1. Determine Business Structure: Decide whether to form an LLC, partnership or other type of business structure.
2. Obtain Licenses & Permits: Research and apply for the necessary licenses, permits and registrations required by your local and state government.
3. Develop a Business Plan: Establish what services you will provide, how you will market those services and determine financial projections for the business.
4. Set Up Accounting System: Choose an accounting system that works best for your type of business and set up necessary accounts.
5. Obtain Insurance Policies: Investigate which insurance policies are necessary for a financial consulting firm and purchase appropriate coverage.
6. Create Brand Identity: Develop a logo, branding guidelines and other elements of brand identity that will be used in all marketing efforts.
7. Market Services: Create an online presence by launching website, social media accounts and other forms of advertising to promote services.
8. Hire Staff: Decide how many staff members are needed and begin recruiting qualified professionals to fill positions.
9. Keep Records: Begin keeping records of all financial transactions, personnel information and other relevant documents for the business.
10. Establish Policies & Procedures: Set up protocols that will help ensure the firm’s success.
11. Attend Professional Events: Begin networking at industry events and conferences to help grow the business.
12. Establish Payment System: Create a system for collecting payments from clients, such as setting up an online payment processor.
13. Stay Informed: Research laws, regulations and industry trends so that you can provide the best services to your clients.
14. Keep Clients Satisfied: Focus on building and maintaining professional relationships with clients in order to ensure their satisfaction and loyalty.
15. Monitor Performance: Track performance of the business using financial reports, customer feedback and other metrics in order to make informed decisions.
16. Update Technology: Invest in the latest technology and software to ensure that your financial services remain competitive.
17. Measure Success: Set benchmarks for success and measure progress against those goals on a regular basis.
18. Celebrate Achievements: Acknowledge successes of the business, employees and clients by rewarding them with incentives or other forms of recognition.
19. Utilize Resources: Take advantage of available resources, such as government programs and industry associations, to help the business grow.
20. Plan for Expansion: Explore ways to expand services or add new offerings in order to attract more clients and increase profits.