Venture Concept No. 1

 The opportunity 

Money makes the world go round. It's why most of us go to school and seek degrees. It's why we lose sleep. It's why we fail and it's why we can succeed. Money can be a necessary evil. As long as we're here, people will have the need to manage all things money. The great thing about being an expert in this industry is, that every single person will need you at some point in their life. It won't be for one small moment, or a life stage. It'll be for every life stage, for every changing moment. Everything we do some how affects our money and my services will always be in demand.

Some ventures will be affected negatively with downturns in the economy, a death in the family, a loss of income, etc. As people endure each of these devastating life events, my services will only be of more monumental need. Clients and potential clients alike will need me for the happiest and saddest moments in their lives. Too many of us are not properly educated on the basic understandings of finance. My business will change all of that. Not only will we sure you understand your financial picture in it's entirety but you can make sure your children understand theirs as well. The great thing about this industry is there is no targeted demographic. If you're in college, do you understand the difference between borrowing from private institutions vs government student loans. Do you understand how prime and annual interest rates affect you? Have you prepared for repayment?

Every person has a financial change happening in their life. It's my opportunity to help them have a clear understanding of how that change affects them and what all of the options are to be sure they're achieving the financial picture they desire. I currently work as a personal banker so I fully understand just how little the basic population understands finances. When I invest time in my clients, they are loyal to me. They know I have their best interest at heart. I've been very successful in my career due to this characteristic which results in consistent client loyalty.

 

 Innovation

My concept is based around the lack of knowledge people have about their finances. Regulations pass, clients have no idea how it affects them. How can they ensure bills are paid if they are hospitalized? Are items in a safe deposit box passed to a beneficiary? Can a beneficiary sign on your account? How does a will protect you vs a trust? Is the bank paying you 1.00% on your savings or 0.01%? 

My service bases it's concept on identifying this large gap in knowledge and setting my clients up for financial success. I meet clients every single day who could not give you a real life balance in their checking account let alone tell you what cash flow looks like at the end of the month. Now, there are financial advisors available BUT you have to have at LEAST $25,000 in investable assets, and you need to be investing in the market to receive their advice. They also are not versed in demand accounts of the rules of the bank. Since investments operate on completely different regulations, many advisors have little to know retail banking knowledge and refer to me. There are also financial planners, but these too want to see some level of assets. My service, advice, planning and networking is for all people of all incomes. You can use my services once or you can keep me on retainer. 

I would offer introductory reviews complimentary as I believe this is a great way to meet clients and demonstrate my engagement. I would typically include an hourly option; $100/hr or work with the clients to devise a plan that may or may not include a network of business partners. Example: We devise a plan that includes; paying off unsecured debt in 5 years, refinancing the cars and mortgage along with establishing a trust and setting up checking/savings for your teenage child, (which includes a meeting with the child to educate on banking). I would include the attorney in achieving this for the client for a charge of the plan being devised of which I would pay my business partner and charge a fee for the plan we've devised. Let's say this plan is $2,000. This includes me shopping rates, dealing with the vendors, and supplying documents.

Venture 

This venture can be difficult in that people are not always open to sharing such intimate details about their finances. For most of my clients, they think they have their finances under control. It can be a long journey to establish that level of trust with clients to gain access to that information.
Competitors would be existing financial planners however, most require a certain level of income and do not include networking to needed partners. In the beginning, I would start this business from home as this would keep the overhead expenses low. In time, as my book of business grows, we can look to leasing a separate space, hiring an admin, etc. As the business evolves, I would like to have those business partners sit in an office with me. You come in and there is a financial consultant, an attorney, a CPA, etc. At this level, my employees would grow but I do not believe it would ever be considerable.

 The Final Three

I think my most important resource is me. Without my drive, persistence and motivation, this idea ceases to exist. I've always been recognized for y ability to develop trusting and loyal relationships quickly. I think many people find this invaluable in today's world of business. Everyone is counting down until it's time to go home. When clients work with me, they meet someone who truly cares about who they are as people and making their future better. I think this is a large advantage to my competitors. Also, that I will work with any person, of any demographic and background.

In five years, I would love to have an established book of business. I would love to have the business functioning off client referrals instead of scrubbing for business. I would like my name to be known and respected within my industry. I would like to be recognized as someone who is successful and admired.