How to Start a Successful Financial Business: A Guide for Your First Steps

Julie Starr • July 8, 2022



Are you thinking about starting a business venture related to financial services? You aren’t the only one. The financial services industry is growing rapidly, and new businesses are constantly emerging to meet the rising demand for financial products and services. If you have a passion for helping people manage their money and invest wisely, opening your own financial business might be the perfect opportunity for you. But starting any business can be challenging, especially if it’s in an industry you’re not overly familiar with. To succeed as a financial advisor, consultant, or agent, you’ll need to do your research, plan ahead and follow best practices. This article will help you understand why now is the right time to start your own financial business. Additionally, we will explore the pros and cons of becoming an independent contractor vs. an employee at another company; outline some ideas to consider when choosing what type of business entity is right for you; delve into what kind of licenses and permits you may need to operate your new business, and offer advice on coming up with a name that sticks as well as other branding tips.

Why Now Is the Right Time to Start a Financial Business

For several reasons, the financial services industry has been experiencing rapid growth and high demand for years. Firstly, the population is growing and aging, and more people need financial guidance. Additionally, people are working longer into retirement and therefore have more money to invest. People are also saving more for retirement, which is a great sign. This, in turn, makes it an excellent time to start a financial business and has never been easier. Years ago, a financial advisor who wanted to create their own company would need to get a broker-dealer license. This process was expensive and could take a considerable amount of time. Today, the Securities and Exchange Commission (SEC) has created a new regulatory framework called the Investment Advisor Regulation (IAR) that allows financial advisors to operate as fiduciaries with less administrative overhead. Becoming an IAR-registered advisor is cheaper and easier than obtaining a broker-dealer license, which means more people can start their financial businesses . There is also more competition among financial services providers than ever before — making it more likely that you will be able to attract customers.

Another reason now is a great time to start a financial business is that technology has made it easier to serve your clients. You can provide your clients with financial advice, help them manage their money, and even design a financial plan for them all online — saving you time and money.

The Advantages of Starting a Financial Business

Starting your own financial business has many advantages. First and foremost, it allows you to pursue a career you are passionate about. Many people employed in the financial services industry become tired of working with clients who are struggling financially. Working for yourself, you can work with clients who are where they want to be in life financially and are happy to have your support. You will be able to help people — and make a living doing it — which will make you feel good and give purpose to your work.

Another advantage of starting a financial business is choosing the type of clients you work with. If you are sick of the type of clients that big banks and other financial companies employ, you can choose to work with clients who are similar to you and want the same kind of help that you want to give. You can also choose to work with clients in a different place in life than the ones you worked with when employed. For example, you can work with young people who are just starting out or with retiring people who have many questions about their finances. Another advantage of starting your own financial business is the flexibility it offers. You can set your schedule and decide on your hours. This can be incredibly helpful if you have children or other dependents. You can choose when they need you the most and plan your work accordingly.

The Disadvantages of Starting a Financial Business

There are also a couple of disadvantages to starting your own financial business. First and foremost, it is challenging. Starting a new business is never easy, and you will likely face many challenges. You will need to put a lot of time and effort into marketing your business and getting the word out about who you are and what you do. You will need to spend time on administrative tasks, such as filing paperwork, getting licenses and permits, and ensuring that your company complies with all the necessary regulations and laws. You will need to find clients, which can be difficult if you don’t know where to look, and keep them loyal to your business — a challenge every financial advisor faces. You will also be responsible for paying all your business’s expenses and taxes, which can be costly.

When You Should Not Start a Financial Business

There are a few situations where it is probably not the best idea to start your own financial business. First, if you don’t have any experience in the financial services industry, it might be challenging to get clients and succeed as a financial advisor. This doesn’t mean you shouldn’t try, but having realistic expectations and a backup plan is essential if it takes longer than expected to get your business off the ground. Another situation in which you might not want to open your own financial business is if you don’t have much money to invest. A financial business is an ongoing expense, and it might take a long time to start seeing a return on your investment. It might be better to find a job in the financial industry, where you will get a steady paycheck and only have to worry about investing enough time and energy into your work.

Determine Which Type of Entity is Right for Your Company

There are various types of companies that you can form as the legal entity that houses your financial business. Common business entities include sole proprietorships, partnerships, limited liability companies, and corporations. A financial business is likely to be a sole proprietorship or a block if it is just you running it. Of course, you can also set up an LLC or corporation for your business, but there are a few factors you will want to consider, such as how much money is your company making? What are the risks associated with your business? What legal factors do you want to consider?

