How To Kickstart Your New Financial Planning Business

Starting and running a successful business requires different skills than working as a financial planner under an agency or firm. Whilst it can be a huge leap from employment to running a small business, there are a few activities you can undertake to maximise your chance of success in the early years.

In this article we share 5 easy tips to help kickstart your business, and scale it for your lifestyle with longevity in mind.

1. Grow your networks through local business events

It’s a good idea to start attending events before you start your business as it allows you to get a feel of the market and start building relationships with potential clients. Once your business is in operation, you should aim to attend as many as one networking event a fortnight to make connections and share your name and services within the local business community.

2. Attend professional events and training

Without the professional network that comes with working in a large advisory, it can be difficult to keep up with industry standards and news. Local networking gives you the opportunity to connect with potential customers, whereas professional events and training allow you to connect with your peers.

3. Systemise your business

Putting systems in place from the outset will allow your business to grow and thrive, whether you are there or not. Look into specialised CRMs for the financial services industry, as these will allow you to keep compliance records from the start of operations and save hundreds of hours when it comes to audit. Commpay is one such system, designed to integrate with XPLAN for a scalable revenue management solution with CRM capability.

4. Engage external help where you can

Starting a business is overwhelming, and a new business owner can’t expect to be an expert in everything from marketing to management to accounting. Determine your strengths, and then work out how you can engage employees or contractors to perform the other duties. Speak to a business advisor or industry association to determine whether employees or contractors would best suit your business model, and engage agencies for the highly skilled tasks that do not need to be carried out in-house.

5. Think like a business owner, not an employee

Working in your business, rather than on your business, is the most common mistake of new business owners. It takes mindset shift to move from employee (doing most of the work) to business owner (building relationships and overseeing the work). The sooner you start to think like a business owner, the more likely your business will be successful in the long term.

If you’ve just started a new financial advisory or broking business, get in touch with Complyx to see how we can help you reduce the administrative burden and work on growing your business.