Founded by: Charley Moorey
  • Total funding Amount: $291.7 Million

It provides individuals and small to mid-sized businesses with online legal consultation services and has a network of attorneys that their clients can consult through its on-call services.

Social Media Consultant

Social Media has gained immense popularity in recent years and according to Allied Market Research, the global social media management market size was valued at $12.24 billion in 2021 and is projected to reach $118.5 billion by 2031, growing at a CAGR of 22.8% from 2022 to 2031. Hence, making it a highly profitable niche in today’s scenario.

  • Key Player: Catalant
  • Founded in: 2013, in Boston, Massachusetts, United States
  • Founders: Rob Biederman, Peter Maglathlin, Joe Miller, Patrick Petitti
  • Funding received: In September 2013, HourlyNerd received $750,000 in seed money from a group led by Mark Cuban.

Catalant is among the reputed platforms that provide social media consulting services, and more than 70,000 independent consultants are listed on this platform. It has served more than 30% of the Fortune 100 and 20% of the Fortune 1000, including GE, Pfizer, Staples, and Shell.

Wrapping Up

Over the years, consulting services have become a necessity for companies and individuals. However, the gradual shift to online has made it easier for consultants to find more clients, and for clients to get guidance from industry experts. This has created a demand for well-established platforms that can cater to their needs.

Yo!Coach is a readymade software that can be used to build an online consultation platform effortlessly. It can provide top-notch features required in your online consultation marketplace. This solution is fully customizable, highly scalable, and integrated with popular video conferencing APIs. It offers lifetime ownership with no recurring fee.

Entrepreneurs who are planning to tap into this profitable industry can use Yo!Coach to build a robust online consultation platform and leverage the opportunities in this domain.