Start A Financial Consulting Business - Business Ideas
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
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 |
Case Studies
•
$12K/mo
•
$26K/mo
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 |
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! |
| 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. |
Hey! 👋 I'm Pat Walls, the founder of Starter Story.
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