Pros and Cons of Starting a Project Management Business
According to the Project Management Institute, project managers are change agents who use their skills and expertise to inspire a sense of shared purpose on a team. They work well under pressure and can shift between considering the "big picture" and the focusing on the details. A project manager can be an asset on every project that involves multiple people, whether it's a home renovation project, a small business collaboration or a personal project.
A good project manager is highly organized and has an exceptional ability to follow through. If you are considering starting a project management business, here is a look at the pros, cons and where you can get more information on how to get started.
The Pros of Starting a Project Management Business
Project management is an excellent business idea for analytical thinkers, detail-oriented and organized planning professionals. Some of the benefits of starting a project management business include:
- Startup costs are minimal if you already have project management training.
- If you work with homeowners and home-based business owners, your business can be home-based as well.
- You can establish yourself as an expert by specializing in certain industries.
- You have a wide variety of markets to serve, including engineering, strategic planning, real estate, financial, health care and more.
- Your business can be very lucrative once you've become established.
- Project management is a rapidly growing business in the areas of home remodeling and building.
The Cons of Starting a Project Management Business
It is important to consider the challenges that may be associated with starting a project management business before you decide to start a business. Some of the potential challenges of starting a project management business include:
- You need extensive experience, knowledge, and skill in project management.
- You may need additional training.
- If you work with corporate clients or large companies, you may need a professional space to meet with clients.
- Your business may involve a lot of travel to accommodate remote clients.
- It can take time to establish a reputation and see profits from your business.
- Having the proper degrees, certifications and licensing are highly recommended.
Recommended Resources for Starting a Project Management Business
Part of being successful when starting a project management business is arming yourself with as much information as possible to streamline the process and help get you off on the right path. The resources below will provide tips that will help you with your project management business.
- Project Management Institute
- Project Management 101
- Project Planner Business Overview
- International Project Management Association
Once you have completed your research and gathering background information, it is time to launch your business.