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Financial Planner Business ideas
Posted on 1/6/22 at 10:43 am
Posted on 1/6/22 at 10:43 am
I've had the idea for years to start a side hustle as a Financial Planner building budgets and managing their income and expenses.
I've already had friends come to me for help for their family budget. I've had two friends who are business owners sit down with me and have me break down their income statements with me and see where they can be saving and how to make more profit in the business.
Im thinking on doing this for personal and commercial account and charging a retainer fee per month that I build into their budget so it works for them.
What are the MTB thoughts on a business like this? Easy and likely to get sued? Easy passive income once the ball is rolling for a client?
I've already had friends come to me for help for their family budget. I've had two friends who are business owners sit down with me and have me break down their income statements with me and see where they can be saving and how to make more profit in the business.
Im thinking on doing this for personal and commercial account and charging a retainer fee per month that I build into their budget so it works for them.
What are the MTB thoughts on a business like this? Easy and likely to get sued? Easy passive income once the ball is rolling for a client?
5
Posted on 1/6/22 at 10:57 am to BayouBengal23
Seems more like an active business than passive income.
Why would they pay you once you set up the initial budget or plan?
Why would they pay you once you set up the initial budget or plan?
Posted on 1/6/22 at 11:03 am to BayouBengal23
I would agree that a subscription model seems unlikely (just not enough input to qualify the expense once it is running). I think a better model would be x amount for initial visit + x amount for subsequent visits.
Posted on 1/6/22 at 11:16 am to BayouBengal23
As a CFP(R) professional, I can tell you that, in my experience, most people who need help with their budget don't have much money or willingness to spend money on someone to help them with their budget...if that makes sense.
If you can make a small profit out of it, that's great, but I highly doubt it would ever generate enough income to be anything more than beer money.
My experience is completely anecdotal, admittedly. So if you can find a niche market that will pay you consistently for this service, more power to you.
If you can make a small profit out of it, that's great, but I highly doubt it would ever generate enough income to be anything more than beer money.
My experience is completely anecdotal, admittedly. So if you can find a niche market that will pay you consistently for this service, more power to you.
Posted on 1/6/22 at 12:32 pm to BayouBengal23
How much would you charge?
There are a number of people out there who have facebook pages who have created a "system" so to speak and their pages talk about their system, while they sell tools to use the system.
It seems like the money is in the tools.
For example, look on facebook for The Budget Mom for an example of what I am talking about.
There are a number of people out there who have facebook pages who have created a "system" so to speak and their pages talk about their system, while they sell tools to use the system.
It seems like the money is in the tools.
For example, look on facebook for The Budget Mom for an example of what I am talking about.
Posted on 1/6/22 at 2:19 pm to BayouBengal23
The people who need help budgeting don’t have the income to pay for stuff like this.
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