Pick Which Licenses and Permits Are Needed for Your Company

Depending on the type of financial services business you decide to open, you will need to obtain various licenses and permits. This is especially important if you provide financial advice and want to protect your clients and yourself from being scammed. You’ll want to research debt and asset-related licenses, investment advisor licenses, general solicitation licenses, etc., to ensure you get the right ones for your business.

Come up with a Company Name and Branding Strategy

When it comes to naming a financial services company , it is imperative to come up with a good name since the name of your company is the first thing people will see when they look at your website or come across you on social media. It will help them decide whether they want to work with you or not. When naming your company, remember the following: 1. Make it memorable, 2. Make it easy to spell, 3. Make it easy to pronounce.

Summing up

Starting a financial business is a challenging undertaking but can be very rewarding. You will be able to help people manage their money, set up financial plans, and build wealth through wise investing and saving decisions. The first step to starting your own business is to assess if the financial services industry is right for you and if you are prepared for the challenges of running a business. Next, you will need to choose which type of business entity will work best for your company. Finally, you will need to obtain the necessary licenses and permits, develop a company name, and develop a branding strategy to help your clients know who you are and trust you as their financial advisor.

The financial services industry is growing rapidly, and new businesses are constantly emerging to meet the rising demand for financial products and services. If you have a passion for helping people manage their money and invest wisely, opening your own financial business might be the perfect opportunity for you.

5 Simple Ways to Make Your Online Business More Sustainable

By Julie Starr • August 9, 2025
Running an online business can feel like a constant balancing act. You’re trying to grow, keep customers happy, and still have time for yourself. The trick to making it all work long-term is to build habits and systems that last. You don’t need a complicated plan or endless resources to do it either. Here are five straightforward ways to make your business more sustainable without overcomplicating things. Focus on long-term customer relationships If you want your business to last, you need customers who keep coming back. That doesn’t just happen because you’ve got a good product or service. It’s about making people feel valued every time they interact with you. Simple things like remembering their name, following up after a purchase, or sending a quick thank-you email can make a huge difference. People are far more likely to support a business they feel connected to, so keep those relationships personal and genuine rather than purely transactional. Make your marketing work smarter A big part of sustainability is making sure your marketing isn’t draining your time or money. You want it to be efficient and get results. This is where working with seo consultants can help. They know how to make sure people can find your business online without you throwing cash at random ads. Even if you can’t hire someone right now, you can start by focusing on keywords, improving your website’s loading speed, and posting valuable content that answers the questions your customers are already asking. Streamline your products or services It’s tempting to try to offer everything to everyone, but that’s rarely a good idea. The more you offer, the more time, money, and resources you’ll end up using. Instead, focus on the things you do best and make them as good as they can be. When you streamline what you’re selling, you can put all your energy into perfecting it, which makes it easier to maintain quality over time. Customers notice when you consistently deliver something great, and they’ll trust you more for it. Keep an eye on your finances No matter how much you enjoy the creative or customer side of your business, the numbers are what will keep you going long-term. That means knowing what’s coming in, what’s going out, and where you can cut costs without cutting quality. Set yourself a monthly check-in to look at your spending and profits. If you spot something that’s not working financially, don’t leave it for months, hoping it will improve. Tackle it early and you’ll avoid bigger problems down the road. Look after yourself You can’t run a sustainable business if you’re running yourself into the ground. Burnout isn’t just bad for you, it’s bad for your customers and your bottom line. Make sure you’re setting boundaries, taking breaks, and switching off when you can. That might mean scheduling a full day without work every week or turning your phone off after a certain time. The more balanced you are, the better decisions you’ll make, and the easier it will be to keep your business moving forward without constantly feeling like you’re in survival mode. Sustainability in business isn’t about doing one big thing; it’s about making intelligent, consistent choices that build over time. Start small, keep checking in on your progress, and before you know it, your business will feel a lot steadier and more future-proof than it did before.

