Financial Services Business Ideas
If you have experience in finance, you can offer any one or a number of different services to individuals or businesses. You can offer everything from bookkeeping services, to expense reduction analyst and tax accountant, here are 10 financial services business ideas:
231. Bookkeeping Service
Bookkeeping is the service of recording financial transactions for a person or a business. This involves recording, storing and retrieving of financial transactions.
How to start this business idea
If you have strong accounting or bookkeeping experience, you can offer your services to smaller businesses. You can charge your clients a month fee to record and update their financial records regularly.
How to keep this business idea successful
By using accounting software, you can offer your services to numerous small businesses simultaneously. Ensure you work precisely and efficiently so that you give quality work to all your clients, if you can pull this off you can significantly increase your profits.
232. Business Broker
A business broker, also known as a business transfer agent, helps buyers and sellers to buy or sell privately held businesses. This role is to act as a buffer between a buyer and a seller.
How to start this business idea
Take a course and ensure you’re licensed by the Estate Agency Affairs Board to appear knowledgeable and trustworthy to clients.
How to keep this business idea successful
You can specialise in selling a specific type of business. This will help you to develop a reputation as an industry expert, which will increase repeat and referral business.
233. Equities Day Trader
You can become a day trader of equities and commodities. This can be a home-based self-employment opportunity that you can develop into a full-time job.
How to start this business idea
Keep in mind although there is potential of great earnings there is also a risky downside. There’s a high chance you could lose money, especially if you’re inexperienced.
How to keep this business idea successful
You’ll need to know as much about the markets as possible to ensure you buy and sell when it’s to your benefit.
234. Expense Reduction Analyst
If you have strong business experience and budgeting skills, you can start an expense reduction consulting service to help companies of all sizes reduce their expenses.
How to start this business idea
You’ll improve your offerings to clients with numerous services such as:
- Developing short and long-term budgets
- Analysing fixed and variable overheads
- Increasing employee productivity
- Analysing product and service costs
- Developing expense reduction strategies.
How to keep this business idea successful
By specialising in a specific industry, you can become an industry expert and know exactly how to help each and every client.
235. Stock Day Trader
A stock day trader, ideally, buys stocks and sells them once they’ve made a profit. This doesn’t always happen, so you’ll need to know your markets before you venture into stock trading.
How to start this business idea
Once you feel you know the markets well enough to invest in stocks, you can start investing. You should specialise in a specific type of stock and remember that day traders go for short gains. They buy in early and sell out the same day.
How to keep this business idea successful
To remain successful, remember the golden rule of stocks trading, never risk more than you can afford to lose.
236. Tax Preparation Service
You can offer tax preparation services to small and large businesses to help them remain compliant during tax season.
How to start this business idea
You’ll need accounting skills, training and certifications in tax preparation. The more you know, and the more experience you have the better your skills are and the more you’ll be paid for your services.
How to keep this business idea successful
Since tax season runs only a few months every year, you can also offer your tax clients bookkeeping services. This will ensure you have work all year round.
237. Peer-To-Peer Lending
Peer-to-peer lending is when you give small amounts of money to a business or private person, while collecting interest on the returns.
How to start this business idea
You’ll need to save up some capital, then lend individuals and businesses small amounts of money and charge them interest. Be careful who you lend money to, if they aren’t reliable you may not get the money back.
How to keep this business idea successful
You can also offer your services through peer-to-peer lending apps, this will reduce the amount of risk as everyone is vetted.
238. Retired Presidents Service
Compile a network of business veterans, company presidents, corporate executives and small business owners to work on a consulting basis to coach new business owners in their field of speciality.
How to start this business idea
You’ll need to either have this network in place or convince one business veteran to offer their skills and knowledge to a start-up business owner. Once you have one industry leader you can start to gather others and eventually develop an entire network.
How to keep this business idea successful
You’ll need to make it worth their while to remain in the network and work with the newer entrepreneurs. If you can work out a way to offer industry leaders real value, then you’ll have a sustainable business model.
239. Real Estate Appraiser
A real estate appraiser is a specialist in estimating the value of land and the structures on that land. This service is usually needed when people buy or sell a home, apply for or renew a mortgage, for insurance purposes, to settle estates and to settle divorce cases.
How to start this business idea
Promote your services to real estate agents, attorneys and financial institutions, whose clients will need your services.
How to keep this business idea successful
The larger your network of professionals, the more likely you’ll have work. With a service like this you’ll want to constantly be finding work to ensure you always have an income.
240. Teach others financial services skills
There are people wanting to learn to be a trader, analyst or broker for example. If you have experience in this line of work, you can offer to teach them.
How to start this business idea
Offer your services on course and coaching websites to reach those looking to learn more. You can also promote your service on job boards as way for people to become self-employed.
How to keep this business idea successful
If you create course work for each type of financial service that covers your fields of expertise you can sell it online and earn passive income on it. You can also offer in person coaching sessions.