Megan,
Within the umbrella of "financial planning" there are many
areas for you to consider. Several suggestions: (1) contact a local
FPA chapter as they might be willing to help to give you some background
and ideas (2) determine which of the "financial planning" services you wish
to provide and then think through the business model that makes most
sense.
Like many "businesses", there is the product ("financial
planning" once you have defined it) and there is the business to deliver
efficiently and effectively the product. Since you mention that the
economy of Michigan is not good (today) and that would be a reason for people
not to search out financial planning, this is something you need to consider on
the "business side" of your proposal. The marketing (a business activity)
of your product/service (financial planning) must consider whether your's is a
product/service that is acceptible/commercially viable in your community.
If you can't develop the marketing portion of your business
plan to reflect the potential success of your business, then maybe it is not the
right business for you or your community. [A big problem with many small
businesses is that they have a passion or unique skill for the "product" but
can't/won't see that it won't "sell". Think buggy whip maker. You
might be the premier buggy whip maker but because you have the passion does not
mean you a producing a commercially viable product -- today]. Financial
adivsors have a real passion to helping famlies but if they can't find the right
business model that provides for access to willing clients, they may not be
successful regardless the level of their passion.
Many financial advisors will say that when times get tough
that is an even more important time for financial planning. Those
activities may tend towards budgeting and such activities vice investing, risk
management and other "more exciting" areas of financial planning but remain
essential to aid the family. That said, if you try to offer a service that
is not well received in the community, then you could be headed to economic
distress which is not what you are trying to achieve.
You have to match the widget: financial planning and the
business model to meet the needs of your target market.
Hope this helps and good luck.
Mark Flaherty
Mark O.
Flaherty, CFP®, CLTC
Financial Advisor
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Hello,
I am aware that I am over my head talking to experts like your selfs, but I
was wondering if you can shed some light on Financial Planning for me.
I am a juinor in highschool in Parma, MI. And as an economic project we are
buliding businesses. I choose Financial Planner. Michigan is not in the best
state when you talk economy and I thought createing a Financial Planning Company
would be useful. Thing is I have no idea what I am doing.
I was wondering if any of you could give me words of wisdom, or any helpful
tip?? They would be GREATLY appriciated!
Please and Thank you
yours truely
Megan B