If you are trained in finance and are interested in handling people’s finances or providing them financial advice and tips, then you should start a finance related business. No doubt, finance-based businesses are profitable, but some of them also require substantial capital to start. In this blog post, we have picked and listed out only those businesses which can be started on a small scale and won’t let you take the toll on yourself.
You can start small initially and expand it further, or you might even niche down your services. People think that a financial service related business is always opening a bank or a lending business and undoubtedly requires considerable funds. But if you check the following business ideas, you will be happy to know that you can start a business with whatever you have and dive into your venture without any hassle.
Just be consistent and not be unstable when you get into the business. Several business owners are excited in the preliminary stages of the business, but as it expands, they lose motivation and result in severe monetary losses. So, persevere and take charge of your venture today.
Examples of business ideas in finance sector are:-
1. A budget consultancy firm
Well, you might think of it as a mediocre idea, but budgeting is still complex and challenging for many of us. If you are a pro in budgets, and you can help people prepare a meticulous one as per their requirements, there you go! Budget consultancy is your niche. The best thing is you can start this business online from the comfort of your home. You can interact with the clients through video calls, know their requirements and financial goals, and help them draft a proper budget.
You can even explore more into this business by preparing budget templates and worksheets to sell to the clients. Every household needs a good budget, and they can seek help from you. No significant capital is required to start this business, but you might need to harness your networking skills to tap clients.
Learn more: Tips on how to start a consulting business
2. A financial advisory firm
We mentioned earlier that we wouldn’t be discussing the stereotypical financial advisory services much; we can’t help but miss out on this. There are hundreds of people who don’t know how to invest their money effectively to benefit after retirement. In these cases, they need your help. You will become the financial advisor who will explain to these people how to take care of their finances.
You will design an investment strategy and the buckets where your client will be investing his money. You can provide this kind of services to many such as people who are about to retire, self-employed people, college-going students and so on. Even this business venture does not require you to pour in funds; you need impeccable knowledge of personal finance and investment to start this business.
Remember, people will look for solutions when they approach you, so be a problem-solver.
3. A tax consultancy firm
When finances are considered, we cannot evade taxes or avoid the business venture of a tax consultancy firm. All business organizations and individuals have to pay tax as per government regulations. And so, you will never be running out of clients.
However, you should be a master of tax laws and should have profound knowledge of the federal and state tax legislation. Ensure that you have an assistant to help you in administrative matters. Physical office space will always help, but your online support services should also be incredible.
You should also suggest measures on how people and business undertakings can save tax and not evade tax.
Learn more: How to Start a Law Firm – Business Plan
4. A money lending business
People have the notion that one who has a lot of money can start a money lending business. But it is not the real scenario. You need to have financial and banking experience to start a lending venture. You can start it by lending to your friends or cousins and expand it.
But note that all the states in the United States do not permit certain money lending businesses. Moreover, you have to be careful about the legal aspects of lending money. Hence, always conduct proper research. You can start a Mortgage bank and follow all the relevant rules and regulations and be on the safer side.
5. Finance blogging or publishing a finance magazine
If you love writing about finance and making people aware of the trends and truths, then you should get into the writing business. If you have previous experience in finance-related journalism, it will be an add-on. Online magazines are also becoming popular these days. You can start a blog that talks about personal finance, existing money management trends, tips to handle finance, investing, and so on.
You can grow a large audience if you are writing something unique that the others are not noticing at all. Subsequently, you can have sponsorships to your brand as it grows and thrives in the market. You will need only a hosted website and free time to start this business. If you become popular and your writing is appreciated, you can write finance-related books and even talk at seminars and events.
6. An auditing firm
Auditing is a branch of finance, and if you have previous auditing experience and are well-versed with the tools, you can set up an auditing firm. Qualified accountants can easily start this business, but prior experience is required. Since the number of business organizations is increasing, you can find firms to audit their resources and finances.
Since audits are conducted once a year, you will have good business. But if you want to expand, you can also provide accountancy-related services to your clients.
Opening this business firm will require a partner or two, mentor, firm-related advice, and business contacts.
7. Insurance agency
Each person in this world and the United States seeks insurance. If they own a business, they seek business insurance. If they want to travel, they seek travel insurance. If they live on rent, they need renter’s insurance.
In short, the insurance business is a thriving one and will never let you down. But you need to have prior knowledge and experience in insurance services. You can start it with minimal investment. Learn the recent insurance trends, the top insurance companies, and people’s requirements. The more in-depth- research you do, the more confident you will be while doing the business.
You can sell a variety of insurance, but administering all the clients will be a huge task. So, set up a system and hire an intern to take care of the repetitive ones.
8. Mutual fund agency
Niching down finance business ideas is the best idea if you have substantial knowledge in that field. For instance, your friends could be turning to you for advice on mutual funds investing, and they must be gaining sufficient returns too. You should not limit your knowledge amongst your friends; go out and start a business.
Mutual funds investment agency is the type of business you should venture into, no matter how much funds you have at the moment.
9. Stockbroking business
If mutual funds are not your thing, but stocks are, you should start a stockbroking firm. We know you have competition as brokers are increasing every day in the country. But you should never let your knowledge and experience waste; apply it by helping your clients.
Once you gain the reputation of a reputable and trusted stockbroker, you will have a steady base of clients and higher income.
10. Rent your space for an ATM
Yes, this is a passive business idea, and it won’t require you to apply your expertise or knowledge. You might have a tiny space in a shopping complex, or at the corner of a lane; you can rent it out for ATM services only. The revenue will be long-term and decent, and you will be earning without putting actual effort into it.
Briefly, the above finance-related business ideas are lucrative and exciting and can ignite the financial side in you. So, get going!