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Listen in! Pick up some expert advice to a reader's question that we selected from CyberSchmooz. Featured Biz Question Since my background is in accounting and finance, I'd like to broaden my horizons and become an individual financial analyst. I truly enjoy the aspect of revenue and expense performance budget vs. actual. What I'm interested in knowing, however, is how all you financial analysts out there got your start as an independent analyst. How did you get your first client? What aspect is your specialty? How did you market to your target audience? If you would, please respond. Thank you for your time. Answer from our Guest Expert Peter Soh of AdviseInc.com Well, take it from me, becoming an independent finance service provider can be a tough road to hoe sometimes. How bumpy or smooth your road will be, however, depends greatly on what you want to accomplish. Here are some checklist questions I've created for you to chew over. Perhaps they will help you make some of your start-up decisions. Which Type of Customer Will You Target? To begin, establish a net worth target for individuals. Get a feel for what type of services certain prospective clients require, and how much they can afford to pay. Individuals or companies who make $30K have different financial needs and strategies than those who make $1M. You'll find that individuals with less financial resources will pay you less because they can't afford all of your services, but they may require certain sophisticated services like tax planning and insurance. To meet their needs, you can make an alliance with a large financial service company (like SunAmerica or AMEX) who can meet the needs of these individuals and you might still get a referral fee. By investigating what financial needs and services certain companies crave, you can better decide which services to offer, how much to charge, and which services to refer to other firms. For large net worth individuals, consider your resources carefully. You're competing with larger financial firms to win these clients, and your only advantage may be based on a referral or an unique relationship with the customer. These clients will expect a lot from you and want you to be an expert in many areas. Don't fall into this trap! One person can only know and do so much. So my tip to you: build a network of resources to give your client the best advice. (continued) Page 1 - 2 - 3 Enter your search terms Submit search form       Search Idea Cafe Web Small Business Tax Center • Idea Cafe Home • Sign Up • Biz Grant Center • CyberSchmooz •Coffee Talk with Experts • People in Biz Profiles • Starting Your Biz • Biz Planning • Running Your Biz • FREE Trade Publications • Marketing • Financing Your Biz • Human Resources • Legal & Biz Forms • Managing Your Biz • eCommerce • You and Your Biz • Gen X • Work@Home • The Fridge • De-Stress • Send an Award • Send an eGreeting • Yoga @ Your Desk • Web Guide • Idea Cafe in the News • About Idea Cafe • Advertise on Idea Cafe • Contact Us • Privacy Policy • Site Map • Small Biz News Copyright 1995-2023, Idea Cafe Inc. Downloads are for personal use only, not for resale to others, and may not be reprinted in any form without written permission from Idea Cafe Inc. DISCLAIMER: We hope whatever you find on this site is helpful, but be cautioned that it may not apply to your own situation, or be totally current at any given time. Idea Cafe Inc. and all of its current and past experts, sponsors, advertisers, agents, contractors and advisors disclaim all warranties with regard to anything found anywhere on this family of websites, quoted from, or sent from Idea Cafe. and its related sites, publications and companies. We also take no responsibility for comments published by others on these pages. TRADEMARKS: The following are Registered Trademarks or Servicemarks of DevStart, Inc.: Idea Cafe®, Online Coffee Break®, The Small Business Gathering Place®, Take out Info®, Biz Bar & Grill®, Complaint-O-Meter®, A Fun Approach to Serious Business™, CyberSchmooz™, and BizCafe™.

About the Expert Peter C. Soh Owner of AdviseInc.com Peter is a savvy certified public accountant dedicated to helping startups. He is a small business advisor for the U.S. Small Business Administration and teaches "How to Start Your Business" seminars. more