Sustainable Choices That Heavy Industry Businesses Can Easily Make

By Julie Starr • August 8, 2025
Are you hoping to build a heavy industry business? It’s the kind of company that can have globally sweeping positive and negative effects. On the one hand, you’re contributing to the industry, ensuring there’s enough supply to meet demand, and you can do your best to operate in a sustainable way that prioritizes the environment. But on the other hand, the heavy industry has long been the most significant business polluter in the world. Despite advancements in industry technology and usage, their ranking relative to other sectors, such as food and beverage , and shipping and logistics, has remained unchanged as of 2025. Requiring extensive use of large, heavy, and expensive machinery, the fumes produced by heavy-duty factories in sectors like mining, aerospace, nautical, and metal production regularly cause harm to both human and animal life. It’s why anyone interested in investing or scaling within an industry like this needs to focus on their company’s carbon footprint. There are various ways to ensure you’re limiting your harmful output and waste, and you’ll want to use as many as possible within your operation. Check out our recommendations below. Work with Green Suppliers No matter what stage you sit at in the hypothetical supply chain, you’re likely to source at least part of your overall production material from a supplier. If that’s not the case, you’ll still need to work with companies that provide machinery and equipment, as well as replacement parts for these industrial items. All in all, to make as sustainable a choice as possible, you’ll want to commit to working with a ‘green’ supplier who makes eco-conscious choices at every step. Eco-friendly suppliers will strive to both implement sustainable practices within their production line, as well as provide sustainably made and/or extracted materials. The products and/or parts they send out are likely to be recyclable when they reach their end-of-life period, or they’ll run a scheme where you can send old or broken parts back to them. Offset Your Carbon Emissions Offsetting carbon emissions converts the waste output from your operations into something more positive. If you’re interested in programs like this , you can use official government platforms or climate charity websites to contribute. You’ll be able to find a variety of projects that have been undertaken to remove CO2 from the atmosphere, and they’ll be located in various regions across the world. You can choose to patronise as many of them as you wish, but if you want to focus on specific types, you’ll also be able to do so. When approaching a program like this, it’s usually best to offset month by month, as this helps you stay on top of your carbon footprint. Be sure to invest in as much carbon removal per tonne as your business has potentially contributed to the atmosphere in the last month. But before you go any further, there’s one thing you need to keep in mind here: Carbon offsetting is just one sustainable practice you can turn to, but it’s not the only one your business will ever need to use. Yes, it’s one of the most sustainable practices a heavy industry business can invest in. But that’s only true when it’s partnered with real-time carbon-lowering efficiencies within day-to-day operations. Repair, Rather Than Throw Away Repairing is the best option if a repair is possible. This should be the first step when evaluating old or broken-down equipment. If it can be salvaged, it should be. Otherwise, you’ll have to replace the equipment in question. Not only is that expensive, but it also means more waste to manage. And not all heavy industry tech can be recycled. Sometimes it’s potentially hazardous and needs to be disposed of carefully, and this could have harsh impacts on the surrounding environment. Repairing is your best bet, at least 80% of the time. You can get back up and running faster, and you don’t need to account for a large investment at short notice. And more equipment can be repaired than you might think. It’s not just small, singular parts that can be pulled out. Entire internal systems in even large vehicles, such as freighter ships, can be replaced by secondary parts. A marine logistics provider or deep-sea fishing operator would save a lot of money just by ordering a Cummins Rebuild Kit for one of their vessels. Deciding to put the ship out of commission and eventually scrapping it will contribute to the large-scale waste common in companies like this. Aiming to repair and limit environmental damage will get that same boat back onto the waters in seaworthy condition. Operate with Lower Emission Logistics Shipping your products to businesses and markets always generates a carbon footprint. Unless you’re operating only within the local area and you’re able to transport products back and forth on foot, this is an unavoidable issue. And seeing as you’re a heavy industry business, that’s not very likely. But some shipping options are better than others. Indeed, there are low-emission choices to be made, and you’ll want to look into these logistic partners only. You’ll likely find that air travel is a total no-go zone. Alternatives to this are long-haul road transportation or a traditional shipping company that operates via sea. Yes, even trucking your products over land generates a lot less carbon waste that can damage the environment than flying something! Staying Green as a Heavy Industry Player Working sustainably within the heavy industry is a career-long project. You’ll need to continually make moves to consider what could be streamlined into something greener and less consuming next. In the end, this can help your long-term costs decrease and stay low. Fewer risky investments, fewer fees from environmental bodies, and more productive time within your business. So, it’s not going to be easy, but it will be worth it