How to Start a Financial Consulting Business

Financial consultants help clients with investing strategies. They also help them purchase financial products that will benefit them. Financial consultants are also known as financial advisors because they can assist with many of your financial needs. Not only do they advise businesses but they also advise individuals with money management. Learn how to start your own financial consulting business.

1. Familiarize yourself with the tax code in your area. You should learn about sales, payroll, income and other taxes that will help you in your business. Filing and tax rates are common subjects people ask about.


2. Know the basic accounting principles. These principles will help you assist clients with many financial decisions.


3. Take finance courses at your local university or college to obtain a degree. Your degree could also be in areas such as accounting or investing. Getting a degree can increase your reputation and attract clients.


4. Contact your local government office to apply for and obtain business licenses you will need for your financial consulting business.


5. Contact the local government office to learn about zoning ordinances and restrictions or other permits you may need, if you are going to work from your home.


6. Create a name for your business and register it with your county clerk. You will also need to choose an entity for your business such as a limited liability corporation. The county clerk can also give you information about incorporating your business. Check the website of the Internal Revenue Service for information on business entities.


7. Apply for a tax identification number on the Internal revenue Service website. It is free to do and will only take a few minutes to complete. The number should generate right away and you will be able to print it out.


8. Talk to an insurance agent about options to insure your business. You can also go to the website of the Independent Insurance Agents and Brokers of America to start looking for insurance agents and obtaining quotes.


9. Talk to a real estate agent about a location for your business if you are not working out of your home. Working out of your home is a great way to start out and save money.


10. Obtain a business loan to help you with funding your business. Start with the Small Business Administration to find out how to fund your business. Try obtaining loans at your local bank or credit union.


11. Open a business bank account to keep track of the expenses in your business. Keep it separate from your personal account. This is important for budgeting and liability reasons.


12. Purchase supplies and equipment for your business. You will need things like a phone system, printer, paper, computer, chair, desk and business cards.


13. Create a website. Clients can learn about your services and even hear testimonies from happy clients.


14. Market your consulting business. Let family, friends, colleagues and businesses in the area know about your business. Word of mouth is the best way to get noticed. Always keep business cards with you to give out.