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I have had my own PM Consulting business for 9 successful years. I have managed development projects with no coding background, BUT they were projects for existing clients who had already brought me on board for other types of projects where I did have expertise. The developers were employees of the client and I strictly handled PM functions on these projects. While PM and BA principles apply to any type of project, it is best to have some industry or project specific knowledge to get started, especially if you don't already have a client or 2 ready to start using your services.