When I first started my coaching practice way back in 2004 I had lofty goals. When I look at my Business and Marketing Plan from those days, it seems unreal to me that I have built such a fantastic business that supports me in living my best life. I have built my business intentionally, not accidentally and everything works the way it should.
Financial advisor business growth is not an accident
When I started out, I had realistic expectations about my business. How long it would take to be operating at a profit. How many new clients I could bring in during the first year of operations. How I would roll out my services and garner interest. How I could make a name for myself through expert branding and marketing. During successive years, I wrote a new Business Plan annually with realistic yet challenging goals. I am successful because I have put time and effort into growing my business and I’ve done it with realistic expectations.
Do you have realistic expectations?
Recently I’ve completed consultations with a few advisors who did not have realistic expectations about their business growth. It’s unrealistic to grow by 100% per year unless you’ve won a special consulting project that will fill your business quickly. It’s unrealistic to expect financial success in the first 6 months of your business (unless something unusual happens). It’s unrealistic to expect every potential client to become a client right away. It’s unrealistic to cram your services down your prospective client’s throat because you want the business. You have to EARN the business!
Do you have a strong work ethic?
Running your own business is challenging. Sometimes you have to work late either during the week or on the weekends in order to get the work completed. Sometimes you have to do more work for a client than you want to or than they have paid for, and you have to suck it up and do it. Do you get to work before 8am? In the early years you may have to put a lot of hours into your business to ensure success. Sauntering into the office at 9:30am is not going to cut it. If you prepare yourself for having a strong work ethic, success will come more easily.
Do you have a business mind?
It’s one thing to know how to sell, but it’s quite another to know how to run a business. You have to know your metrics and how accounting works. Revenue, operating expenses, marketing expenses, and the like. You must have a sixth sense about business momentum and whether you’re picking up steam or slowing down. Understanding the sales cycle and the sales funnel is critical to business success. If you’ve never had a business before, this takes some getting used to, but it is possible to learn entrepreneurial skills.
Understanding financial advisor business growth can help you have realistic expectations about growing your practice. It’s not enough to be good at what you do! You have to be realistic, have a strong work ethic, and learn entrepreneurial skills to make it in this business.