Start A Financial Consulting Business - Business Ideas

Pat Walls

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Updated: September 15th, 2022

Start A Financial Consulting Business

Please note that the data provided in this article are estimates and may vary depending on various factors, and should not be considered as perfect or definitive.

Financial consulting is a business that helps individuals and businesses manage their financial affairs. Managing financial affairs include creating financial plans, analyzing financial data, and advising investment and financial decision-making.

To start a financial consulting business, you will need a strong understanding of financial principles and practices and excellent communication and problem-solving skills. You may also need to obtain necessary licenses or certifications, such as a Certified Financial Planner (CFP) designation.

To start the business, you must create a business plan, establish a business structure (such as a sole proprietorship or LLC), and identify your target market. You may also need to secure financing and create a marketing plan to attract clients. It is also important to network with other professionals in the financial industry and stay up-to-date on the latest trends and developments in the field.

Starting a financial consulting business requires a great deal of effort, dedication, and most importantly passion.

If you're interested in how to sell financial consulting services, or selling financial consulting services online, you can use this page as a guide for everything you'll need to know.

Key Stats

market size

$22.5T

revenue (monthly)

$12K

starting costs

$11.7K

gross margin

90%

time to build

210 days

growth

SEO

business model

Subscriptions

time investment

Full time

Startup Costs

	Min Startup Costs	Max Startup Costs
Office Space Expenses	$0	$7,000
Employee & Freelancer Expenses	$150	$250
Website Costs	$223	$7,015
Business Formation Fees	$600	$4,700
Software Expenses	$162	$2,894
Advertising & Marketing Costs	$0	$1,400
Total Startup Costs	$1,135	$23,259

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Case Studies

I Grew My Spreadsheet Templates Side Hustle Into A $240K/Year Business

Hello! My name is Adam Hoeksema and I am the Co-Founder and CEO of Proje...

• $43K/mo

How I Started A $12K/Month Investment Membership Community

My name is Evan Bleker, I’m an investor and entrepreneur. I started a co...

• $12K/mo

Our Business Makes $60K/Month Turning Corporate Financial Statements Into Standardized Data

My name is Alexandre Abu-Jamra. I'm a Brazilian tech entrepreneur and I ...

• $60K/mo

Patrick Campbell Founder of ProfitWell Shares Why He Chose Scale over Lifestyle

- Profitwell has an annual revenue of $22M. - Its products are used by ...

• $1.83M/mo

See all success stories ➜

Successful Businesses

Business	URL	Rank
Affirm	affirm.com	8,641
ProfitWell	profitwell.com	13,711
I Will Teach You to Be Rich	iwillteachyoutoberich.com	23,230
The College Investor	thecollegeinvestor.com	23,302
Millennial Money	millennialmoney.com	29,585
LendingPoint	lendingpoint.com	72,070
Financer	financer.com	95,657
The Financial Diet	thefinancialdiet.com	108,123
Family Office Club	familyoffices.com	311,307
Beyond	beyond.life	352,970
BOA®	boa.com	398,803

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Pros & Cons

Pros	Description
Flexibility	You can put as much time into the business as you'd like. If you like the work and have some initial experience, you can start small and manage all aspects of the business on your own.
Ability to start your business from home	It's not necessary to have a physical storefront or office space to get your business started. You can do everything from the comfort of your own home, at least in the beginning!
Little startup costs required	The cost to start a financial consulting business costs significantly less money than most businesses, ranging anywhere from 62 to 23,259.
Rewarding work	Starting a financial consulting business can be really rewarding work. After all, you are solving an immediate issue for your customer and you're working on something you truly care about.
Scalable	With businesses and processes changing daily, there will always be demand for new features, products and services for your business. Additionally, there are several different business models and pricing tiers you can implement that will allow you to reach all types of customers.
No overhead costs	To get your financial consulting business started, there are no costs associated with overhead, storage, packaging, etc. This will save you a lot of time and money!

See all pros ➜

Cons	Description
Crowded Space	Competition is high when it comes to your financial consulting business, so it's important that you spend a good amount of time analyzing the market and understanding where the demand lies.
Longer Sales Process	A financial consulting business can be a big time and money investment for your customer, so it's important you plan and predict a longer conversion funnel and stay in communication with potential customers.
Work can be inconsistent	As a financial consulting business, the amount of work assigned to you and schedule tends to be more inconsistent, which may make your income less stable. It's important to set boundaries and budget accordingly based on the amount of work you plan to have.
Lack of benefits	With a financial consulting business, you are typically self-employed and responsible for finding your own insurance, which can be quite costly and time-consuming.
Isolation	Often times, as a financial consulting business, you typically work alone and do not have much face-to-face interaction with other team members.
Taxes	As a financial consulting business, you typically pay self-employment taxes which can be quite high. It's important to understand what you will be paying in taxes each year so you can determine if the work you're taking on is worth it.

See all cons ➜

Key Stats

Startup Costs

Case Studies

Successful Businesses

8,641

13,711

23,230

23,302

29,585

72,070

95,657

108,123

311,307

352,970

398,803

Pros & Cons