14 Financial Consulting Business Success Stories [2023]
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.
Here are some real life success stories of starting a financial consulting business:
1. Net Net Hunter ($144K/year)
Evan Bleker, an investor and entrepreneur, started Net Net Hunter after struggling to find enough net-nets to fill his personal portfolio. He created a membership community focused on a niche value investment strategy, offering a list of roughly 1000 international net-nets and a community forum for sharing ideas. The business has become a stable cash cow and Evan is now working on another web startup.
How much they make: $144K/year
How much did it cost to start: $1K
Current team size: 5
This case study is about a successful entrepreneur who created Net Net Hunter, a membership community focused on a niche investment strategy that now earns $12k per month by providing a list of roughly 1000 international net-nets and filter through them by hand to identify the top 40 or 50 to focus research efforts on, and has since moved on to creating a new start-up project.
2. ProjectionHub ($312K/year)
Adam Hoeksema, Co-Founder and CEO of ProjectionHub, came up with the idea for his business while working as the Director of a small business microloan program. He realized the need for a TurboTax-like tool for creating financial projections and enlisted his 17-year-old brother, a software developer, to build a web app. Today, ProjectionHub generates over $20,000 per month in revenue and offers a library of 50+ financial projection spreadsheet templates used by startups in various industries.
How much they make: $312K/year
How much did it cost to start: $150K
Current team size: 3
ProjectionHub helps entrepreneurs create financial projections using a library of 50+ CPA-developed financial projection spreadsheet templates, generating over $20,000 per month in revenue without the need for software subscription models.
So... can you actually make money with a financial consulting business?
Of course. There are millions to be made in this industry.
But how?
- Research real, profitable businesses and see exactly how much money they make.
- Study exactly what works, and what doesnβt.
- Take action, because now you have the roadmap.
Join Starter Story and build your next big thing:
3. The College Investor ($288K/year)
How much they make: $288K/year
Current team size: 2
From a side hustle making $10k per month to earning $24k/month currently, a sole founder built The College Investor to assist in getting out from under student loan debt β with over 1 million monthly visitors seeking advice on student loans, taxes, tax software, investing, insurance, and budgeting.
4. ProfitWell ($22M/year)
How much they make: $22M/year
Current team size: 85
Find out how ProfitWell, the SaaS platform specializing in marketing analytics, saas metrics and positioning, achieved over $22M in annual revenue and was recently acquired by Paddle for $200M in cash and equity, with over 30,000 companies using its products, including Canva and Autodesk.
So... can you actually make money with a financial consulting business?
Of course. There are millions to be made in this industry.
But how?
- Research real, profitable businesses and see exactly how much money they make.
- Study exactly what works, and what doesnβt.
- Take action, because now you have the roadmap.
Join Starter Story and build your next big thing:
5. Financer ($6M/year)
How much they make: $6M/year
Current team size:
Learn how Johannes built a successful financial comparison site, managing a remote team in 26 countries and bringing in over $100k per month.
6. LendingPoint ($37.7M/year)
How much they make: $37.7M/year
Current team size: 258
Fintech platform LendingPoint incorporates AI technology to offer financing origination solutions, with $900m in new loans and a $100m credit facility managed by Ares Management, while in May 2022 it announced a new partnership with Midland States Bank.
So... can you actually make money with a financial consulting business?
Of course. There are millions to be made in this industry.
But how?
- Research real, profitable businesses and see exactly how much money they make.
- Study exactly what works, and what doesnβt.
- Take action, because now you have the roadmap.
Join Starter Story and build your next big thing:
7. Journey To Launch ($252K/year)
How much they make: $252K/year
Current team size:
Jamila Souffrant's Journey to Launch podcast amassed over 2 million downloads in a year, made it to the Forbes feature, and has helped many listeners come out of debt, stop living paycheck to paycheck and build-savings.
8. 2X ($420K/year)
How much they make: $420K/year
Current team size: 15
Learn how Founder and CEO Austin Netzley's coaching programs have helped clients generate more than $172 million in less than two years by providing training, accountability, and hands-on coaching to reach full business potential and drive greater impact and income.
9. Klooks ($720K/year)
Alexandre Abu-Jamra, the founder of K-Looks, came up with the idea for his business when he was working as an M&A advisor and struggled to find financial data for private companies. He realized that this was a common problem in the finance industry and saw an opportunity to solve it by organizing and standardizing unstructured financial data from messy pdf files. After overcoming technical challenges and securing a client with Capital IQ, the largest private financial data aggregator, K-Looks has experienced triple-digit annual growth and generated $600k in revenue in 2022.
How much they make: $720K/year
How much did it cost to start: $50K
Current team size: 35
K-Looks is a Brazilian data firm serving some of the main financial institutions in Brazil with revenues in 2022 of $600k and triple-digit annual growth for the past three years, specializing in organizing unstructured financial data from messy pdf files, offering fully customized data solutions with a combination of engines that extracts and categorizes data automatically with human quality assurance in addition to financial data structuring process and financial spreading services, with a focus on good content, personalized service, and client retention.
10. The Credit Connection ($500K/year)
How much they make: $500K/year
Current team size: 3
Daniel Massimino successfully turned his childhood passion into a multimillion-dollar company with MassTech and founded The Credit Connection to help entrepreneurs start, grow, and scale their businesses while assisting consumers in turning loan denials into approvals, believing the ongoing pandemic has created the perfect opportunity for entrepreneurs to start a business.
Hey! π I'm Pat Walls, the founder of Starter Story.
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